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Govt yet to take a view on diesel price hike: Moily
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SME Times News Bureau | 05 Jan, 2013
On the proposal to hike diesel prices in phased manner as one of the suggestions of Kelkar committee, Minister for Petroleum & Natural Gas, M Veerappa Moily Friday said, the government is yet to take view on raising diesel, kerosene and LPG prices.
Addressing the summit organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in New Delhi, Moily said that the road map is being drawn to secure energy independence by the year 2030.
Ministry is working on a detailed road map having well defined action plan to achieve the target in a way the import dependence is reduced by 50 percent by 2020, 75 percent by 2025 and 100 percent by 2030 for complete energy independence by 2030â, added Moily.
"In addition to importing greater quantities of crude oil, the government has increased its focus on enhancing reserves and production through increased domestic exploration activity as well as securing equity oil reserves. Besides, upstream companies are emphasizing on secondary and tertiary of hydrocarbons from the fields," stressed Moily.
"To cater to a rise in the import of LNG, India has initiated investment plans for increasing its current RLNG handling capacity of 12.5 MMTPA to 45 MMTPA by 2017. By the year2016-17, we envisage a Natural Gas Grid measuring 31,757 Kms of pipelines across the country," he added.
Moily also pointed out, while coal remains the mainstay for power generation for India and fuels 70 percent of the power generation, the deficit in supply for coal has resulted in widening of demand supply gap which was only 59.98 million tonnes in 2008-09 has increased to 98.93 million tonnes in 2011-12. Currently this gap is being entirely met through import of high quality coal from Indonesia, Philippines and Australia.
During the 12th plan, import dependence on crude oil is expected to increase from 76 percent in FY 2010-11 to 80 percent in 2016-17.
"We majorly rely on coal to the extent of 53 percent while crude accounts for 31 percent of our energy basket. Natural Gas, Hydro power and Nuclear power contribute 9 percent, 6 percent and 1 percent respectively. Also need to reduce our reliance on coal and increase the role of natural gas," said Minister for petroleum & natural gas.
Moily also quoted, "Under the New Exploration Licensing Policy (NELP), the government has provided an investment climate in which all required ingredients for attracting capital are present, such as level-playing fields for players, stability in legislative and fiscal frameworks, a robust regulatory mechanism, enforceability of contracts and attractive fiscal incentives."
There has been a steady increase in the number of companies carrying out E&P activities in the country and as on date 84 companies are working in India (45 operators and 39 non operators). Few of the oil majors working in India are BP, BG, BHP Billiton, ENI, added Dr. Moily.
Ministry of petroleum and natural gas has been continuously improvising the NELP regime by bringing in more transparency and enabling policies for facilitating E&P operations such as New Extension policy, Rig holiday policy etc.
According to projections, up-to 2030, 96 percent of the growth in energy demand will be in the non-OECD countries. More than 50 percent of the growth will be accounted for by China and India alone. In the renewable energy sector, hydrocarbons will continue to be the predominant component in our energy basket, said minister.
"Constituting of around 15 percent of India's GDP the oil and gas sector is of prime importance to the national economy. India's petroleum imports as percentage of foreign reserves has been more than 30 percent consistently over the last few years. It is also seen that for the year 2010-11, value wise petroleum import are found to be 34.8 percent of the foreign reserves that India held up as against 23.18 percent seen in 2002-03," he added.
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MASTER STROKE OF PM AND FM A KING IDEA TO RAISE DIESEL PRICE AT 5PM TODAY
NITIN N VARIA | Thu Jan 10 05:53:30 2013
AT LAST THE DIESEL PRICING REFORM ACTIVATED AND ANNOUNCEMENT AT 5 PM ON
A KING IDEA A MASTER STROCK THAT LINGK’S INDIAS’S FUEL PRICING TO WORLD PRICING
Amid the mist of resistance from all corners of the political spectrum the PM and FM have finally decided to act as per their conscience and not appeasement by mounting under recoveries. The toughest of reform now activate and formally to be announced the whole country shall be explained the rational behind this hard decision= its long term benefit in contaiNED
There are innumerable benefits of not BRIBING by under recovery as it is a slow .poison and more injurious to all. All political parties to support this radical move that will bring fast development to the country.
The PM and FM deserve best applause after a long time the two captains of the country have decided to bite the bullets and walk the talk. This is decision based on WISDOM and what the previous FM was doing was decision based on KNOWLEDGE and need of the hour is to establish faith and credibility of congress and bring transparency and stop BRIBING hence WISDOM shall prevail over KNOWLEDGE.
THE PM AND FM HAVE DECIDED THEY WILL CRY ONCE TODAY BY RAISING FUEL PRICES BY TS. 4 PER LITRE AND LPG BY RS. 75 PER CYLINDER AND TILL THE ELCTIONS ARE CALLED THEY WILL BE LAUGHING AS THEY WILL BE REDUCING THESE PRICES AS FROM MARCH THE CRU
TO CONGRATULATE THE PM AND FM FOR RAISING DIESEL PRICES SOONEST
NITIN N VARIA | Wed Jan 9 06:40:58 2013
=BRAVO FOR THE BOLDNESS IN TAKING A STAND TO RAISE DIESEL PRICES=
ALL INDIA TO CONGRATULATE THE PM AND THE FM FOR THE BOLD AND COURAGEOUS ACTION THEY ARE ON THE ANVIL OF TAKING A DECISION FOR PARTIAL DE CONTROL OF DIESEL.
THE MOST CONTROVERSIAL OF ALL DECISIONS AND BY TAKING THIS DECISION THE GOVERNMENT HAVE TO FACE COLLAPSE OF THE GOVERNMENT AS MAJORITY OF THE POLITICAL PARTIES WILL OPPOSE JUST FOR THE SAKE OF OPPOSITING TO APPEASE COMMON MEN AND WHO ARE NOT VERY FAMILIAR THE LONG TERM IMPLICATIONS OF INCREASING FISCAL DEFICIT AND IMMINENT DANGER OF RATING DOWN GRADE THAT CAN DEPRICIATE RUPEE TO 63 WHICH WILL CAUSE EVEN FURTHER MISERY.
THE PM ANDFMARE REALLY VERY BOLD IN TAKING THIS DECISION.
NO DOUBT IT IS VERY LATE BUT BETTER LATE THAN NEVER LATE AND NOT TO BE AFRAID THE KEY TO DO GOOD FORTHE COUNTRY.
Unfortunately the Government is facing uphill task to regain lost confidence that it requires strong will and determination lest the war is lost for congress and curtailing fuel subsidy is one such action. Out of compulsion of Fitch rating agency the pressure to raise diesel by Rs. 2 per litre will be taken in next 24 hours.
GOVERNMENT ALREADY TAKEN A VIEW TO RATIONALISE DIESEL PRICES HINTS PM
NITIN N VARIA | Tue Jan 8 05:35:55 2013
INDIAS MOST RESPECTED AND TRUSTED PM HAVE FOR THE UMPTEEN TIMES PRONOUNCED RATIONALIZING THE DIESEL PRICES SO EXPECT IT TO HAPPEN A CATALYTIC ACTION WITHIN NEXT 72 HOURS
This was expected that a Government that have no long term vision or policy make flip flop over the likely action that they intend to make to curtail the fiscal deficit. All the captains of the government speak about intended action of fuel price hike while knowing very well that their decision making strength have been punctured by the recent invasion of rape on India on unprecedented level and sick of watching daily the same news. In view of the government is likely to be on the verge of collapse in that how does one expect them to take any action that is good for the country but not for their existence. In any case, the government is earning heftily from various types of taxes by one hand paying it back by another hand by way of under recoveries. It is a drama played and scripted by the congress to show that they care for the aam admi and do all back door activities in the petroleum sector especially OMC AND UNDER RECOVERIES BY KEEPING ITS PAYMENT AND QUANTUM OF SUBSIDY UNCERTAIN AS A RESULT INSIDER TRADING IS RAMPANT FOR THE PEOPLE CLOSE TO THE COTERIE OF DECISION MAKING.
At the moment the government ALTHOUGH LACKS COURAGE WILL FINALLY ACT WHICH IS IN THE INTEREST OF COUNTRY AT THE RISK OF THEIR EXISTENCE.
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