Petrol price hike decision by March end: Indian Oil

New Delhi: 

Indian Oil Corporation (IOC), the country's biggest oil marketing company, has told NDTV Profit that petrol prices may be hiked by the end of March.

"We will look at reviewing petrol price by end of March," Chairman and Managing Director of IOC RS Butola told NDTV Profit. However, a decision will be taken after considering the paying capability of the consumer, Butola added.

"We have told the government under recoveries are very high. This is beyond the ability of oil marketing companies to absorb," Butola said.

The government had decontrolled petrol price in June 2010 but diesel and domestic LPG are subsidised.

State-owned oil companies have been pushing for raising petrol prices since the assembly elections ended. Oil firms had last revised petrol prices on 1 December after which rates have not been changed because of Assembly elections in states like Uttar Pradesh.

Indian Oil, Bharat Petroleum and Hindustan Petroleum together have lost over Rs 2,000 crore since the last revision which was done at international gasoline price (the benchmark for deciding domestic retail rates) of $ 109 per barrel. Brent crude for May delivery was up 17 cents at $123.31 per barrel in London yesterday.

"We have asked for 100 percent reimbursement. If we are not given this, we will have to consider passing on the burden to consumers," Butola said.

The current under recovery, which is the gap between the local price of fuel and global prices, on petrol stands at Rs 6.43 per litre. OMCs currently lose Rs 14.73 a litre on diesel, Rs 30.10 a litre on kerosene and Rs 439.50 per LPG cylinder.
"Petrol prices will be dealt with independently by our ministry but before we instruct the oil companies we will have to take all matters like undue volatility in the world market into consideration," Oil minister S Jaipal Reddy told NDTV Profit.

An increase in fuel prices is necessary to cut down government's subsidy payout as state-owned oil firms are projected to lose Rs 200,000 crore on selling fuel below cost next fiscal. As per present policy, the government will have to make good half of it by way of cash subsidy.

In the current fiscal, the government has provided Rs 65,000 crore in fuel subsidy, which it hopes to trim down to Rs 40,000 crore in 2012-13. It targets to bring down the subsidy bill to below 2% of GDP in FY13.

(With inputs from agencies)

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Sri Lanka war crimes: DMK top brass to meet on March 20 to discuss India's stand

Chennai:  The DMK's high level committee will meet on March 20 to discuss India's stand on the US resolution against Sri Lanka at a United National Human Rights Council (UNHRC) session in Geneva. Former Tamil Nadu Chief Minister and DMK President M Karunanidhi had asked the Centre to support the US resolution on war crimes charges against Sri Lanka.

Mr Karunanidhi had said party would review its ties with the UPA if the Centre opposed the US resolution.

Mr Karunanidhi has gone on record saying, "The DMK will deem it as a betrayal of Tamils if the Centre does not support the resolution on Sri Lanka."

Prime Minister Manmohan Singh had hinted that India would not support the US resolution. However, sources had earlier told NDTV that the government has assured the DMK that it will consider the sentiments while voting in UN.

After Trinamool Congress, the DMK is the largest ally of the Congress-led UPA with 18 members.

The DMK has not been the easiest partner for the Congress. Its relations with the DMK have not been the most cordial ever since Mr Karunanidhi's close aide A Raja and then his daughter Kanimozhi, went to jail in the 2G scam last year. The DMK, with its 18 MPs too has regularly given the Congress a hard time with its brinksmanship and opposition to key policy.

The allied party had embarrassed the government by disrupting the President's speech on the first day of the Budget session.

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Dinesh Trivedi stays till March 30: Congress' firm message to Mamata

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Bollywood graces March mag covers!

Bollywood graces March mag covers!

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Centre puts off meet on NCTC to March 12

New Delhi:  The Home Ministry has postponed a meeting of top police and civil officials of all states scheduled for March 9 to end the logjam on NCTC and it will now be held on March 12.

The meeting of the Chief Secretaries, Directors General of Police, state Home Secretaries and Chiefs of state Anti-Terror Squads was convened by the Union Home Secretary to discuss in detail the scope and functions of the NCTC.

Home Ministry officials said the decision to reschedule the conference to March 12 has been taken following requests from several states that due to Holi festival and a long week-end, many of the officials would not be able to attend the meeting.

Some of them also conveyed their inability to attend the crucial meeting on March 9 citing the short notice given to them and pre-scheduled engagements.

In the wake of strong protests by non-Congress Chief Ministers, the Centre has put on hold the operationalization of the National Counter Terrorism Centre from March 1 and decided to discuss with the state governments before going ahead with the plan.

In his letter to 10 Chief Ministers, Home Minister P Chidambaram had assured that the "next steps" on NCTC will be taken only after the meeting of the top officials of the states.

The Home Ministry officials are expected to allay the apprehensions of the states which said empowering NCTC with Section 43 (A) of the Unlawful Activities (Prevention) Act would infringe on the state's powers. Section 43(A) of UA (P) A gives an officer power to arrest and search.

Chidambaram had said the powers conferred under Section 43(A) of the UA (P) Act must be read with the duty under Section 43 (B) to produce the person or article without unnecessary delay before the nearest police station (which will be under the state government), and the SHO of the police station will take further action in accordance with the provisions of the CrPC.

"I am confident that this meeting will find a way forward. My note (sent to the Chief Ministers) is self explanatory. I think the note should, I believe, have allayed many of the apprehensions including apprehensions of a section of the media and therefore let us hope that the meeting convened by the HS will find a way forward," he had said.

However, Odisha Chief Minister Naveen Patnaik, who spearheaded protests by over a dozen Chief Ministers on the issue of setting up of NCTC on the ground that it would erode states' powers, in his third letter on NCTC to Prime Minister Manmohan Singh opposed the government calling the meeting of top state officials.

"It is imperative that instead of a meeting chaired by the Union Home Secretary, an immediate meeting of Chief Ministers may be called by you to address the concerns of the states on this very urgent matter regarding the security of the nation," he told the Prime Minister

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