The government is already working on a roadmap for the direct transfer of the kerosene subsidy to beneficiaries in the form of cash, with the intention of doing away with the current practice of supplying subsidised fuel under the public distribution system (PDS). The EGoM during its last meeting on August 8 had considered the recommendations of the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertilizer. It had also debated the LPG subsidy issue but had deferred a decision. A 14.2-kg LPG cylinder costs Rs. 395.35 in Delhi.

New Delhi Prices of the fuel have gone up 33% since being decontrolled last year

Easing global crude oil price — $103 a barrel on Monday, down from an average $113 a barrel in the first quarter — has nearly covered the losses that retailers IOC, HPCL and BPCL make on petrol, encouraging the government to indicate a price cut in the auto fuel. Since it was decontrolled in June last year, petrol prices have gone up 33%.

Restricting the supply of subsidised cooking fuel may no longer be a politically difficult task, with a Parliamentary panel asking the government to do away with the sale of subsidised domestic LPG to people with more than Rs 6 lakh annual income. If the recommendation goes through, those with income over the specified level will have to pay Rs 642.35 for a 14.2-kg cylinder, as against the current price of Rs 395.35 (in Delhi).

Iran has threatened to block supplies of oil to India because of $5bn in unpaid fees that are blocked due to international sanctions against Iran.

Indian refiners have started looking for oil sources in different markets as Iran says it will block supplies for the month of August, people familiar to the matter in New Delhi told the Financial Times.

After a steep hike of Rs 50 on the prices of each cooking gas cylinder last month, another increase of Rs 4 has been done earlier this month owing to an increase in a dealer

Eight Indian companies have made the cut in the list of world

The government is planning to cap sale of subsidised cooking gas (liquefied petroleum gas) cylinders to each household in a phased manner, while putting in a mechanism for direct transfer of subsidy to the intended beneficiaries.

In a bid to bring some respite to the bleeding oil marketing companies (OMCs), the empowered group of ministers (EGoM) headed by Finance Minister Pranab Mukherjee will meet today to review the diesel and domestic LPG prices.

The meet could lead to a diesel price hike which was last revised a year ago while the oil ministry has also made case for increase in domestic LPG price.

New Delhi The Supreme Court on Thursday issued notices to the Petroleum and Natural Gas Regulatory Board (PNGRB) and Gujarat State Petronet (GSPL) on a petition filed by public sector gas utility GAIL against the former

Petroleum minister S Jaipal Reddy has sought an immediate rise in the prices of diesel, kerosene and domestic liquefied petroleum gas (LPG). The empowered group of ministers on fuel pricing was likely to meet soon, he said today.

The finance minister Pranab Mukherjee-headed group was first supposed to meet on May 11, immediately after the end of West Bengal Assembly elections.