Coal 2023: analysis and forecast to 2026
Latest IEA market report sees lower demand to 2026, based on current policies, but stronger actions are needed to drive a steeper decline towards meeting international climate goals. After reaching an
Fuel Pricing
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Rangarajan for quick action to prune diesel subsidy
The Central Government should act quickly to raise diesel rates to bring them in line with global prices in order to reduce its subsidy bill, Prime Minister’s Economic Advisory Council Chairman C. Ranagarajan has said. “I think we need to cut subsidies’ proportion of GDP... Therefore, there is an imperative need to reduce the diesel subsidies,” Dr. Rangarajan told PTI in an interview.
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Diesel price hike will be positive for markets, say analysts
Analysts say any increase in diesel and kerosene prices will be positive for market sentiment. The petroleum ministry is considering a proposal to gradually hike diesel prices by Rs 1 per litre every month
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Prime Minister for phased rationalisation of fuel prices
To align with global prices and curb energy subsidies Prime Minister Manmohan Singh on Monday reiterated his position of “phased rationalisation of energy prices to bring them in line with global prices” for “meeting the target of rapid, inclusive and sustainable development” and curbing energy subsidies. Speaking at the foundation laying ceremony of integrated refinery expansion project of Bharat Petroleum Corporation Ltd. (BPCL) here, Dr. Singh recalled his speech at the National Development Council meeting in New Delhi in which he hinted about the pricing of energy.
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Energy is under-priced, needs phased rationalisation: PM
Prime Minister Manmohan Singh on Monday pushed for phased rationalisation of energy prices to bring them in line with international prices to meet the targeted rapid inclusive and sustainable growth. Energy remained under-priced in the country with coal, petroluem products and natural gas prices remaining well below international prices, he said laying the foundation stone for the Rs 14,225 crore BPCL-Kochi Refinery’s Integrated Refinery Expansion Project at nearby Ambalamugal. “To meet our target of rapid inclusive and sustainable growth, we must undertake a phased rationalistion of engery prices,” Singh said.
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Full export parity price for petro products likely
Finmin aims to make substantial savings in oil subsidy payouts Alarmed by the R1.7-lakh-crore oil subsidy demand for this fiscal, the finance ministry has decided to revisit a suggestion made by expert committees in the past: Work out the subsidy entitlement of oil marketing companies (OMCs) according to 100% export-parity pricing of petroleum products. Under this system, the refinery-gate price of products — petrol, diesel, cooking gas and kerosene — due to OMCs will be arrived at as an average of export (FOB) prices of these product in select markets. The difference between the price realised by OMCs — they sell below cost in the subsidy regime — and the export price determined will be the “under-recoveries”, compensated through subsidy.
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RIL, Cairn allowed to explore in producing fields
In his first major decision, the petroleum minister, M Veerappa Moily, has allowed Reliance Industries and Cairn India to explore oil and gas within producing fields, subject to conditions. The ministry, which had been sitting on the proposal for over a year, wrote to the directorate general of hydrocarbons (DGH) this week, saying it had decided to permit exploration in producing fields, sources said.
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Diesel, LPG prices may go up soon
Diesel, kerosene and cooking gas prices could be raised soon while the government might separately take up a proposal to raise the cap on supply of subsidised LPG cylinders. The government may take a look at raising the cap on supply of subsidised LPG cylinders to 9 per household in a year from current limit of six along with the Vijay Kelkar Committee recommendations to deregulate diesel prices by next year along with steep hike in cooking fuel rates.
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CNG price in Delhi up Rs.1.55 to Rs.39.90/kg
Indraprastha Gas, the sole supplier of CNG in Delhi-NCR, has revised the price of CNG in Delhi by R1.55 per kg to R39.90 due to increased input gas price and related taxes. Consumers will have to pay R39.90 per kg in Delhi and R45.10 per kg in the Noida, Greater Noida and Ghaziabad areas. The company had last increased the price in September. “The 4% revision in CNG price would result in an increase of R1.55 per kg in the consumer price of CNG in Delhi and R1.80 per kg in the consumer price of CNG in Noida, Greater Noida and Ghaziabad,” the company statement said.
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Govt considers Kelkar report; diesel, LPG rates may rise soon
Diesel, kerosene and cooking gas LPG prices may be hiked soon as the government considers Vijay Kelkar committee recommendations on cutting fiscal deficit. The Kelkar committee, which was appointed by the finance ministry to suggest a roadmap for fiscal consolidation, has suggested immediate hike in fuel prices and complete deregulation of diesel prices by start of fiscal 2014-15. It also suggested raising kerosene and LPG prices.
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Govt undecided on freeing diesel price
Petroleum and natural gas minister Veerappa Moily on Friday said his ministry was yet to take a view on the Kelkar committee proposal to raise diesel prices in a calibrated manner, leading to full deregulation