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The International Monetary Fund in 2019 approved a $6 billion loan over three years for Pakistan but disbursement has been slowed down by concerns on the pace of reforms
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Deutsche Bank prefers downstream to upstream companies expecting OMCs to benefit from higher fuel marketing margin post diesel deregulation.
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The predominantly North-East focused oil producer got USD 74.93 per barrel in the third quarter this fiscal as opposed to USD 108.11 per barrel a year earlier.
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Finance Arun Jaitley is all set to roll out a subsidy rationalization roadmap for liquefied petroleum gas (LPG) cooking cylinders in the Union Budget he will present this month.
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With oil prices touching "rock bottom", there is an opportunity for countries to cut energy subsidies worth USD 2 trillion, International Monetary Fund's chief Christine Lagarde said today.
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Actually the biggest problem with the Budget is that in spite of the FM being fully aware of the dire fiscal situation, as also that consumption and growth are not constrained because of the prices of goods, he has chosen to cut excise duties of a range of consumer durables like scooters, cars and utility vehicles
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Fuel retailers lost Rs 39,725 crore on selling diesel, kerosene and domestic cooking gas (LPG) at government controlled rates in October-December 2013. Upstream companies Oil & Natural Gas Corp and Oil India Ltd will make good Rs 15,937.59 crore, or about 40 percent, of this amount.
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The SGX is up about 48-50 points, so Bank Nifty is expected to be up at least 1.5-2 percent to begin with and even higher going forward, says Tirthankar Patnaik of Religare Capital Market.
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Nilesh Shah, MD and CEO of Envision says that the India may be on the cusp of another growth cycle if reforms are taken and investment cycle is kickstarted.
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Diesel prices may be hiked by Rs 3-5 litre, kerosene by Rs 2 and LPG by Rs 50 per cylinder. This is on the back of oil minister Veerappa Moily's request to PM Manmohan Singh to tackle Rs 180,000 crore of losses due to the rupee's freefall.
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Rohit Kothari of Antique Broking says the market is unlikely to correct until the currency stabilizes. Kothari‘s views come on a day when the rupee hit its all-time low of 65 against the US dollar.
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18 districts in the country will get Rs 435 in their bank accounts directly as a part of their LPG subsidy.
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The finance minister said cash payouts to oil firms this fiscal will be just Rs 20,000 crore on Thursday. He agreed to give an additional Rs 45,000 crore on top of the Rs 55,000 crore already paid to oil firms for selling diesel, cooking gas (LPG) and kerosene at government-controlled rates.
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The massive amount of fuel subsidy, which is taking a toll on government expenditure, is mainly benefiting the rich and not the poor, an IMF official said today.
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Finance Minister P. Chidambaram is putting welfare, defence and road projects on the chopping block in a last-ditch attempt to hit a tough fiscal deficit target by March, risking short-term economic growth and angering cabinet colleagues.
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Andre De Silva of HSBC explains on CNBC-TV18 that the Fed will continue with quantitative easing till the rate of unemployment falls, He expects the rupee to turn firmer with continued government initiatives to reduce the fuel subsidy, but is concerned that truant global oil prices could derail the strengthening in the rupee.
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The Oil Ministry will seek over Rs 1,00,000 crore from the Finance Ministry this fiscal towards fuel subsidy, new Petroleum Minister M Veerappa Moily said today.
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Prime Minister Manmohan Singh will hold off on widely anticipated fuel subsidy and retail reforms because of renewed opposition from party colleagues and coalition allies, leaving budget targets in tatters and rattling investors.
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India is likely to pay an additional around Rs 30,000 crore (USD 6.8 billion) than budgeted in 2011/12 to state refiners as compensation towards selling fuel at subsidised rates, a senior government official with direct knowledge of the matter said on Wednesday.
