Business Daily from THE HINDU group of publications
Friday, May 16, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, May 16, 2008 ePaper | Mobile/PDA Version | Audio |
|
|
|
|
|
|
|
Industry & Economy
-
Petroleum Chidambaram rules out cut in crude oil import duty Our Bureau Our Bureau New Delhi, May 15 The Finance Minister, Mr P. Chidambaram, has ruled out cut in import duty on crude oil. Even as the global crude prices were hovering above $120 a barrel, the public sector oil marketing companies (OMCs) continue to sell petroleum products below the cost price, resulting in heavy under recoveries. On being asked whether the Government was considering reduction in duties, Mr Chidambaram told newspersons here on Thursday that, “No, because mere reduction in import duty on crude oil has no impact on administered prices”. The Indian crude basket on Wednesday stood at $120.19 a barrel. For the current month till May 14, the Indian basket averaged $116.96 a barrel up from previous full month’s average of $105.77 a barrel. Oil bonds issueThe Government has decided to compensate the OMCs by issue of oil bonds to the extent of 50 per cent against incurring under-recoveries during 2007-08 on sale of fuels – petrol, diesel, kerosene sold under public distribution system and domestic LPG – at a price lower than their market price. The under-recoveries suffered by the OMCs in 2007-08 are being pegged at Rs 70,579 crore. Oil bonds of the value of approximately Rs 35,300 crore would be issued to the OMCs to partially compensate the losses. Deora seeks more oil bonds to cover firms’ losses Govt issues Rs 9,297 cr oil bonds Deora urges PM to cut customs duty on crude oil Customs duty on crude, unrefined sulphur reduced to 2% More Stories on : Petroleum | Excise and Customs
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|