Oil India shares soar by 2.40%

The shares of state-run OIL INDIA LTD gained by 2.40 per cent at LTP of 539.80 on Thursday morning trade on BSE at around 10:30 am ,  the shares were closed down at 527.15 (2.30%) on Wednesday.

The empowered group of ministers (EGoM) has cleared a proposal of disinvestment of 10 per cent stake in Oil India; the process will begin from February 1 through offer for sale (OFS) route.

The disinvestment of 10 per cent stake in the company caused the fall in the shares by around 2.30 per cent on Wednesday. But in the early trade on the BSE Sensex, the shares zoomed to 539.80 up by 12.65 points than the previous closed figures.

The disinvestment of stake in Oil India would generate around 30,000 crore which could be used to boost the economy.

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Diesel and LPG rates may go up - Kelkar Reports

Diesel, LPG and kerosene prices may go up as soon as UPA government gives a green signal to the Vijay Kelkar Committee's reports.

Vijay Kelkar Committee is appointed by the Finance ministry to suggest a path to reduce fiscal deficit and improve financial strength of the country. As per its reports, Kelkar Committee suggests immediate hike in diesel prices, which in later case will be efffective for both LPG and kerosene too.

The committee suggests complete deregulation of diesel prices by start of 2014-15. While addressing the media reporters Oil Minister M Veerappa Moily said, "That (Vijay Kelkar committee recommendation on deregulating diesel and raising kerosene and LPG rates) is a proposal. It is still at proposal stage. The (Petroleum) ministry is only processing that report and we are yet to take a decision."

If Government goes as per the reports of Kelkar committee, then diesel prices will be subsequently going up in the next year to bring complete deregulation on diesel prices. Right now diesel price in Delhi is Rs. 47.15, which has its steep change of Rs. 5.63 in last September.

Oil companies are now a taking a loss of Rs 10.16 per liter diesel, Rs 32.17 a liter kerosene and Rs 490.50 per 14.2-kg cylinder LPG. So as per the reports - with the hike in price, it will be soothing for both the companies and people. While talking to press, oil minister also focused on increasing the cap on subsidized gas cylinders from 6 to 9 per year.

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Bharat bandh Today opposing Petrol Price Hike

Bharat bandh called on Thursday, May 31, 2012 by opposition parties opposing the hike in the petrol prices in India by the UPA government. This time the hike of petrol was not matter of one or two but around 7 rupees, the biggest hike in the price petrol in India.

Normal life affected in the country due to the strike, shops were closed and plying of vehicles completely stopped in many parts of the country including Odisha. In the capital of Odisha, Bubaneswar, there has been huger response to the strike. Many roads in the city were blocked and activists stopped commuters to reach their destination.

The strike by opposition parties including the BJP was called opposing the hike in the petrol price recently by the central government. The fall in the value of rupees against dollar in the international market made the crude costlier for the oil companies in importing oil from other countries.  

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Petrol Price to go up Again?

Business News: The petrol price in India might go up by 0.65 paise from this Friday following fall in the value of rupees against US Dollar. The costly Dollar made the imports costlier, which has big impact on Indian economy too. The oil companies in India reportedly got the approval from the government for the possible hike in the petrol price.

It will impact the household budget of common man in India, where they have to pay more for the petrol comparing to the other nations in the world. Recently, the oil companies have slashed the price of petrol by around Rs. 2 and now the again hike would be big blow for the people to pay for it.

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