Kirit Parikh Committee

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  Diesel Prices Should Be Hiked Before May 16: Kirit Parikh

  Based on recommendations of a Dr Parikh-led committee, the government in January 2013 had decided to hike diesel prices by 40-50 paise per month till the entire losses on sale of the fuel are wiped out, and prices made market determined.

• Ministry to move Cabinet for reducing subsidy burden on ONGC: Oil Secretary

  The Oil Ministry plans to go to the Cabinet seeking a minimum $65 per barrel price for state oil and gas explorers like ONGC to help bring 70 million tonnes of oil to production, Oil Secretary Vivek Rae said on Thursday.

• Moily hints at moderation in diesel price hike

  The government-appointed Kirit Parikh committee suggested an "immediate" hike prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reduce annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.

• Hike diesel price by Rs 5/litre, LPG by Rs 250/cylinder: Panel

  Prices of diesel and LPG cylinders would go up sharply if the government accepts the recommendations of a panel.

• Kirit Parikh panel on diesel pricing gets one month extension

  The panel was to submit its report in the month end and will now do so by October-end.

• Diesel de-regularisation needs scrutiny: FM

  Finance Minister P Chidambaram today said that government will have to look into various dimensions of the issue before taking any decision on deregulating diesel prices.

• PSU OMCs slide ahead of EGoM meeting on fuel prices

  Meanwhile, the BSE Sensex was down 300.89 points, or 1.76% to 16,816.90.Indian Oil Corporation (IOC) (down 2.81% to Rs 344.75), Hindustan Petroleum Corporation (HPCL) (down 2.85% to Rs 356.70) and Bharat Petroleum Corporation (BPCL) (down 3.24% to Rs 561) edged lower.Shares of the three PSU OMCs had risen sharply over the past few days on expectati...

• Hopes of oil price deregulation fuel PSU OMCs

  Indian Oil Corporation (up 1.14%), HPCL (up 1.38%) and BPCL (up 0.34%), rose. The Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is scheduled to meet on Monday, 7 June 2010, to discuss deregulation of fuel prices. The panel would take into account the recommendations put forth by the Kirit Parikh Committee on the is...