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NEWS|Current Affairs 
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New Delhi: The petroleum ministry has asked for Rs 26,000 crore as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore cash support."We have written to the finance ministry seeking Rs 26,000 crore subsidy support for covering under-recoveries (revenue loss) on diesel and cooking fuel in Q3 as well as unmet losses of the previous fiscal," petroleum secretary Vivek Rae said.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.For the rest, the oil ministry wants cash subsidy, he said. "There is also some unmet under-recoveries of the previous two quarters, which we have sought from the finance ministry." Without the government subsidy, state-owned fuel retailers Indian Oil Corp (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) will report losses in the third quarter. HPCL is scheduled to report its earnings tomorrow while BPCL results are due on February 12, followed by IOC on 13 February.Sources, however, said the finance ministry is willing to give only Rs 10,000 crore of subsidy support for now and wants the rest to be carried forward to the next financial year. The government provided Rs 17,772 crore of cash subsidy in the first half of the current financial year. Fuel retailers sell diesel and cooking fuel at rates below the cost of production. The losses they incur are met by way of cash subsidy and support from upstream firms. For Q3, ONGC's share of the burden will be Rs 13,764.11 crore, while OIL will bear Rs 2,173.48 crore. Gas utility GAIL India did not pay any subsidy in Q3. ONGC's liability is near the record Rs 13,796.04 crore it shelled out in Q2. Sources said IOC's share of the support provided by the two exploration companies would be Rs 8,261.30 crore. BPCL would get Rs 3,971.31 crore and HPCL Rs 3,704.98 crore. During April-September, IOC, BPCL and HPCL together lost Rs 60,907 crore in revenue on selling diesel and cooking fuel. Of this, ONGC made good Rs 26,417.82 crore, OIL Rs 4,215.76 crore and GAIL Rs 1,400 crore.Sources said ONGC's subsidy burden in Q3 would be about 10 percent higher than the Rs 12,433 crore paid in the same period of the previous financial year. PTI

Philippines peacekeepers rescued from militants in Golan - U.N.

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Philippines peacekeepers rescued from militants in Golan - U.N.

EIN ZIVAN Golan Heights (Reuters) - Thirty-two U.N. peacekeepers were rescued on Saturday from Islamist militants who fired at their post on the Syrian side of the Golan Heights and trapped them for t...


Ukrainian cargo plane with 7 on board crashes in Algeria - ministry

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Ukrainian cargo plane with 7 on board crashes in Algeria - ministry

ALGIERS (Reuters) - A cargo plane with six Ukrainians and one Russian on board crashed in Algeria's far south early on Saturday, an Algerian transport ministry official said.The Ukrainian Antonov-12 p...

Ukraine says Russian tanks flatten town; EU to threaten more sanctions

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Ukraine says Russian tanks flatten town; EU to threaten more sanctions

KIEV/BRUSSELS (Reuters) - Ukraine said Russian tanks had flattened a small border town and pro-Russian rebels had made fresh gains in its east, as EU leaders signalled on Saturday they would threaten ...

Six-nation Gulf council condemns Islamic State jihadists

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Six-nation Gulf council condemns Islamic State jihadists

Jeddah: The six-nation Gulf Cooperation Council strongly condemned Islamic State jihadists in Iraq and Syria and their extreme interpretation of Islam as it opened a meeting in Saudi Arabia today.&quo...

PM Modi, Abe meet over dinner, pitch for robust future in ties

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PM Modi, Abe meet over dinner, pitch for robust future in ties

Kyoto: Setting the tone for their formal Summit on Monday, Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe tonight spoke about a "strong and robust future" for the bilat...

Uttar Pradesh: Cop crushed to death by tractor in illegal mine

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Uttar Pradesh: Cop crushed to death by tractor in illegal mine

Lucknow: A Uttar Pradesh police constable was crushed to death by a tractor-trolley being used in illegal mining in Shahjahanpur district, police said today.Acting on a tip off that a tractor trolley ...

Pakistan: Resign in 24 hours, says Qadri; tiny storm, says Sharif

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Pakistan: Resign in 24 hours, says Qadri; tiny storm, says Sharif

Lahore/Islamabad: Stepping up its pressure on embattled Prime Minister Nawaz Sharif, cleric Tahir-ul-Qadri set a fresh 24-hour deadline for him to quit as protests around Parliament entered the 17th d...