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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

CORRECTED - Despite billions in aid, U.S. unable to get Pakistan to confront militants

from firstpost

CORRECTED - Despite billions in aid, U.S. unable to get Pakistan to confront militants

WASHINGTON (Reuters) - (Changes wording in second sentence, paragraph 10 from "live up to" to "own up to")Since 2001 the United States has tried virtually every strategy available ...


Arrested Bengal minister Madan Mitra complains of chest pain, admitted to hospital

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Arrested Bengal minister Madan Mitra complains of chest pain, admitted to hospital

Kolkata: West Bengal Transport Minister Madan Mitra, who was arrested by CBI in connection with the Saradha chitfund scam, was today admitted to the state-run SSKM Hospital after he was remanded to ju...

After Peshwar attack, Pakistan executes two terrorists in Faisalabad jail

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After Peshwar attack, Pakistan executes two terrorists in Faisalabad jail

Islamabad: Pakistani authorities on Friday night executed two men convicted for attacks on the armyheadquarters and former military ruler Pervez Musharraf, days after Pakistan lifted its moratorium on...

Parliamentary panel for syllabus to sensitise students on gender issues

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Parliamentary panel for syllabus to sensitise students on gender issues

New Delhi: Expressing concern over the slow progress of various projects aimed at eliminating genderdiscrimination in the country, a parliamentary committee on Empowerment of Women today recommended p...

Gandhi Vs Godse: We need to go beyond the binaries of good and evil

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Like the word frenemy, a combination of friend and enemy, we need a new word for someone who could be both a hero and villain to someone or the other. Maybe a Villero?Coining a new, elegant word to me...

Pakistan to amend anti-terror laws to expedite trial of terrorists: Nawaz Sharif

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Pakistan to amend anti-terror laws to expedite trial of terrorists: Nawaz Sharif

Islamabad: Pakistan Prime Minister Nawaz Sharif on Friday said the anti-terror laws will be amended to expedite the trial of people arrested in terror related cases, as pressure mounted on his governm...

Jammu and Kashmir on high alert with one day to go for last phase of polling

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Jammu and Kashmir on high alert with one day to go for last phase of polling

Jammu, Dec 19 (IANS) After ensuring a peaceful, incident-free four phases of the assembly election in Jammu and Kashmir, authorities Friday sounded high alert in the Jammu region where 20 constituenci...