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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

Pak troops targets forward posts in Jammu, violate ceasefire again

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Pak troops targets forward posts in Jammu, violate ceasefire again

Jammu: In yet another ceasefire violation, Pakistani Rangers today resorted to small arms firing on forward Border Outposts (BoPs) along the international border in Jammu district."Pakistani Rang...


Modi govt plans care centres to help India battle cancer

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Modi govt plans care centres to help India battle cancer

New Delhi: With the number of cancer cases in India set to explode in the coming decade, the Narendra Modi government is planning a network of tertiary care centres for cancer patients across the coun...

Nepal closes trekking route after 38 die in snowstorms

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Nepal closes trekking route after 38 die in snowstorms

Kathmandu, Nepal: Nepalese officials closed a section of a popular Himalayan trekking route Sunday after rescuers, overwhelmed with last week's snowstorms that killed 38 hikers, had to bring to safety...

Won't approach any party for alliance: Maharashtra BJP

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Won't approach any party for alliance: Maharashtra BJP

Mumbai: The Bharatiya Janata Party (BJP) Sunday said it will not approach other parties for an alliance in Maharashtra."We are the bigger party. We don't need to approach other parties for an all...

Congress VP Rahul Gandhi visits cyclone-hit Visakhapatnam

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Congress VP Rahul Gandhi visits cyclone-hit Visakhapatnam

Visakhapatnam: Congress vice president Rahul Gandhi Sunday visited cyclone-hit north coastal Andhra and assured people that his party will pressurise the central government to rebuild this coastal cit...

Hyderabad-based MIM's stuns with three victories in Maha

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Hyderabad-based MIM's stuns with three victories in Maha

Mumbai: The Hyderabad-based Majli-e-Ittehadul Muslimeen (MIM) Sunday notched three stunning victories in the Maharashtra assembly polls and was leading in a fourth constituency.Bagging 25,314 votes, M...

Coal scam: CBI registers fresh case against Jindal Steel & Power

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Coal scam: CBI registers fresh case against Jindal Steel & Power

New Delhi: CBI has registered a fresh case of alleged cheating and corruption against Jindal Steel and Power Limited among others in connection with its probe into coal blocks allocation probe.A CBI s...