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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

SC rejects plea seeking probe into Army's role in action against LTTE

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SC rejects plea seeking probe into Army's role in action against LTTE

New Delhi: A plea seeking probe by a Special Investigative Team into the alleged role of Indian Army in Sri Lankan government's 2008-2009 operation against LTTE was today declined by the Supreme Court...


Wipro beats estimates, Q4 net profit rises 41%

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Wipro beats estimates, Q4 net profit rises 41%

Bangalore: The country's third-largest software services firm Wipro todayreported net profit of Rs 2,230 crore for fourth quarter (January-March) of fiscal 2013-14, registering an increase of 41% year...

Must ensure Navy remains mishap free: Admiral Dhowan

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Must ensure Navy remains mishap free: Admiral Dhowan

New Delhi: Taking over from a predecessor who had quit midway owing to a series of mishaps, Navy Chief Admiral Robin Dhowan today said the force will ensure that such accidents do not happen in future...

Peace talks can't succeed without ceasefire, says TTP negotiator

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Peace talks can't succeed without ceasefire, says TTP negotiator

Peshawar: Peace talks cannot succeed without a permanent ceasefire and the Pakistani Taliban's negotiating team will soon meet the banned group's shura to convince them on the issue, a Taliban negotia...

Man sets himself ablaze at polling station in Bareilly

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Man sets himself ablaze at polling station in Bareilly

Bareilly (UP): A man allegedly committed suicide today by immolating himself at a polling centre in Aonla Lok Sabha constituency of Uttar Pradesh, police said today.The 25-year-old deceased identified...

Search for Malaysia jet refocuses on drone scans of seafloor

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Search for Malaysia jet refocuses on drone scans of seafloor

Sydney and Perth, Australia: A deep-sea drone completed its much-anticipated first full scan of the seabed in the remote Indian Ocean, the team looking for a missing Malaysian jetliner said on Thursda...

Captain of capsized S-Korean ferry faces criminal probe

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Captain of capsized S-Korean ferry faces criminal probe

Jindo, South Korea:The captain of the South Korean ferry that capsized off the southwest coast was facing a criminal investigation on Thursday, an official said, amid unconfirmed reports that he was o...