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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

Kashmir is a legal issue, resolve through plebiscite, says Pakistan

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Kashmir is a legal issue, resolve through plebiscite, says Pakistan

Islamabad: Needling India, Pakistan today asserted that Kashmir is a "legal issue" and must be resolved through plebiscite as per the aspirations of the Kashmiri people.At the weekly briefin...


Assam floods: Death toll rises to 44; close to four lakh affected

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Assam floods: Death toll rises to 44; close to four lakh affected

Guwahati: The flood situation in Assam remained serious with report of one more death today, taking the toll to 44 so far and affecting nearly four lakh people in the state.According to the daily floo...

Andhra joins clean India campaign as Telangana stays away

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Andhra joins clean India campaign as Telangana stays away

Hyderabad/Vijawayada: While Telangana Rashtra Samithi (TRS) government in Telangana stayed away from Swacch Bharat program launched by Prime Minister Narendra Modi, the Telugu Desam Party (TDP) govern...

PSUs join Clean India campaign; GAIL to provide bio-toilets for girls

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PSUs join Clean India campaign; GAIL to provide bio-toilets for girls

Bhubaneswar: Joining the nation-wide 'Swachh Bharat' campaign, public sector GAIL (India) announced its plan to build 1021 bio-toilets in the country to provide hygienic sanitation facilities for girl...

Hong Kong democracy protests: Protesters, HK govt, Beijing and their options

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Hong Kong democracy protests: Protesters, HK govt, Beijing and their options

Hong Kong: Tens of thousands of protesters filled the streets of Hong Kong and crowds of students blocked the entrances to government headquarters Thursday as midnight approached the deadline protest...

Kerala launches policy to achieve total prohibition on Gandhi Jayanti

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Kerala launches policy to achieve total prohibition on Gandhi Jayanti

Thiruvananthapuram: A policy to achieve total prohibition and several environment friendly programmes were launched in Kerala Thursday to mark the 146th birth anniversary of Mahatma Gandhi."Today...