Faced with the prospect of revenue loss on fuel jumping to Rs 70,000 crore next fiscal, Petroleum Ministry on called for "harsh decisions" even as it hinted that cleaner Euro-IV fuel in 13 metro cities will cost more from April 1.
With allies ruling out rocking
the UPA coalition on the issue of fuel price hike, the
Congress and the government on Tuesday breathed easy even as
opposition parties appeared determined to corner the
government in Parliament for a roll back.
British oil major BP Plc reported a lower than forecast 33 percent rise in fourth-quarter replacement cost profit on Tuesday and cautioned investors that an operational turnaround could slow this year.
Oil prices advanced on Monday on
supply concerns as militants operating in Nigeria`s key
oil-producing region ended a ceasefire and Royal Dutch Shell
was forced to cut output after a pipeline was sabotaged.
State-run oil marketing companies will get around Rs.12,000 crore from the central government as subsidies, less than half of the Rs 31,700 crore sought by the petroleum ministry, a government official said Friday.