Benchmark Brent crude oil rose to about $113 per barrel and the rupee weakened to 59.48 per US dollar
Petrol prices may fall by less than a rupee this weekend as gasoline has eased in the international market.
Petrol prices may fall as the average global gasoline rate has dropped by $1.68 a barrel. But state oil firms are reluctant to pass on the benefit to buyers.
With revenue loss on fuel set to fall to 1.65 per litre, oil ministry preparing fresh proposal for Cabinet
According to the oil ministry, fuel subsidy in 2013-14 was about Rs 140,000 crore, where diesel alone accounted for over Rs 62,800 crore.
The previous government could not announce the new rate of $8.40 per unit, because the Election Commission vetoed its move on the ground that the model code of conduct was in place.
New ministers Piyush Goyal, Dharmendra Pradhan and Narendra Singh Tomar say no to freebies; surprise PSU heads
Power minister Goyal, petroleum minister Pradhan & steel minister Tomar have not sought freebies such as air tickets, guest houses or vehicles.
Some proposals pertain to policy changes while others have to do with exemptions, which have revenue implications worth billions of dollars.
The finance ministry appears to have reversed its earlier position on the critical nature of this ambitious programme.
The committee, led by former IIT-Kanpur director Sanjay Dhande, has identified several reasons for the failure of the DBT scheme in its report submitted to the government on May 31.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon