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Business & Economy

Left for cut in customs on
petroleum products

What is India News Service, Saturday, 23 October 2004, 2000 hrs IST

The Left parties on Friday asked the Union Petroleum Minister to cut customs and excise duty on petroleum products to meet the sky-rocketing prices of international crude.

CPI leader A.B. Bardhan and D Raja, who met the Union Minister Mani Shankar Aiyar on the oil price issue, said the hike in prices of diesel and petrol should not burden the common people.

Mr Aiyar told newspersons that the government was closely monitoring the prices in the global market and before effecting any price hike, the oil companies, authorities concerned and the Prime Minister would be consulted on the issue.

The Union Minister said the government would announce after October 31 what the prices would be after the next revision for the following two weeks.

Speaking to reporters after the meeting, the Left leaders said they had conveyed that they understood the unprecedented rise in international oil prices but at the same time common people should not be burdened.

Oil prices nudge past $55: Oil prices forged to a record high above $55 a barrel on Friday on rising fears of a winter fuel supply crunch and robust.
 
Multi-crore security scam in Bihar: A multi-crore security scam involving the deposit of stolen sureties, like National Savings Certificates and Indira Vikas Patras, by contractors against the contracts awarded by key departments has been detected in Bihar, a senior police official said.

Push to Russian oil hunt: Petroleum minister Mani Shankar Aiyar will be looking for fresh investment opportunities for ONGC-Videsh (OVL) during his tours.

Drug vigilance programme soon: After reports of a commonly prescribed drug increasing the possibility of cardiac arrest, the Health Ministry has decided to monitor side-effects of drugs under the National Pharmacopia Programme.

Inflation rate dips to 7.10%: The rate of inflation continued its downward slide for the fourth consecutive week.

Two-wheeler sales up 13% in H1: A robust motorcycle market, surging scooter sales and modest moped market, pushed two-wheeler sales up by 13.1 per cent during the first half of this fiscal. 

Accountants given access to e-returns: Chartered accountants can now function as electronic intermediaries (e-intermediaries) as the government moves inexorably towards a paperless tax administration.
 

Overall:

Left pressed for customs cuts: They said the government should not burden common people with another petrol price hike.

Inflation dipped: The downward slide continued for the fourth week.

Accountants got e-access: They can now function as electronic intermediaries.

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