Business & Economy

Fortnightly review of oil
on the way out 

What is India News Service, Wednesday, 15 December 2004, 2000 hrs IST

The Government has hinted that the existing fortnightly revision of petrol and diesel prices may be replaced by a new system that involves monthly or quarterly revisions.

Petrol and diesel prices, in keeping with the current practice of fixing prices on 1st and 16th of every month, are due for revision but may not be lowered in sync with the fall in international prices. "The mistake of September 1997 when the first step of dismantling the administered pricing mechanism (APM) was taken and that of April 2002 when the APM was dismantled will not be repeated. At that time, the steep fall in international prices and the spurt like that witnessed in 2004 was not taken into account. We have to consider all these volatilities for evolving a stable pricing policy," the Minister of Petroleum and Natural Gas, Mr Mani Shankar Aiyar, told reporters on the sidelines of the National Gas Conservation Programme here on Tuesday. Mr Aiyar was non-committal on whether the public sector oil firms will cut petrol and diesel prices in tune with the decline in international prices.

Cities as brands: Banglore's declining status in the Gartner study on hot IT investment destinations in India holds important lessons, not just for Karnataka\92s capital but for other cities in India.

IDBI accepts 415 VRS applications: Industrial Development Bank of India Ltd on Tuesday said it has accepted applications of 415 employees for voluntary retirement.

Package to cheer tea, coffee growers: Commerce and Industry Minister Kamal Nath today told the Lok Sabha that the government would unveil a package for reviving the tea and coffee sectors and will also bring about changes in the Price Stabilisation Fund to make it more effective for small growers.

NTPC mulls power trading exchange: A spot market for electricity trading could be on the anvil soon. The National Thermal Power Corporation (NTPC) has appointed the Nordic Power Exchange as consultant for the establishment of an IT-enabled power trading system.

Same Deutz-Fahr to expand Indian operations: The Same Deutz-Fahr group, Europe-based tractor and industrial diesel engine manufacturer, plans to invest Rs 60 crore over the next three years to expand its Indian operations.

JCT buys Senegal mill: JCT Limited, a pioneer in textiles in north India, is all set to spread its operations overseas. Through its subsidiary, CNLT Malaysia, JCT has acquired a composite textile mill in Senegal on a long-term lease.

Economic pricing policy for energy needed, says PM: Prime Minister Dr Manmohan Singh today emphasised the need to encourage a national debate on a rational pricing policy for energy.

BSE seeks details on Reliance investments: The Bombay Stock Exchange has sought details on media reports on the investments made by Reliance Industries Ltd in group companies, according to sources here.

Indian partners see a positive impact: Indian IT companies foresee greater outsourcing prospects following he $10.3 billion buyout of PeopleSoft, a leading enterprise software maker by Oracle. 

Birla case: `Pansari has no locus standi': The hearing of the petition filed by Mr S.N. Prasad, one of the accused seeking quashing of the 
proceedings pending in the Alipore court (in the R.S. Lodha matter) has now started in the court of Mr Justice D.P. Sengupta of the Calcutta  
High Court.

PSEB to appeal against tariff reduction: The Punjab State Electricity Board (PSEB) will file an appeal against the Punjab State Electricity Regulatory Commission\92s decision of reduction in power tariffs.

Kochi Refineries project may be delayed due to high price bids: The high price quoted by bidders in response to the global tender floated by Kochi Refineries Ltd for setting up the Rs 623-crore crude oil receipt facilities here has forced the company to go for alternate methods to implement the project.

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