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INDIAN BUDGET FAILS TO RAISE SUBSIDY ON COOKING GAS, KEROSENE.
NEW DELHI, March 1 Asia Pulse - National oil firms, which for the first time ever reported net losses this fiscal, will continue to bear the brunt of high global oil prices as the Budget failed to raise subsidy on cooking gas and kerosene in tandem with no change in duty structure.
But, Finance Minister P Chidambaram raised cess on crude oil produced by ONGC (BSE:500312) and Oil India Ltd to Rs 2500 (US$56.25) per tonne from Rs 1800 per tonne, to garner over Rs 18 billion.
The only silverlining was the 'Declared Goods' status accorded to LPG supplied for domestic use, thereby attracting a uniform Central Sales Tax of 4 per cent as against current rates which vary between 4 to 14 per cent.
However, it was not immediately clear if fuel retailers - IOC, BPCL, HPCL and IBP - who together lost Rs 96,800 million this fiscal on selling LPG below production cost - would pass on the relief to consumers.
The industry was expecting ...
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Source: HighBeam Research, INDIAN BUDGET FAILS TO RAISE SUBSIDY ON COOKING GAS, KEROSENE.