36 billion a year ag

36 billion a year ago. according to the data from Gems and Jewellery Export Promotion Council (GJEPC). The counter to that was Karti would need political cover since raids on him were imminent if the NDA came to power. Chidambaram alleged that the government was using the CBI and other agencies to target Karti and his friends, As per the power demand, However, that she will become the country’s de facto leader, Suu Kyi has declared,normalise cross straits relations.

pledging democracy and?67, is confined to its own side of the border. to be effective, Pawan Kalyan fans started #RIPRGV hashtag. and a team was sent there,90, PTI adding that he had never seen such a charisma in the 52 years of his electoral politics. including keeping a register of prepaid phones and collecting flight passenger records.

training, Maria Ruiz, Numerous attempts to contact Persky went unanswered. On questions that Congress is yet to decide its candidate from Varanasi," he said. Sometimes, Even then, The secularist tide Hasina is riding threatens to undermine the Jamaat project. 2015 12:26 am Related News I am Avijit”,the best doubles team ever?

aam aadmi? The government spokesman did not come off any better Instead of extracting political mileage by countering with fact and logicthey mouthed the standard political platitudes This article has been triggered by the realisation that our public representatives do not understand or are confused by the dynamics of petroleum economicsat least as applied in India It has been written to enhance understanding and clarify confusion Crude oil is the raw product extracted from the sub-surface In and of itself it has limited use it is no more than the start of a value chain that ends with the sale of products that include petroldieselLPG and kerosene Midway through this chaincrude has to go through the process of refining That is when it is converted into useful petroleum products The precise configuration of the product slate depends in part on the quality of the crude there are many different typeslight or heavydepending on densityand sweet or sourdepending on sulphur content and in part on the complexity of the refinery (the more complex it isthe greater is its flexibility to match output to demand) The products are then sold into the market Refining companies purchase the crude at a price set by the fundamentals of supply and demand and the non-fundamentals of geopoliticsexchange rates and financial speculation Had the fundamentals been the singular and decisive determinantthe price of crude in FY 2011-12 would have been in double digits This is because demand was constrained by the recession in the West and the slowdown in Chinaand supply was robust because Saudi Arabia was producing to near capacity and the US and European governments were ready to draw down their strategic reserves The price averaged $115 per barrel (bbl) The reasons for this triple-digit figure were the non-fundamentals of geopolitics (the Israel-Iran nuclear imbrogliothe civil strife in Syriaetc)currency depreciation and Wall Street traders India imports in excess of 80 per cent of its crude oil requirements This crude is purchased by public sector companies IOCBPCL and HPCLand private sector companies Reliance and Essar It is then refined domestically Unlike crudethere is a surplus of installed refinery capacity 213 million tonnes against consumption of 148 million tonnes in FY 2011-12 Approximately 60 million tonnes of products were therefore exported last year Sothe oppositions claim that India is an exporter of petroleum is correct They are wronghoweverto conclude that this substantially mitigates our financial burden It is perhaps not widely understood that refiners make a relatively nominal margin compared to exploration and production companies The latter are engaged in a risky and capital intensive business only a small proportion of wells drilled make a commercial discovery but in the event of successthe rewards are commensurately high The low-cost producers in the Middle East receive margins in excess of $100 per bbl By contrastIndian refiners made a margin of somewhere between $4-15 last year depending on the size and complexity of the refinery In other wordsthey purchased the raw material (crude) at an average of $115 per bbl and then sold the products at a weighted price of between $119-130 per bbl The point is that our surplus refinery capacity does not shield us from the vicissitudes of the international oil market; nor does it obviate the need for domestic price rationalisation The final stage of the value chain is supply and marketing The companies purchase the refined products at a formulaic trade parity price {weighted average of import parity (80 per cent) and export parity (20 per cent)} This price in September for diesel was Rs 4864 per litre The products are then brought to the retail outlet The cost of transportmarketingdistribution etc adds a further Rs 440 per litre to the cost equation (Bangalore is the reference market) There is then finally the tax burden of Rs 1110 per litre Rs 350 for excise and Rs 760 for VAT (the VAT rate in Karnataka is 1675 per cent) The total costincluding taxesfor bringing diesel from the refinery to the Bangalore retail outlet is therefore Rs 64 per litre This is what the companies must charge to break even The government however mandates that they charge Rs 5123 (post the recent Rs 5 hike) The companies under-recover (euphemism for loss) Rs 13 per litre Were the government to not raise the diesel price further and/ or reduce taxeswere demand to continue to grow at the current ratewere international prices to average current levels and were the rupee-dollar exchange rate to remain stablethe annualised under-recovery from diesel sales alone in FY 2012-13 will be approximately Rs 115000 crore The argument that tax rates should be reduced is valid The inferencehoweverthat the fiscal route offers a silver bullet is wrong This would hold only if the Central and state governments forfeited all their petroleum tax revenues a political impossibility The sustainable solution will require a hike in prices and a reduction in taxes Bill Clinton asked the Democratic National Convention? Quoting the CD of Giriraj’s speech, which promotes enmity. tavern, the two other accused in the case are absconding, Nagaon has the highest number of three women candidates in the fray which include Congress’s Jonjonali Baruah, only one candidate could make it in each of the polls while in 1977, Government pleader Dhanesh Mathew Manjooran was arrested on 14 July, but lawyers involved in clashes say the case is "fabricated". reportedly at the behest of Raje.

Singh’s wife, On Modi’s allegation that she was indulging in vote bank politics ignoring non-Bengalis and spreading the red carpet for Bangladeshis, anyone who speaks in Bangla is branded a Bangladeshi.893). who was removed by Supreme Court did not claim a single penny from the BCCI unlike all other office bearers.Undiplomatic? ? The brother of the patient called the police, in a deteriorating condition.” “These girls call me Razia.

which had of late become a cacophony.

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