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Mine Foreman Trainee vacancies – MOIL Career 2011

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MOIL Career 2011 – Mine Foreman Trainee vacancies: MOIL Limited (Formerly Manganese ore (India) Limited) has given a recruitment notification for the recruitment of Mine Foreman (Trainee) vacancies for eligible candidates. Who are eligible candidates may apply through offline on or before 11-06-2011. The details regarding age limit, educational qualification, pay scale and other details of MOIL Career 2011 is given below…

MOIL Career 2011 vacancy details:
Total no. of posts: 07 vacancies
Name of the posts:
Mine Foreman (Trainee): 07 vacancies
Pay scale: Rs.11700-340-21900/-(NE-08) (IDA).

Age limit: The candidate’s age is up to 35 years, reservation as per rules.

Educational Qualification: Candidates pass in SSC.

Application fee: Demand draft for Rs 50/- (No fee for SC/ST candidates) drawn in favour of MOIL Limited, Nagpur.

Selection process: The mode of selection is through interview basis.

How to apply: The eligible candidates may send their application in prescribed format, along with attested photo copies of necessary certificates and Demand draft, to the respective address, on or before 11-06-2011.

Last date for receipt of application: 11-06-2011.

For more details regarding age limit, educational qualification, pay scale, how to apply, selection procedure, no. of posts, experience, application fee, application format, last date for receipt of application and other details of MOIL is available at below given link......Read more…
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gold production in Zimbabwe is expected between 12 to 15 tonnes 2011

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ZIMBABWE'S gold output is expected to rise by up to 35 percent this year but funding and power shortages and high costs will continue to stifle growth in the sector, a chamber official said on Friday.

Victor Gapare, president of Zimbabwe's Chamber of Mines said the gold sector would need US$1 billion a year to increase production to 50 tonnes in the next five years.

"The 2011 production is expected at between 12 to 15 tonnes, an increase of 35 percent. As our short to medium term target, we believe gold production should be at 20 tonnes a year," Gapare said at the chamber's annual meeting.
Production last year was 9.6 tonnes.

Gold production plunged to a record low of 3 tonnes in 2008, as mines choked from hyperinflation and acute foreign currency and electricity shortages.

A power-sharing government since set up by bitter rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai dumped a worthless local currency for multiple foreign currencies, taming hyperinflation and stabilising the economy.

Most mothballed mines have since come back into production as companies are keen to benefit from the bullish outlook for gold, which has been hitting record highs this year.

"We expect the firm prices of gold to remain. With this positive outlook for gold, it is high time we put in place policies that will allow us to ride the crest of this positive trend," Gapare said.

Spot gold stood at $1,526.00 an ounce by 1000 GMT.

Companies in Zimbabwe's gold sector include Mwana Africa, privately-held Duration Gold, Canada's New Dawn Mining Corp and RioZim.

Zimbabwe gold productions Predictions 2011, Zimbabwe gold out put forecast 2011, gold prices predictions in Zimbabwe 2011.....more

Gold and silver prices futures have risen to three-week

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Gold futures have risen to three-week high thanks to fall in dollar that made commodity investments attractive. US Gold futures for August delivery rose to 1.9% on week to $1,537 after attaining a high of $1,539.50. Bullion priced in euros and British pounds climbed to records this week as European policy makers seek ways to restore investor confidence amid increasing concern that Greece won’t be able to repay its debts after last year’s 110 billion euro ($157 billion) bailout. With Greece debt crisis and lower economic growth, consumer spending in USA, gold safe-haven buying is expected to continue in the near to short term.

Gold June futures at MCX rose from RS 22197 to Rs 22520 representing a gain of 1.4% after attaining a high of 22568 while Silver July futures rose from Rs 53100 to Rs 57505 representing a gain of 8.29% on week. In US markets, Silver futures for July delivery rose 53.3 cents, or 1.4 percent, to $37.863 an ounce. The metal gained 7.9 percent this week. Prices, down 24 percent from a 31-year high of $49.845 on April 25, have still doubled in the past 12 months. The US Mint has stated that its San Francisco facility will start producing American Eagle silver coins to meet rising demnad. The can produce as many as severl hundred thousand coins a week.
gold, iron ore and coal is expected to lead the commodiites rally over the next two to three years on emerging markets demand, according to Standard Chartered Plc (STAN).

Copper prices in chinas recovered expectations of rising demand

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Copper prices have rebounded from a low of $8,504 thanks to China demand and industrial demand in India while gold, silver prices continued to gain on dollar weakness that has enhanced the appeal of commodities. Copper, gold, iron ore and coal is expected to lead the commodiites rally over the next two to three years on emerging markets demand, according to Standard Chartered Plc (STAN).

Copper prices have recovered thanks to expectations of rising demand in China where premiums rose to 7-month high. Lower price levels also supported investor interest. Copper futures at London Metal Exchange slumpted to $8504 a ton on March 12 but has subsequently climbed to $9108.25. Shanghai prices have been trading ata a discount compared to London, since July and that discount has narrowed in May. Copper market is now in backwardation suggesting that spot demand is increasing. Stockpiles in LME's Asian warehouses are increasing at a slower rate, climbing 5.4 percent this month, compared with 18.5 percent last month, suggesting exports from China this month will fall from April’s record 44,595 tons,.

At India's Multi-Commodity Exchange of India (MCX), copper June contract rose from Rs 410.50 to Rs 417.70 representing a gain of 1.75% after attaining a high of 419.75. Offlate, industrial demand in India and rising physical copper demand in China have helped in recovery of prices in global markets.

fuel prices in China raises to trim demand

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China will raise fuel prices by 4-4.5 percent from Sunday to fresh highs, the government announced, the first increase since December, to dampen demand and cushion refiners from high crude prices.

"Excessively fast growth in oil consumption is exceeding the tolerance capacity of our country, economically and environmentally," the National Development & Reform Commission (NRDC) said on its website www.ndrc.gov.cn.

"Therefore, there is an urgent need to give play to the role of price levers for adjustment and guidance, constraining the excessively fast growth of oil consumption," NRDC said.

The increase, in line with market expectations but smaller than the gains in crude costs, would help lift refiners' margins as benchmark Brent hovers above $100. But the move was not likely to signficantly curb Chinese fuel use, which rose 12 percent last year.

The modest fuel hike came as China battles a drought that requires more diesel for irrigation pumps and as transport picks up after a lull during the Lunar New Year break. "Demand will barely budge...The key reason for the price increase was the worry that supplies would dwindle as margins were pinched and as some refineries started maitanences," said a fuel marketing official with Sinopec Corp, Asia's largest refiner.

The government will raise the retail ceiling for gasoline and diesel by 350 yuan ($53) a metric tonne, and jet fuel prices by 340 yuan per tonne. China last raised fuel prices by about percent on Dec 22. "Experiences in recent years have told us that by suppressing prices it would discourage refiners to produce or import and lead to shortages and queuing at petrol stations," NDRC said.

The agency said the price move has been delayed and that the increases fell short of the rises in global crude prices to which Chinese fuel prices have been linked since Jan 2009, due to rising inflation concerns.

DEMAND STRONG

The hike will also boost production at smaller, local refineries, known as "teapots", which the NDRC said make up 10-15 percent of China's total capacity. "These refineries don't have upstream crude productions, leaving them exposed to losses in the refining business," the NDRC said.

The government will continue handing out subsidies to grain farmers, fishermen, public transport operators and taxi drivers, the agency said. Under a crude cost-plus fuel price scheme started in 2009, China raised prices three times and cut once last year, lifting prices a total of 9 percent.

A 22-day moving average price of Brent, Dubai and Cinta crude oils, on which China's fuel pricing is based, has gained more than 10 percent since the last adjustment on Dec 22, far above a 4 percent mark that justifies a fuel price hike. Since 2009 China has had in place a domestic fuel price system that guarantees a fixed profit margin for refiners when oil prices are below $80 a barrel, which has lead to a boom in refinery production and fuel exports.

But the government can pare refining margins when oil prices are above that level and even freeze the scheme when oil surges above $130. It also retains the final power to adjust prices itself, taking into account other factors like demand and supply or inflationary pressures.
For a table of the increases. ($=6.57 yuan)
(Reporting by Michael Martina and Chris Buckley, editing by William Hardy)

Gold and silver gained on rising demands,prices in China and India

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Gold and silver gained on rising demands in China and India
Albanian_Minerals President Sahit_Muja said " Gold and silver demand has witness a significant growth in 2011 fueled by steady growth of gold and silver use in China and India"

Sahit_Muja said "Devaluation of the dollar, economic problems, political tensions, inflation, and exchange rates are other factors that have also contributed on rising gold and silver prices".
Gold added $13.60 to settle at $1,537.30 an ounce at the the New York Mercantile Exchange.

Silver prices gained 53 cents to finish at $37.85 an ounce while the U.S. dollar index was shedding 0.9% at $74.93.
Most metals settled higher after trading experts believes prices for many commodities will improve in the second half of the year.

China’s gold demand last year hit 700 tons.Global demand for gold in the first quarter of 2011 totaled 981.3 tonnes, up 11% year-on-year from 881.0 tonnes in the first quarter of 2010.
Chinese investors more than doubled their purchases of gold during the first quarter in 2011, compared to the same period last year.

China’s investment demand increased to 90.0 metric tonnes (40.7 tonnes in the year prior), compared to India’s 85.6 tonnes.
The first quarter, investments into bullion surged 179% in China totaling $4.1 billion.

China's net imports of silver hit a record high of 400% in 2010 to 3,500 tonnes .
About 70% of China's silver demand comes from the industrial sectors.

China has some of the world's largest manufacturing facilities for home electronics and electrical appliances, which utilize various type of silver-based solder.
Silver price increased more than 80% in 2010.

Gold and silver demand in China and India is soaring thanks to increasing use for industrial and jewelery purposes. http://www.prlog.org/11514944-gold-and-silver-gained-on-rising-demands-in-china-and-india.html
Mehmet_Muja
Albanian_Minerals

europe Groups demand EU petrol price pro be 2011

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Motoring organisations across Europe have demanded the European Union launch an investigation into soaring petrol prices.

The Federation Nationale de l'Automobile (FIA), which represents 35 million drivers and counts both the AA and RAC as members, has written to the EU claiming the way prices are determined is "far from transparent".

UK petrol prices hit record levels last month as the wholesale price of oil soared, but have been much slower to come down as the price of crude oil dropped back again. A full tank for an average European car now costs over £10 more than it did a year ago.

The FIA letter calls for an inquiry into how benchmark prices are set on the Rotterdam spot market, where cargoes of petrol and diesel for the whole European market are bought and sold.

Werner Krauss, chairman of the FIA Eurocouncil said in the letter that "a platform with such a small volume is doubted to be a representative indicator for the vast European market".

Mr Krauss also wants the EU to look into the role of speculation on oil prices, adding that the FIA is very concerned about the "resulting volatility in fuel prices and negative financial impact on consumers".

Luke Bosdet, of the AA, said "No one is giving us any answers as to why petrol prices are so high. We need greater transparency so that everyone can see we are paying a fair price for fuel".

The AA wants to see an independent regulator to balance the interests of the supplier, retailer and customer.

The British Petrol Retailer's Association, which represents 6,000 petrol station owners, also expressed concern about the issue of transparency. It is to press the UK Office of Fair Trading to look into whether its members are getting a fair deal.

Barrick Gold Plannings to Delay Gold Mining Operation in Dominican Republic 2011

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The world’s top gold producer Barrick has said it may have to delay the start of operations at a major mine in the Dominican Republic after heavy rains swamped its facilities.

“The rainfall event is expected to affect the start-up schedule, which previously anticipated production to commence in Q1 2012,” the Canadian firm said Thursday, referring to its billion-dollar Pueblo Viejo project.

“A process is underway to assess the damage to the tailings facility and the impact to both the construction timeline and the pre-production capital budget of $3.3-$3.5 billion.”

The mining site was deluged with 217 millimeters (8.5 inches) of rain on Tuesday and Wednesday, forcing the company to evacuate most workers for fear that a key road would be washed out.

The Pueblo Viejo mine, located around 100 kilometers (60 miles) northwest of the capital Santo Domingo, contains an estimated 23.7 million ounces of gold reserves and is 60-percent owned by Barrick.

Newmont Mining Plannings to Spend $7 billion to Produce 7 million ounce Gold until 2017

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Newmont Mining Corporation is planning to spend over $7 billion to produce seven million ounces of gold annually by the year 2017.

According to the US mining giant with approximately 93.5 million ounces of gold in reserves, the production target, which was discussed at the company’s investor day conference, represents a potential aggregate increase of approximately 35% in anticipated 2017.

“This production target represents a potential aggregate increase of approximately 35% in anticipated 2017 annual production from the Company’s previously announced 2011 attributable gold production outlook of 5.1 to 5.3 million ounces”, a news release published on its website said.

“Capital expenditures associated with these projects are estimated at approximately $7 billion in aggregate over the next 6-7 years, substantially funded through anticipated free cash flow and existing balance sheet strength”, the release added.

Newmont also eyes 400 million pounds of attributable annual copper production by 2017, representing approximately 90% growth.

Newmont owns two mines in Ghana at Ahafo in the Brong Ahafo region and Akyem in the Eastern region

Iraqi DinarTop Resource and Information 26 may 2011

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Top Resource for Unbiased Dinar Information

Everyone is talking about the Dinar, people are investing in the new currency, but is it a hoax or is Iraq's New Money really a way to get rich quick? We expose the truth, show you how to spot the fakes and explain what the dinar really costs should you decide to move forward.

Thinking about investing in the Dinar? Consider this; say you purchased 146,000 in 2004 at a price of $100 US Dollars, that investment would put you $15 in the hole!

When you purchased the Iraqi Dinar, you, like everyone else, paid a premium of $40 ($30 markup, $10 shipping) and lost $21 due to inflation, so really, you paid $161 for 146,000 dinar. Right now, the value of those 146,000 dinar is $125, that is a loss of $36! Worse, people buying the dinar can have a different exchange rate, again, so they come out ahead. Had you taken that $161 dollars and invested it in a 4% CD, after being adjusted for inflation ($43-$34), you would have made $9!


You'll see many sites dedicated to the Iraqi Dinar displaying graphs that are seriously skewed and include the Old Iraqi Dinar that is no longer in circulation or even based on the Dinar alone without comparing US values.

Value of the Iraqi Dinar Take a look at the chart to the left, this is what you should really be looking at!

In this chart, we look at the growth of Iraqi money in US Dollars from 2004 to 2011 and compare that to the rate of inflation which is .15 for that period.

Looks pretty bad, doesn't it? I'll bet that if you take a look at other sites you won't find charts like this one! Why, because a chart like this clearly shows the real value of the Dinar.....READ MORE

iraqi dinar rumors rv may 26 2011

iraqi dinar rumors rv may 26 2011
Obama will be doing his own private EU and London Offshore banking. As well as collecting his share of the old looted US money hidden by Bush and Clinton from Ireland. His lick!,,,,read more

Oil prices ,Crude oil prices forcasting indicators may 26 2011 analysis

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Oil, Light Sweet Crude, Brent predictions may 26 2011 graphs and indicators Technical analysis


Light Sweet Crude

The CL climbed again during Wednesday’s session, but only to the top of the recent consolidation range. Because of this the market looks like it wants to go sideways between $97.50 and $102.50 for the time being. The bias is to the upside still, as that is the direction of the overall trend.

Brent

Unlike the CL, Brent managed to break out of the recent consolidation, and looks very bullish at this point. $112.50 has given way, and is confirmed as being a supportive area. The market looks set to test $120 before the move is done and over.Originally ....reads more

Gold prices Technical Analysis forecasting May 26, 2011

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Commodities forecast: Technical analysis for gold using graphs and indicators Thursday – May 26, 2011.
The gold markets had a back and forth day during Wednesday’s session, eventually ending the day slightly higher. The market broke above the recent highs, but never really gained the momentum one would have expected upon doing so. Because of this, we are cautiously bullish, but can’t help but notice that the markets have little build up after what looked to be a significant break out to the upside.


gold price today forecast may 26/05/2011. gold predictions may 26, 2011, Technical analysis for gold using graphs and indicators Thursday – May 26, 2011....read more



Gold hits record off 3-week high, On euro-priced bullion

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Gold off 3-week high, euro-priced bullion hits record SINGAPORE, May 25 (Reuters) - Gold inched down on Wednesday, having rallied to its highest level in three weeks in the previous session, but bullion priced in euro struck a record on concerns about the impact of a possible debt default by Greece on other euro zone economies.

The euro moved back towards a two-month low hit earlier this week on nagging fears about Europe's debt crisis, while Moody's warned a Greek debt default would hurt other peripheral euro zone states and push Portugal and Ireland into junk territory.
[ID:nLDE74N0AQ] Spot gold slipped 85 cents to $1,524.90 an ounce by 0310 GMT after rising as high as $1,527.45 on Tuesday, its strongest since May 4. Bullion was still below a lifetime higharound $1,575 an ounce struck in early May.

A firmer dollar , which edged up against a basket of currencies, weighed on dollar-denominated gold, but concerns about the euro zone's spreading debt crisis and a rise in ETF holdings should keep a floor under prices.

"Overall sentiment for the long-term is still bullish. But I think for the short-term, we'll start to see resistance at $1,530 after rising from the downside of $1,470-$1,480 up to this level," said Ronald Leung, director of Lee Cheong Gold

Dealers in Hong Kong.

"The physical sector is a bit quiet today. People seem to be scared about buying," said Leung, referring to a lack of interest from the jewellery sector.

Premiums for gold bars were steady in Hong Kong at $1.6 an ounce to the spot London prices.

Euro-priced gold hit a record above 1,085 euros an ounce. Gold priced in sterling held near a lifetime high struck on Tuesday.

"Unless the crisis in Europe is resolved and there's more clarity on how the debt problems can be solved, I think the euro will be under pressure," said a dealer in Singapore.

"With greater safe-haven flows into gold, there's a chance that gold priced in euro as well in pounds will continue to rally. I guess for the dollar-denominated gold, when the dollar rises, then bullion will come under some pressure."

Europe's policy options to avert a Greek default are narrowing fast after the ECB and ratings agencies warned against even voluntary debt rescheduling and Athens highlighted its urgent need for more EU cash. [ID:nLDE74N0JZ]

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust , rose 0.38 percent on Tuesday, while that of the largest silver-backed ETF, New York's iShares Silver Trust , dropped 0.51 percent.

Spot gold may end its current rebound around $1,536 per ounce, as it is expected to revisit the May 5 low of $1,462.40, according to Wang Tao, a Reuters market analyst for commodities and energy technicals.

Silver was little changed at $36.56 an ounce after rising as high as $36.68 on Tuesday, its highest since May 11. The metal was below a record of $49.51 hit on April 28.

In other markets, the Nikkei edged down 0.3 percent, while Brent crude slipped below $112 a barrel on a smaller-than-expected U.S. crude draw.....READ MORE

Charts Analytical Gold, Silver, Platinum and Palladium predictions may 25 2011

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Analytical Charts for Gold, Silver, Platinum and Palladium may 25 2011 : Due to popular demand, we have added Palladium to the list of Analytical Charts that Metals Analyst Jim Wyckoff features. ( soource Kitco )

European Central Bank leaders and European Union policy makers are clashing over how to prevent the currency region’s first default, after 256 billion euros ($360 billion) in bailouts to Greece, Ireland and Portugal failed to stop contagion from the debt crisis. The dollar is little changed today against six major currencies after falling as much as 0.4 percent yesterday. Gold typically moves counter to the dollar. read Silver prices Drops, Gold Declines as Advance to Three-Week High Prompts Selling


Bullion advanced to a record $1,577.57 an ounce on May 2 as investors sought to protect their wealth against the prospect of accelerating inflation and currency debasement. Assets held in exchange-traded products, or ETPs, rose for a third day to 2,052.987 tons yesterday, showed data compiled by Bloomberg. Holdings reached a record 2,114.60 tons in December

Factors makes Are Gold and Silver Prices Falling

Factors makes Are Gold and Silver Prices Falling
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Gold and silver fell hard again on May 5: Gold touched an intraday low of $1463 per ounce (from $1,577 on May 2), and silver fell as low as $35 an ounce (from $49 on April 25.) Investors want explanations, and here are some of the more popular ones:

* ... [the] stronger dollar amplified negative sentiment toward precious metals forged by a 23% dive in silver prices. (The WSJ, May 5)
* Comex...late Wednesday announced margin-requirement increases [for silver futures trading]… (MarketWatch, May 5)
* Major players, including George Soros, are reportedly pulling back from gold and silver (CNBC, May 5)


These may seem perfectly plausible -- until you consider the chronology of the stories vs. the precious metals' selloff. See the problem for yourself.

Silver peaked on April 25, gold on May 2. But the U.S. dollar only got stronger on May 5. New silver futures margin requirements came on May 4. The Soros hedge fund news came late on May 3 -- again, after gold and silver had started to decline.

The most one can say about these news stories is that they pushed the selloffs in the direction prices were going already. The actual timeline shows that the strong dollar, higher margins, George Soros, etc. were not the cause. So what was?

From an Elliott wave perspective, the answer is always: investor psychology. In the days leading up to the reversals, EWI's Mn.-Wd.-Fri. Short Term Update repeatedly warned subscribers that silver's rally was running on fumes READ MORE

Gold Hits $1,625 & Silver Breaks $50 how To Be In Control & Feel Financially Secure

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PRLog (Press Release) – May 21, 2011 – Gold and silver prices ignored a more powerful U.S. dollar and gained ground as Eurozone financial debt concerns took center stage. Gold for June shipment added $ 16.50 to close at $ 1,508.90 per ounce in the Comex division with the NY Mercantile Trade. The gold price has exchanged as higher as $ 1,515.80 and has hit a reduced of $ 1,486.40. The spot gold price was increasing by $ 20, based on Kitco’s gold index. Tested and Proven, Safe and Easy Ways to Buy Silver and Gold http://www.silver- dollar-values.com/ Selling-Gold/

Silver prices rose 15 cents to shut at $ 35.08 per ounce. The U.S. dollar index was adding 0.38% to $ 75.38, however the euro was tanking 0.8% in opposition to the dollar and gold in euro conditions was much more than 2%. Gold and silver rounded out a week of mixed trading having a pop aided by resurfacing Eurozone sovereign financial debt woes and concerns that some type of Greece default is unavoidable and would contaminate the remainder of Europe.

Supposedly the German Bundesbank also stated that Germany’s economic climate would slowdown. Germany is the strong nation within the EU, accounting for your vast majority of development within the area. Based on the EU Commission, Germany is anticipated to develop 2.6% in 2011, however the Bundesbank’s feedback today warned of the lack of momentum. The nation can also be seeing regularly greater expenses with producer costs jumping 6.4% in April due primarily to fuel costs.Tested and Proven, Safe and Easy Ways to Buy Silver and Gold http://www.silver- dollar-values.com/ Selling-Gold/

Technical investing is an additional catalyst for gold as well as silver’s rally Friday. Options expiration for the precious metals is next Wednesday, leading to lots of shuffling of positions.

Gold as well as silver had been slightly volatile this week on the slew of news that provided small clarity on fiscal policy direction. The Federal Reserve’s FOMC minutes launched Wednesday had been much less hawkish than feared, but curbing the cash supply within the marketplace is nonetheless around the top of its to-do checklist. The dollar had a volatile week in opposition to the euro as Greece’s financial debt issue played second fiddle to figuring out a brand new head of the IMF. Any kind of rally in gold and silver was met by revenue taking whilst any substantial dip was met with purchasing.

The SPDR Gold Shares, the largest physically backed ETF, shed much less than one ton, highlighting the lack of conviction from purchasers and sellers. Tested and Proven, Safe and Easy Ways to Buy Silver and Gold http://www.silver- dollar-values.com/ Selling-Gold/

David Banister, main investment strategist at ActiveTradingPartners.com, states predicting exactly where gold and silver will go subsequent is really a small difficult right now. “I think it’s unlikely that we get any lower than $ 1,440. My current forecast is actually for that $ 1,462 to hold.” Once gold shakes out this correction, Banister thinks it will attack new highs of $ 1,625 sometime 1167291536 in the summer. Banister believes that $ 1,625 gold indicates that silver will probably be at $ 41/$ 42 an ounce soon.

Most specialists believe that gold and silver will carry on to discover direction through the U.S. dollar. Because the currency weakens, metals move greater because they retain much more worth and inversely once the dollar strengthens, the safe haven assets turn out to be a much less thrilling location to stash money. In spite of the reality the dollar was powerful Friday in opposition to the euro, gold and silver nonetheless rallied on safe haven purchasing. This is a great time today to buy gold and buy silver while the prices are still relatively inexpensive.
Silver Dollar Values is the premier coin price guide website for information on old coin values and silver dollar values, as well as gold prices, silver prices, silver bullion, gold bullion, gold coins and much more.

Gold prices rose as gold surged 179% in China's invest

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Gold prices rose as China's invest in gold surged 179%.
The gold price climbed $19.30 Friday surging through $1,5011.50 per ounce. Albanian_Minerals President in New York Sahit_Muja said "Strength in the gold prices is expected to increase as demand from China is expected to doubled in 2011".

Gold prices rose despite strength in the U.S. dollar versus the euro and pound. Concerns that Greece was on the verge of restructuring its debt weighed on the euro and helped drive investment demand into gold and other precious metals. Shares rose for gold mining producers and explorers followed the surging gold price higher.

Investors has increase the gold purchasing in India to protect the assets from devaluation. India's annual rate of inflation, based to 8.66 per cent for April 2011 . Global gold demand in the first quarter of 2011 totaled 981.3 tonnes, up 11% year-on-year from 881.0 tonnes in the first quarter of 2010. In the dollar value this translated to U.S. $43.7 billion in 2011, compared with $31.4 billion in the first quarter of 2010

China has surpassed India as the world´s top gold market this year. Chinese investors more than doubled their purchases of gold during the first quarter in 2011, compared to the same period last year. China has invested $4.1 billion into gold bars and coins during this first quarter of 2011. China´s investment demand increased to 90.0 metric tonnes (40.7 tonnes in the year prior), compared to India´s 85.6 tonnes.

The first quarter, investments into bullion surged 179% in China totalling $4.1 billion. http://www.prlog.org/11503134-gold-prices-rose-as-chinas-invest-in-gold-surged-179.html
Albanian_Minerals
New York

Gold Silver Prices Predictions may 23 2011 analysis

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Gold prices are likely to consolidate next week, holding within a range, as the market looks for further direction.

Silver prices remain volatile, but the tone toward the metal remains negative, especially as recent economic data suggests a possible slowing of industrial demand.

June gold futures on the Comex division of the New York Mercantile Exchange settled at $1,508.90 an ounce, up 1.024% on the week. July silver futures settled at $35.087 an ounce up 0.211% on the week.

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Gas prices drops today May 20 2011 for 14th day in a row

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The average price of a gallon of self-serve regular gasoline in Los Angeles County fell today for the 14th consecutive day, decreasing 1.6 cents to $4.173, one day after dropping 1.7 cents.

The average price is 8.6 cents less than one week ago and 4.4 cents lower than one month ago, but $1.075 higher than it was a year ago, according to figures from the AAA and Oil Price Information Service. The average price rose 43 times in 45 days before the streak of decreases began.

The Orange County average price also fell for the 14th consecutive day, decreasing 1.9 cents to $4.145, one day after falling 1.8 cents. ....MORE

Fuel up, margins down, says VP Finance, Jet Airways may 19 2011

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Jet Airways’ vice president of finance, Shiv Kumar, tells CNBC-TV18 that the loss incurred in Q4 on an annual basis was mainly on account of fuel price hikes. “We were not able to pass on this cost which resulted in margins shrinking in Q4,” he says. Yield has also marginally dropped for the company, while Shiv Kumar claims that market share is up a tad. Below is the verbatim transcript. Also watch the accompanying video.

Q: Can you just start off by highlighting what the quarter 4 numbers have been?
A: As far as the standalone is concerned, the fourth quarter has seen a growth of about 17%.
Q: Can you tell me the absolute numbers? What have you done on revenues and what have you posted in terms of a bottom line?
A: The Rs 2777 crore closing is for the last quarter for the last year, and the current quarter is at Rs 3243 crore. This translates to a growth of about 17%. The expenditure has mainly been on account of the fuel increases. The fuel bill has risen by 51% over the last quarter and the increased value was Rs 433 crore. We were not able to pass this cost on. As a result, we see some loss in Q4, but on an annual standalone basis, we have just about bear minimum profit of about of about Rs 9.69 crore.

Q: What’s the quarter four loss amount?
A: Quarter four for standalone is about Rs 125 crore (of loss).
Q: Can you just give me a breakup of what domestic and international revenues and load factors have looked like?

A: Yes, quarter four domestic is 73% and international has been an 80% load factor. It is more or less the same load factor of about 73-82% as witnessed in the last year for the same period.

Also see: Jet Airways FY11 cons net loss at Rs 86 cr
Q: Could you give us an update on what the yields stood at for quarter four and also what your market share, domestic market?
A: The yield has been somewhat close to the previous year yield. However, this year yield has seen a marginal drop, and both in the international and domestic, more or less holding at the same rate. We have not been able to increase the yield. As far as the market share is concerned, a marginal increase in market share compared to what we were having for the same period in the previous year has been reported.
Q: Could you tell us what is your overall net profit number for the fiscal? You said Rs 9.6 crore in terms of a net profit?
A: Yes, after tax is Rs 9.69 crore, for the standalone. On a consolidated basis, it is Rs 85 crore loss.

Q: What kind of fuel cost are you hoping to see? How much more of a pressure is it going to put in balance sheet in the next couple of quarters?
A: See fuel is now subsiding, so to that extent, we hope that this trend that we witness in the fourth quarter will not continue. This quarter has been severe for most of the airlines. For Jet Airways alone, on a standalone basis, we had something close to Rs 433 crore of increase in fuel bill for the fourth quarter. Largely, it has come only on account of the rates. Out of that Rs 433 crore, I would say Rs 343 crore has been on account of increase in rates and the balance on account of increase in operations. We do not expect this trend to continue, it has subsided and we will hope to see better things in the coming quarter.
Tags: Jet Airways, fuel price hikes, market share, expenditure, annual standalone, load factors

Gold Prices Rising, Gold Miners Falling medio may 2011

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Intriguing divergence between Old Yeller and the Old Yeller miners today. The barbarous relic is gaining ground, but the miners are trading lower.

Gold, after suffering a 4% loss last week during the commodities sell-off, has recovered this week and is up about 1% at 1516.70/oz. If today’s gains stick, it will mark three straight session gains for Old Yeller, putting it about 3% off its record settle of $1566.70/oz reached earlier this month.

At the same time, Barrick Gold, Freeport McMoRan Copper & Gold, AngloGold Ashanti, Gold Fields and GoldCorp are all trading lower. Newmont Mining is eking out a small gain and the SPDR Gold Trust ETF is up 0.5%.

Gold miners fell sharply last week during the commodities rout, and it could be that investors in these stocks are a little nervous about the future path of gold prices.

At least one miner is less concerned about gold prices. Bank of America Merrill Lynch reports from its metals & mining conference in Barcelona: “Barrick sees the major influences that have driven the gold price in recent years intensifying. These include expansive monetary policies, sovereign debt concerns, geopolitical uncertainty, and currency diversification among central banks.”

High Gold Prices Raise Old Mines 2011

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Dramatic rises in metals prices over the past 2 years could bring 10 or more past-producing mining camps back to life. In this Gold Report exclusive, MineralFields Group's Engineer and Investment Analyst Ron Wortel shares how he finds promising gold juniors working these mines and structures tax-advantaged, flow-through investments to finance Canadian resource development.

Ron Wortel: MineralFields was founded 10 years ago and just recently surpassed the $1-billion mark raised from our Canadian investors looking for substantial income tax breaks, along with the ability to enjoy absolute returns on the flow-through investments we offer them. MineralFields is the most consistent, top-performing fund among the flow-through limited partnerships. We have a unique, multilayered due diligence team that includes two senior mining analysts, of which I'm one, a senior technical analyst, two great portfolio managers, an in-house legal team and an association with the geological consulting firm of Watts, Griffis & McOuat Ltd. ...more

oil prices in Cuban after embargo US

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May 17 (Reuters) - The arrival of a unique oil rig off communist Cuba is set to cause waves in Washington, raising questions about U.S. drilling permits and the response to any disaster, a conference heard on Tuesday.

Spanish giant Repsol YPF is due to bring the Chinese-built Scarabeo 9 rig to the Caribbean island later this year to drill at least one well in partnership with Norway's Statoil and a unit of India's ONGC. "I think it's going to have a much bigger impact on U.S. domestic policy than it is on Cuba," said Jorge Pinon, visiting research fellow with Florida International University Latin American and Caribbean Center's Cuban Research Institute.

The main reason is that Repsol plans to use the high-tech semi-submersible Scarabeo 9 for a deepwater drilling bid in Cuba's Gulf of Mexico zone, parts of which are within 50 miles of the Florida coast. That puts the planned drill site close to areas where the Obama administration blocked U.S. drilling in the eastern Gulf of Mexico after BP's massive Deepwater Horizon oil spill last year.

"A lot of people are going to be knocking on doors in Washington, saying 'How come the Cubans are drilling and we're not allowed to drill in the eastern Gulf?'," Pinon told a Latin American energy conference in La Jolla, California.

U.S. EMBARGO

The Scarabeo 9 is unique because Repsol had to find an oil rig that met the terms of the 49-year-old U.S. embargo on Cuba, which limits the amount of U.S. technology that can be used in equipment used there. The embargo also prevents U.S. companies from operating on the island.

Pinon said the $750 million rig, which can drill in 12,000 feet of water, was due to leave Singapore next month and should arrive in Cuba in September or October. He said the only U.S.-made part on the Scarabeo 9 was the blow out preventer -- one of the pieces of equipment that failed during the Deepwater Horizon disaster.

And that raises the other issue likely to make waves when the rig, owned by Italian service company Saipem and being prepared in Singapore, arrives off Cuba: what happens if there is a similar accident to the one off Louisiana? "The U.S. embargo means Repsol can't pick up the phone to Washington," Pinon said. "Any equipment to help in a problem would have to come from the UK or Norway or somewhere else."

He said the U.S. government should formulate a "One Gulf" strategy with the international oil companies working in Cuba, as it is trying to do with Mexico, so that in the case of any emergency they could turn to the United States for help. The U.S. government has said it would let U.S. companies that handle accidental oil spills operate in Cuban waters if the need arose. Pinon said that should be formalised.

Repsol drilled an offshore well in Cuba in 2004 and said it found oil, but described it as "non-commercial." After drilling at least one well, Repsol is due to pass the Scarabeo 9 to Malaysia's state oil firm Petronas. Venezuela's PDVSA may also be in line to get the rig for its Cuban blocks. The oil industry is watching the Repsol project very closely and if it finds significant reserves, more companies are likely to want to explore in Cuban waters. Cuba has said it may have 20 billion barrels of oil offshore, although the U.S. Geological Survey has estimated 5 billion barrels.

OIL PRICES SUSTAINABLE IN EUROPA 18 MAY 2011

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He believes that oil prices at current levels are sustainable and that European oil companies including France's Total (TOTF.PA) and Norway's Statoil (STL.OL) offer good value.

"We feel the European oil companies have been slightly unloved over the past year, because people have been worried about Europe in general and have sold European indices which include big oil companies," he said.
"But their earnings are not related to European sovereign debt. 

They're dollar earners generally, and they're paying high dividends. They have performed well this year, and we think there is further upside with the oil price where it is now."

Oil prices sliding to $109 at 18 may 2011

Oil prices sliding to $109 at 18 may 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Wed, 18 May 2011

NEW YORK — World stocks fell to a one-month low yesterday as data spurred a new wave of doubts over the global economic recovery and on worries about debt-laden euro-zone nations, while oil tumbled on the economic outlook and a firmer dollar.
US stocks fell as the weak data added to concerns the recovery is taking longer than expected. Oil prices slid more than 2 per cent on demand worries and as the dollar rose. July Brent crude was down 1.7 per cent at $108.92 a barrel, while US crude for June delivery was down 1.7 per cent at $95.72.
Dollar strength and the poor economic data are pressuring prices,” said John Kilduff, partner at the hedge fund Again Capital LLC in New York. Investors also face the end of the US Federal Reserve’s $600 billion asset-purchase programme next month. The euro seesawed against the dollar, driven by concerns that Greece might restructure its massive debt. — resources

Romania Ensuring Gas Exports to Hungary by End-2012

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Romania's national gas system is linked with the Hungarian one since October 2010, through Arad-Szeged pipeline Romania’s government pledged to make the needed steps to allow exports of natural gas towards Hungary by the end of 2012, according to the memorandum of understanding agreed with the European Commission, Mediafax reported.

The government will take all the necessary actions "to ensure that a bi-directional flow of gas at the border with Hungary is established before the end of 2012," the document reads.

Romania's national gas system is linked with the Hungarian one since October 2010, through Arad-Szeged pipeline. Currently, Romania can only import gas through the pipe, but export is possible after some investments.

"Technically, the gas flow can be inverted, so that export is possible. The deadline in the memorandum was negotiated and not imposed by the Commission," sources from the Economy Ministry said, as quoted by Mediafax.

According to the MoU agreed with EU's executive arm, the government will present, "as soon as possible," a roadmap towards gas exports. It also has to remove legal and regulatory barriers to the exports by the end of 2011.

Romania has also committed to lift legal, regulatory and physical barriers to cross-border trade of electricity and gas and to establish an intraday electricity market by December.

On the other hand, Romania will have to ensure an "effective unbundling" of electricity and gas networks and their operation "in a transparent and non discriminatory manner."

The gas pipeline and the power grid are administered by two state-owned companies, Transgaz and Transelectrica.

The government must ensure, by June, "a strong and independent" energy regulatory authority (ANRE) and make sure it is properly equip to function.

OPEC forecasts oil output growth in Azerbaijan 2011

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Oil exporters' organization OPEC is forecasting a 40,000 barrel-per-day increase in production in Azerbaijan in 2011.

This would mean average daily production of 1.11m barrels of oil, OPEC says in its Monthly Oil Market Report for May 2011.

The forecast is 25,000 barrels higher than it was in April and refers to the second, third and fourth quarters of the year.

"Azeri oil production is forecast to average 1.11 mb/d in 2011, an increase of 40,000 b/d over 2010 and an upward revision of 25,000 b/d from the previous month. The revision applied to the second, third, and fourth quarters and was due to a reassessment of the volume additions at the Azeri-Chirag-Guneshli (ACG) field," the OPEC report says..... MORE

Big Oil's money gusher 2011

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ExxonMobil's first-quarter earnings of $10.7 billion are up 69 percent from last year. Other oil companies are also scoring record gains. The five biggest oil companies together report more than $35 billion in profits.

This gusher is an embarrassment for an industry seeking to keep its $4 billion annual tax subsidy from the U.S. government. It's especially embarrassing at a time when Americans are paying $4 a gallon or more at the pump. An ExxonMobil vice president asks that we look past the "inevitable headlines" and remember the company's investments in renewable energy.

What investments, exactly? Last time I looked, ExxonMobil was devoting a smaller percentage of its earnings to renewables than most other oil companies, including the errant BP. In point of fact, no oil company is investing much in renewables - precisely because they've got such a money gusher going from oil.

oil demand to Growth in slow 2011

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Growth in oil demand to slow
The Paris-based International Energy Agency (IEA) said on 12 May that growth in global demand for oil is expected to slow in 2011 due to persistent high prices and weak economic outlook in advanced economies. Aday earlier, the Organization of the Petroleum Exporting Countries (OPEC) said that stronger Asian consumption would offset the negative effect of high oil prices in the West.

The IEA said in its May oil market report that demand for oil products is now expected to grow by 1.3 million barrels per day to 89.2 million barrels per day for the year, 190,000 barrels per day less than previously forecast. Preliminary data for March suggested growth in demand had been at near zero for the first time since summer 2009, the IEA said.

While the March figures may have been distorted by the Japanese tsunami and other exceptional factors, the IEA said it expected the weakened economic outlook for OECD (Organization for Economic Cooperation and Development) members - which include the United States, Japan and much of Western Europe - to rein in demand growth.....MORE

Predict oil and gasoline prices 17 may 2011

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MINNETONKA, Minn., May 16, 2011 /PRNewswire/ -- Ante5, Inc. (ANFC - News) ("Ante5" or the "Company") announced oil and gas production and revenue for first quarter 2011. During the quarter ended March 31, 2011, Ante5 reported revenues of $96,940. At quarter end, Ante5 had a working interest in 7 producing wells representing approximately 6% of a net well and an additional 12 wells representing approximately 57% of a net well that were preparing to drill, drilling, awaiting completion, or completing.

First Quarter 2011 Highlights

First full quarter that Ante5 was in the North Dakota oil & gas business.
Revenues for the first quarter of 2011 were $96,940.
Production volumes for the first quarter of 2011 were 1,254 barrels of oil equivalent ("BOE").
First quarter 2011 production consisted of approximately 93% crude oil and 7% associated natural gas and other liquids.
Ante5's average realized crude oil sale price for the first quarter 2011 was $81.84 per barrel.
Production expenses for the first quarter 2011 were $4.48 per BOE on an accrued basis.
Depletion expense for the first quarter was $36,148, or $28.83 per BOE.
As of March 31, 2011, Ante5 had interests in a total of 19 gross (0.63 net) Bakken / Three Forks wells that were preparing to drill, drilling, awaiting completion, completing or producing.
Ante5 acquired approximately 1,974 net acres during the quarter targeting the Bakken and Three Forks formations in North Dakota.
As of March 31, 2011, Ante5 had a cash balance of $5,672,338 million.

First Full Quarter in Oil & Gas

Bradley Berman, Chief Executive Officer of Ante5, commented: "It is hard to imagine that Ante5 has only just finished its first full quarter in the oil and gas business. The Company purchased its first North Dakota mineral lease in November of 2010. During the first quarter 2011, we significantly ramped up our acreage acquisition and development activity and achieved a 100% success rate in all wells drilled." ..... MORE

over oil-gas blocks after Defence Min objections

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Hyderabad, May 15 (PTI) Following the Defence Ministry objections over explorations in the oil and gas blocks in Krishna-Goadavari basin, as some of them lie between two proposed defence establishments, uncertainty is looming large on the further offering of blocks in the basin. Spread over 50,000 sq kms in the east coast of India, the KG-Basin is estimated to have gas reserves up to 14 trillion cubic feet. However, due to the ministry objections, explorations between these blocks, identified as potential for drilling in the basin in the recently concluded NELP bidding, were put on hold.


The defence ministry did not give clearance to three in KG Basin and one block in Orissa coast. The Directorate General of Hydrocarbons (DGH) already identified 40 blocks for NELP-X, including three blocks in KG-Basin. The ministry might object to another three blocks, taking the total to seven,a senior official of Petroleum Ministry told PTI on the condition of anonymity. Andhra Pradesh's plans of making a foray into the oil and natural gas sector were hit due to the objections from the ministry. ONGC could not take up exploration work in two of its already allotted KG-Basin blocks as it could not get Defence clearance.

There is no progress on the issue despite several meetings between the senior officials of both the Defence and Petroleum ministries. Hence, the matter has to be resolved either at the Prime Minister level or cabinet committee level, sources said. The Petroleum minister Murali Deora was replaced by Jaipal Reddy when the issue came for consideration. Recently S Sundareshan was replaced as petroleum secretary by Girish Chandra Chaturvedi. "The issue many may take a backseat once again," the official said. ...next more

Obama ramps up U.S. oil production in battle to stem rising prices (and public anger)

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President Barack Obama is directing his administration to ramp up U.S. oil production in the face of continued public unhappiness over gas prices. The President has ordered his administration to extend existing leases in the Gulf of Mexico and off Alaska's coast and hold more frequent lease sales in a federal petroleum reserve in Alaska.

Mr Obama said today that the measures 'make good sense' and will help reduce U.S. consumption of imported oil in the long term. But he acknowledged anew that they won't help to immediately bring down gasoline prices topping $4 a gallon in many parts of the country. His announcement followed passage in the Republican-controlled House of three bills - including two this week - that would expand and speed up offshore oil and gas drilling. Republicans say the bills are aimed at easing gasoline costs, but they also acknowledge that won't be immediate.

The White House had announced its opposition to all three bills, which are unlikely to pass the Democratic-controlled Senate, saying the measures would undercut safety reviews and open environmentally sensitive areas to new drilling. But Mr Obama is adopting some of the bills' provisions. Answering the call of Republicans and Democrats from Gulf Coast states, Mr Obama said in his weekly radio and Internet address that he would extend all Gulf leases that were affected by a temporary moratorium on drilling imposed after last year's BP oil spill. That would give companies additional time to begin drilling.

The administration had been granting extensions case by case, but senior administration officials said the Interior Department would institute a blanket one-year extension. New safety requirements put in place since the BP spill also have delayed drilling in Alaska, so Mr Obama said he would extend lease terms there for a year as well. An oil lease typically runs 10 years. Lease sales in the western and central Gulf of Mexico that were postponed last year will be held by the middle of next year, the same time period required by the House.

A sale off the Virginia coast still would not happen until 2017 at the earliest. But Mr Obama said he would speed up environmental reviews so that seismic studies to determine how much oil and gas lies off the Atlantic Coast can begin. To further expedite drilling off the Alaskan coast, where such plans by Shell Oil Co. have been delayed by an air pollution permit, Mr Obama said he would create an interagency task force to coordinate the necessary approvals. He also will hold annual lease sales in the vast National Petroleum Reserve on Alaska's North Slope. Officials said the most recent sale was last year, but that they had not been held on any set schedule.

Republicans dismayed by the lack of progress in Shell's drilling have drafted legislation to exempt drilling off Alaska from air pollution laws. House Natural Resources Committee Chairman Doc Hastings of Washington, sponsor of the legislation, said it was 'ironic' that Mr Obama 'is now taking baby steps in our direction' after the White House and congressional Democrats criticized the bills. 'The President is finally admitting what Republicans have known all along, that increasing the supply of American energy will help lower prices and create jobs,' Mr Hastings said.

Mr Obama also called on Democrats and Republicans to vote to eliminate billions in taxpayer subsidies to oil and gas companies. In the weekly Republican message, Alabama Rep. Martha Roby said it's time for Washington to get serious about the challenges facing the country, including straightening out its finances and tackling the gas price issue. She praised the House for passing measures to expand domestic energy production 'because when we're talking about energy, we're talking about jobs'.

'The greatest threat to our economy, job creation, and the future of our children is to do nothing," Roby said. "We have to act. It is what we were sent to Washington to do.'


Obama will seek oil in Alaska and Gulf of Mexico

mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

The US will seek to expand domestic oil production in an attempt to reduce dependence on imported oil and bring down fuel prices, President Obama says. New leases for exploration will be granted in non-protected areas of Alaska and in the Gulf of Mexico.In his weekly address the president insisted the US could reduce its need for imported oil and improve safety. And he urged Congress to back proposals to end taxpayer subsidies to highly profitable oil companies.

Using his address to tell Americans that he understood their concerns about rising prices, President Obama focused particularly on the price of fuel, which has spiked in recent months. US consumers have historically enjoyed cheap fuel, but have seen prices reach $4 per gallon (£0.65 per litre) in recent months.
Vow on standards

US oil production in 2010 reached its highest level for seven years, Mr Obama said in his address. "But I believe that we should continue to expand oil production in America - even as we increase safety and environmental standards," he said.

New leases would be sold each year in Alaska's National Petroleum Reserve, and oil and gas fields in the Atlantic Ocean would be evaluated as a high priority, the president said. Despite the BP oil spill in the Gulf of Mexico in 2010, Mr Obama said the Gulf remained a core part of the country's future energy supply and new incentives would be offered for on and offshore development.

Leases already held but adversely affected by the president's moratorium on drilling, imposed after the BP spill, would be eligible for extensions, Mr Obama said. A ban on drilling in eastern areas of the Gulf was imposed during the Deepwater Horizon spill, and has since been extended until 2017.

The president's proposals come after Republicans in Congress introduced a series of bills that would expand and speed up offshore oil and gas drilling. The White House has criticised the Republican proposals on safety grounds, but Mr Obama was clear in his address that he felt safety and environmental standards could be maintained even though production might rise. "I believe that we should continue to expand oil production in America - even as we increase safety and environmental standards," he said. "As a nation, we should be investing in the clean, renewable sources of energy that are the ultimate solution to high gas prices."

Mr Obama has previously called for a step-change in energy policy, saying the US must move towards getting 80% of its electricity from clean energy sources by 2035.

India hiking gasoline prices to offset crude oil costs

mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

NEW DELHI--India's state-owned fuel firms on Saturday hiked gas prices by nearly 9 percent to help stem revenue losses from a rise in crude prices, a record rise that will fuel stubbornly high inflation.

The increase marked the eighth rise in gas prices since India's government last June deregulated gas prices in an economic reform aimed at reducing the massive subsidies it pays to state-run fuel companies. The latest rise comes as the Congress-led government battles growing unpopularity over inflation running at close to 9 percent and a slew of corruption scandals.

The firms increased gas price by around five rupees (11 U.S. cents) a liter to 63.4 rupees per liter. Even after the hike, oil companies will continue to lose 5.50 rupees per liter and another price rise is expected, the Press Trust of India reported.

“The hike needed to make domestic rates at par with international prices was 10.50 rupees per liter, but oil companies chose to hike rates by less than half of that,” the news agency quoted an unnamed government official as saying. “Another hike in gas prices is in cards soon,” he said.

The move is expected to be followed by rises in diesel and domestic cooking gas prices later this month, the news agency said. The left-leaning government retained control of the prices of diesel, cooking gas and kerosene — known as the “poor man's fuel” — to protect the poor, who are the Congress party's core supporters, against price shocks. Even though the government freed gas price from its control, oil companies continue to follow “informal” advice from the oil ministry on raising prices.

The increase in petrol prices came a day after the results of five state assembly elections were announced.
State-run oil-marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum had held off raising fuel prices in line with the surge in global crude prices ahead of the state elections.

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