New Delhi, Aug 13: Despite fall in the prices of crude oil to below 113 US dollars a barrel this week, Petroleum Minister Murli Deora today ruled out possibility of reducing the prices of fuel.

Deora told reporters here that the softening of crude oil prices was a welcome development, but there was no scope of decrease in domestic fuel prices.

The Minister pointed out that oil marketting companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum continue to lose money on fuel sales and there were still huge under-recoveries on fuel sales.

New Delhi, Aug 13: Prime Minister's Economic Advisory Council (EAC) lowered the GDP growth projection to 7.7 percent during 2008-09 as against an earlier estimate of 8.5 percent.

According to the report, the agriculture sector is predicted to grow by a very low two per cent, worse than the poor 4.5 per cent growth recorded last fiscal.

The services sector will grow 9.6 per cent, predicts the report, compared to 10.8 per cent last fiscal.

The government may announce the new pay package on 15 August for armed forces.

Armed forces had expressed dissatisfaction over the Sixth Pay Commission report and sought the revise of pay structure recommended by commission. The country has a total of 12 lakh personnel of the armed forces.

A meeting to discuss about salaries and perks of armed forces is scheduled on Wednesday. Prime Minister Manmohan Singh will chair the high-level meeting to take final decision on the salary issue. The meeting will also be attended by Defence Minister A.K. Antony, Finance Minister P. Chidambaram and Cabinet Secretary K. Chandrashekhar.

New Delhi, August 7 : For the first time in 13 years inflation crossed 12 per cent, at 12.1 per cent, for the week ended July 26, on the back of costlier food items.

Rise in prices of certain food articles and manufactured products pushed inflation to a 13-year high of 11.98 per cent for the week ended July 19.

The increase prompted economists to predict another 25 basis points increase in the central bank''s short-term lending rates.

Hyderabad, August 1 : To expedite development of its Oil and Gas finds off the coast of Andhra Pradesh, oil major Oil and Natural Gas Corporation Limited (ONGC) has drawn up a plan to set up an ''Integrated Offshore Supply Base-cum-Processing unit'' near Kona coast in its east Godavari District.

The Integrated Offshore Supply Base is expected to boost ONGC''s Exploration and Production (E&P) efforts on the east coast, which is increasing rapidly.

New Delhi, July 31 : The Union Government has mandated the 13th Finance Commission to map the road for fiscal accounting of liabilities on account of oil, food and fertiliser bonds.

“Cabinet has approved extension of Terms of Reference of 13th Finance Commission having regard to the need to bring liabilities of the central government on account of oil, food and fertiliser bonds into fiscal accounting,” Information and Broadcasting Minister P R Dasmunsi told reporters here.