The government may marginally increase petroleum prices, petroleum secretary M S Srinivasan on Tuesday said.
The ministerial group is to look into pricing of some essential commodities, including petrol, diesel, domestic cooking gas and PDS kerosene. The GoM also includes Defence Minister A K Antony, Finance Minister P Chidambaram, Railway Minister Lalu Prasad, Road Transport, Highways and Shipping Minister T R Baalu and Consumer Affairs Minister Sharad Pawar.
India on Monday said it will meet Pakistan next week to resolve issues, such as transit fee, impeding progress on the over $7 billion Iran-Pakistan-India gas pipeline project, even as it gets formally inducted in a rival line from Turkmenistan.
India on Friday expressed confidence that the work on the proposed $7-billion Iran-Pakistan-India gas pipeline project would start by March next year as it is hopeful of finalising a transit fee agreement with Islamabad before that. India is confident of starting the 2775 km long IPI project by end of March 2008, M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters in Coimbatore.
The government has given a green signal to Oil and Natural Gas Corporation's petrochemical plans but has discouraged India's largest oil and gas producer from foraying into fuel retailing.
India will host the next meeting on the 1,680-km gas pipeline, planned from Turkmenistan through Afghanistan and Pakistan to India, in October even as it has asked Tehran to call a trilateral meeting to finalise the rival Iran-Pakistan-India gas line.
India and Pakistan today began final round of discussions to resolve differences on the 7.4-billion dollar Iran-Pakistan-India gas pipeline before the three nations sign a deal next month.
Government will review fuel pricing scenario in October, Petroleum Secretary M S Srinivasan said on Thursday. The petroleum secretary further said, "Situation will be revisited in October when we will take stock of the scenario emerging out of international oil prices." Global crude prices touched a record $145 a barrel, which is expected to push India's oil import bill this year higher by nearly 76 per cent to $110-120 billion.
This year, the import would be higher because Reliance Petroleum's export oriented 29 MT refinery is set for commissioning in August-September. The government had increased petrol and diesel prices on June 5, but oil marketing companies are still selling these fuels below cost price.
Differences over the price of natural gas to be imported through the Iran-Pakistan-India pipeline persisted on Friday, but the three countries agreed to appoint an international consultant to look into the issue.
The petroleum ministry has sought a Rs 10 per litre increase in petrol and Rs 5 a litre hike in diesel prices, along with a cut in customs and excise duties, to offset the impact of surge in crude oil prices that have touched $135 per barrel.
Nigeria has not seen an official visit by any Indian prime minister since 1962, when the country's first Prime Minister Jawaharlal Nehru had visited Lagos. It is quite surprising that despite growing trade links, the two nations have had few top-level bilateral exchanges in the past 45 years.
Petroleum Secretary M S Srinivasan observed that smaller and more nimble companies are proving formidable and ONGC would have to register exploration successes and strengthen its systems to retain its position in the industry.
Oil India's IPO will open on schedule inspite of the market volatility, stated government sources.
Government has no role in fixing prices of natural gas produced from areas auctioned under NELP and only approves the pricing formula, petroleum ministry has told a committee of Secretaries appointed to look into the vexed issue.
The Group of Ministers are scheduled to meet this month to decide upon the issue of petro price system.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
Iran last week said it will by October-end sign a pact with Pakistan to sell gas through a bilateral pipeline in the absence of India joining the Iran-Pakistan-India gas line.
The government will review petrol and diesel prices on January 31 and a reduction is likely if international crude prices fall further.
The government will consider cutting petrol and diesel prices, if crude oil prices fall below $50 a barrel.
President A P J Abdul Kalam has given his assent to the Petroleum and Natural Gas Regulatory Board Act that envisages having a regulator for India's oil and gas sector, a petroleum ministry official said on Tuesday.
ONGC Chairman and Managing Director R S Sharma on July 30 wrote to Petroleum Secretary M S Srinivasan seeking immediate hike in price of gas it sells under regulated regime as it was incurring Rs 700 crore (Rs 7 billion) loss on the business.
India, Pakistan and Iran will for the first time hold a joint official-level meeting in Tehran from March 13-15 on the proposed over $7 billion tri-nation gas pipeline
The government on Wednesday denied any move to hive-off ONGC Videsh Ltd from its parent Oil and Natural Gas Corporation, saying the present arrangement of letting the subsidiary company scout for overseas oil and gas assets was working well.
The prices of natural gas for power and fertiliser units are likely to be raised by 12.5 per cent to Rs 3,600 per thousand cubic metres in July, according to oil secretary M.S.Srinivasan.
Oil India Ltd, the country's second largest exploration and production company, is likely to offer 10 per cent of its share to the public in October this year, a few months later than planned.
ExxonMobil-owned RasGas will supply liquefied natural gas by December to restart the Dabhol power project in Maharashtra, a top official said on Friday.
A Group of Ministers is likely to consider this week a marginal hike in petrol and diesel prices and a cut in excise duty on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms incur every month.
Reliance Natural Resources Ltd chairman Anil Ambani is understood to have sought a review of the government's decision, rejecting the sale of natural gas by RIL to it.
Oil and Natural Gas Corporation is examining investing $3 billion to take up to 5 per cent equity in Russian state oil firm OAO Rosneft, which is making an initial public ofering, Petroleum Secretary M S Srinivasan said on Friday.
The consortium of Oil and Natural Gas Corp, Reliance Industries and BG Group of UK will continue selling gas from Panna/Mukta and Tapti fields to state-run gas firm GAIL
After Nigeria, Libya has invited Indian oil firms to operate its old refineries after investing in their revamp and has offered New Delhi rights to explore oil in the country.
A special Central Bureau of Investigation court in Mumbai has convicted four former bank officials in one of the multi-crore securities scam cases and sentenced them to three years imprisonment, 25 years after the scam involving 'Big Bull' Harshad Mehta came to the fore.
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