Food inflation has entered negative territory but consumers have had no respite on cost of living.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
The consumption of petroleum products in India is growing at a rate much lower than the conservative projection of 4.58 per cent made for this year by the Petroleum Products Planning and Analysis Cell (PPAC), a wing of the petroleum ministry.
Seeks deferred payments for domestic purchases, dollar window.
Days after a Rs 3 per litre rise in petrol prices, it is the turn of compressed natural gas. Indraprastha Gas (IGL), monopoly marketer of CNG in and around this metropolis, is looking at raising the price by up to six or seven per cent (Rs 2 per kg) sometime next week, due to higher cost on account of a weakening rupee.
With the government preparing to restrict the number of subsidised cooking cylinders, oil marketing companies have launched a 'transparency' portal that allows customers to keep an eye on the number of cylinders sold in their account by the dealer.
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
The sale of branded petrol and diesel, considered to be more efficient, has dipped by 27 and 50 per cent, respectively, in 2010-11 over the previous year (see chart), despite OMCs selling the products at a thin margin of less than a rupee.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
Global product prices have declined on apprehension of a fall in consumption in the US after a rating downgrade recently.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from next month.
Oil companies begin pilot testing work on direct LPG subsidy.
ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
A senior retired bureaucrat met Ranjan Mathai, then deputy high commissioner in London, and asked him casually where he was going to settle down after retirement. Mathai was frank. He didn't have a house. So he would have to do something, he didn't know what...
In a move that will give the better and cleaner environment agenda a boost, the reach of Euro-IV fuel (diesel and petrol) will be expanded to seven more cities in the current financial year. This less polluting fuel was launched about a year ago in 13 cities.
The decision was taken at a meeting last month chaired by additional secretary Sudhir Bhargava and attended by representatives of GAIL and the three OMCs - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
The company has begun discussions with foreign players besides Petronet LNG Ltd for jointly developing the Rs 4,500-crore (Rs 45-billion) terminal.
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