Reliance imported about 1.09 million bpd in January as it had cut runs at its older 660,000 barrels per day (bpd) plant by about 23 per cent from a year ago.
As oil minister, he has overseen India's petroleum and natural gas needs. But now he also runs the environment ministry, where he has issued permits for 100 stalled projects in a month-long spree that has delighted industry but shocked green activists.
Environment ministry has given its go-ahead to POSCO's planned steel plant in the country, but has asked it to spend on "social commitments", a company spokesman said, raising the project's cost by $600 million to $12.6 billion.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost.
The government is considering a 3-rupee to 5-rupee hike in the price of diesel, which accounts for more than 40 percent of fuel use, government officials said last week, as the country looks to cut import costs by nearly $20 billion to trim a record current account deficit.
On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
But the company should take extra steps to prevent pollution.
Media has raised the issues that new pricing to benefit Reliance Industries.
Both the countries have increased prices of gas recently.
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
Jindal's house was raided by the CBI on Tuesday.
Parliamentary panel seeks changes in crude import norms.
The economy, which grew at 6.5 per cent in the year ended March 2012, is expected to grow 5.7 per cent to 5.9 per cent this fiscal year, the slowest since 2002/03.
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