India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
The United States wants India to wait for a final nuclear deal between Tehran and world powers before actively engaging with Tehran.
New Delhi has missed its target for partial privatisations for the past five years
Locally produced gas in India will now cost at least 8 per cent less.
India will issue a new decree this week for land purchases that has stirred disquiet across the country
Modi to dilute pro-business changes to land bill.
India's imports from Iran rose to 250,200 barrels per day
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
Restrictions on buying land are among barriers holding up projects worth almost $300 billion
Modi orders coal, insurance sector reforms.
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
This is perhaps the first time that retail prices in India are higher than the global rates
Reliance Industries has sought environment ministry approval for a $13 billion upgrade to its Jamnagar complex, including a 400,000 barrels per day (bpd) refinery.
The landmark bill to liberalise the insurance industry, which marks Prime Minister Narendra Modi's first stab at legislative reforms, will now go to a parliamentary committee, which will submit a report later this year.
The government will decide in August whether to sell a 5 percent stake in ONGC, a senior oil ministry official said, in a deal that would be worth $2.9 billion at current market prices.
The comment was in response to a June 19 Reuters story citing sources with knowledge of the matter as saying that India planned to clear some oil payments to Iran through the United Arab Emirates central bank.
Railway Budget will be presented on July 8.
Finance Minister Arun Jaitley presents his maiden budget next month and faces headwinds from a weak economy, a food inflation scare and now the risk that higher oil prices could swell the government's oil subsidy bill.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances