Labour Minister Shiv Charan Lal Sharma visited Gurgaon on Wednesday to meet senior department officials to decide on the likely course of negotiations.
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.
Industry sources indicate DD Direct Plus has a subscriber base of around nine million. The DTH operator's reach is second largest after Dish TV, which has a gross subscriber base of 10.9 million.
German luxury car maker Mercedes-Benz is preparing to commence leasing vehicles to consumers in the Indian market by the end of this year. No other luxury car maker in the country currently offers vehicles on lease directly to customers.
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.
The company is willing to partner existing players; to begin with commercial vehicle launch.
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.
After termination of the joint venture with Honda Motor Corporation (HMC), the world's single largest two-wheeler manufacturer Hero Honda has begun scouting for partners globally to source technology and designing expertise.
Toyota Motor Corporation and Honda Motor Corporation plan to make India a hub for sourcing components of small cars.
With the finance ministry facing the risk of missing its tax collection target this year, it has turned down a proposal to reduce duties on petroleum products to reduce the impact of rising crude prices on profitability of oil companies.
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