The decision marks first successful policy intervention.
The cost of CNG, which will be reduced by up to Rs 15 per kg in the next few days following a rejig in natural gas allocation, will go up by Rs 10.6 a kg in April, when domestic gas prices almost double.
M Veerappa Moily's takeover of the environment & forests ministry last month, it appears, is turning out to be a blessing for Coal India Ltd (CIL), the world's largest coal producer.
'There is a need for a younger person at the top, but the old guard wants to grab the post themselves,' points out Amulya Ganguli.
Government has put on auction the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block.
The likely solution that appears before the AAP government is to seek for a higher quota of domestic natural gas for Delhi, which would bring down auto and cooking gas prices.
The government-appointed Kirit Parikh committee suggested an 'immediately' hike prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reduce annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.
Reliance Industries Ltd on Thursday told the Delhi High Court that the Delhi government's decision to probe the Centre's policy on gas pricing was a "peculiar" and "absurd" situation.
The Supreme Court on Wednesday agreed to hear a plea seeking stay on arbitration proceedings on a dispute between Mukesh Ambani-led Reliance Industries Ltd (RIL) and the government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are losing Rs 486 crore (Rs 4.86 billion) per day as they are made to sell diesel, domestic LPG and kerosene way below cost to keep inflation under check.
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While the Cabinet has approved doubling of gas price from April 1 next year, Oil Ministry is proposing that old rates of $4.2 per million British thermal unit apply to gas from D1/D3 and MA fields in eastern offshore KG-D6 block till it proved that RIL had proved less than targets only because of geological factors.
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Following adverse media reaction to the June 27 decision of the Cabinet Committee on Economic Affairs, the finance ministry had issued an office memorandum asking the petroleum ministry to see if there was a way to make RIL clear its gas supply backlog at the existing price.
As the debate over the issue of leadership raged, another group of leaders put their weight behind the Gandhi family on Sunday, calling for Sonia Gandhi to stay or Rahul Gandhi to take charge again.
The Directorate General of Hydrocarbons (DGH) had recommended to the ministry that RIL be asked to give up 86% of its KG-D6 gas block area
There were mixed reactions from parties to Markandey Katju's charge that three ex-chief justices of India had compromised in giving extension and elevation to an additional judge of Madras high court at UPA government's instance, with some including All India Anna Dravida Munnetra Kazhagam demanding a probe while others questioned the timing of his disclosure.
'It was a moment when I felt what power can get. Such a reception was beyond my expectation.'
Talk that Anil Kumble, the former Indian captain, will contest the forthcoming Lok Sabha election from Karnataka has been making the rounds. Rediff.com's Vicky Nanjappa finds out if Kumble will indeed spin a political googly.
Prime Minister Manmohan Singh on Tuesday dedicated GAIL India Ltd's 1,000 km Dabhol-Bangalore natural gas pipeline to the nation.
Reliance Industries would repair a third of the wells shut at its main gas field in the eastern offshore KG-D6 block to boost output in the first quarter of 2014.
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
Moily asserted that Gandhi continues to be the AICC president and he has not stepped down.
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
Amidst a storm over proposal to shut petrol pumps during night to taper fuel demand, Oil Minister M Veerappa Moily on Monday said the government had not made any such proposal and the idea had come from public.
RBI has cited at least 10 areas where it has no control over PSBs.
While Rahul loyalists were keen that he be given the post, a leader known to be close to him said, "If he does not become the leader of the Congress in the Lok Sabha, then he should quit politics."
In the second phase on April 18, 97 seats,spread across 13 states and one Union Territory, will go to the polls.
The quality of both civil servants and political executive members in India has deteriorated, former coal secretary P C Parakh tells Upasna Pandey
Former Railway Minister Pawan Kumar Bansal was re-nominated by Congress from Chandigarh on Thursday brushing aside the "taint" argument as it released the second list of 71 candidates who include film star Nagma in Meerut and Youth Congress chief Rajeevv Satav from Hingoli.
Under pressure from his party, Oil Minister M Veerappa Moily said the government is considering increasing the quota of subsidised LPG cylinders to 12 per household even as hints were dropped of a one-time hike in diesel and LPG rates
State-owned fuel retailers, who control 95 per cent of the petrol pump sales, sell diesel at government-fixed rates, which are way lower than the cost of production.
Party leaders, sources said, maintained that Congress cannot afford to have a new leader at the helm for rebuilding the organisation at this juncture and that the responsibility for the defeat is collective and not individual.
Keeps open the option to make payments in yen or yuan in the face of sanctions
In January this year, with a view to cutting the subsidy on diesel, the government had decreed that all bulk users, such as the railways, state transport corporations, armed forces and all commercial establishments, would be charged the market price for diesel.
A decision on raising diesel prices by Rs 3-5 per litre, kerosene by Rs 2 and LPG by up to Rs 50 per cylinder will be taken after UPA Chairperson Sonia Gandhi returns from US, top government officials said.
The Trinamool Congress and Nationalist Congress Party, have indicated that their party chiefs have better credentials for the post than the newly-elected Congress head, reports Archis Mohan
Senior Congress leader Mani Shankar Aiyar also said that an alliance similar to the one stitched up in Bihar is needed at the national level for the next Lok Sabha elections.
'Somewhere in the midst of the three milestones of 1881, 1984 and 1999 are the clues that provide the answer to the troubling corrosion of Karnataka politics: The disappearance of values, the criminalisation of politics, and the complete collapse of ideology,' says Krishna Prasad, former editor-in-chief, Outlook.
'Greatness can come from simple beginnings. Actually it will come only from simplicity. Glad to start my journey from a great man's simple abode,' the actor said in a tweet after visiting House of Kalam in Rameswaram.
CM Siddaramaiah has called legislature session on September 23 to discuss the SC's direction.
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The five discoveries -- D4, D7, D8, D16 and D23 - hold 0.805 trillion cubic feet of reserves, or about one-fourth of the restated reserves in the currently producing Dhirubhai-1 and 3 (D1&D3) fields in KG-D6 block, and are worth $10 billion.
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