Responding to a Call Attention Motion in Rajya Sabha on the recent price hike, Deora said the July 2 increase had helped IOC, BPCL and HPCL cut their revenue losses for July from Rs 4,870 crore (Rs 48.7 billion) to around Rs 2,880 crore (Rs 28.8 billion).
Fuel consumption is projected to grow to 136.61 million tonnes in 2009-10 against 133.4 million tonnes in the previous fiscal, Deora informed the Rajya Sabha. The expansion in demand will be the slowest since 2005-06.
Highly placed sources said Oil Minister Murli Deora took exception to Menon's proposals during a meeting of the Federation of Indian Airlines and Civil Aviation Minister Praful Patel to resolve the crisis arising out of mounting fuel bill arrears. "There should not be any layoffs. Why are you raising it now," sources quoted Deora as telling Menon.
The Congress, who has presently become a "leaderless" party, has also been facing multiple shocks at the state levels.
A core group of ministers on Wednesday held inconclusive deliberations on a proposal to raise fuel prices, necessitated by a spike in global crude prices that threatens to spawn an oil import crisis.
A day after the party's rout in Delhi elections, the knives are out in the Congress with leaders blaming each other and raising questions on whether the party has outsourced the task of defeating the Bharatiya Janata Party to others.
On the insistence of petroleum minister Murli Deora, Russian Prime Minister Vladimir Putin is sending Shmatko to attend the conference of energy ministers of the Commonwealth of Independent States that New Delhi is hosting on November 25-26.
Telecom operators owe government a huge amount of Rs 17,980.77 crore in licence fee and spectrum charges, but the outstandings are under litigations, Parliament was informed on Wednesday.
Petroleum Minister Murli Deora after a meeting with his Iranian counterpart Gholam Hosein Nozari for talks on the $7.5 billion Iran-Pakistan-India pipeline project said there were 'some minor problems' which have been sorted out.
India on Wednesday offered Qatar a 10 per cent stake in Petronet LNG Ltd to get the worlds largest liquefied natural gas exporter to sell 18 more LNG cargoes this year and agree on a long-term supply deal for meeting fuel needs of beleaguered Dabhol power plant.
Petroleum Minister Murli Deora on Saturday said the government is considering to prices of petroleum products in the next few days.
'Though the RSS honours Sardar Patel, who actually banned it, the real hero in the story of its rise is Jayaprakash Narayan,' says Vir Sanghvi.
Union Petroleum Minister disclosed the decision on fuel prices will be taken on Jan 17, in the GoM meet.
A meeting of the Congress will be held on May 24 at 5pm in Parliament to elect the chairperson of the Congress Parliamentary Party. After the party managed to bag just 44 seats in the recently-concluded Lok Sabha elections, all indications point to the fact that supremo Sonia Gandhi would be made the chairperson of the party.
India hopes to conclude the acquisition of UK-listed Imperial Energy in 4-5 weeks, Petroleum Minister Murli Deora said on Friday. OVL is now awaiting approval of Kremlin to takeover the company, which has assets in Tomsk region of the western Siberia in Russia.
CPI leader Gurudas Dasgupta asked the government on Monday to reduce the tax burden on petroleum products and clubbed their consumption in the country.
A day after the Anil Dhirubhai Ambani Group declared it will be interested in buying out the Dabhol project whenever it is up for sale, Petroleum Minister Murli Deora categorically denied the Central government was considering any such proposal.
The three government oil marketing companies, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, are losing Rs 320 crore a day as they sell at subsidised rates.
Global crude oil prices have nearly doubled in the last one year but government has not raised domestic fuel prices on a direction from United Progressive Alliance chairperson Sonia Gandhi, Petroleum Minister Murli Deora said.
Former minister Milind Deora who in his free time more than strums a guitar and belts out a few songs, pays tribute to Prince.
India and Libya discussed ways to boost their relationship, particularly in the IT and Oil sector during talks visiting Petroleum Minister Murli Deora had with Libyan leader Muammar Gaddafi in Tripoli.
Petrol dealers called off the strike planned for Friday to protest against government not passing off the benefits of drop in prices of petroleum.
The government is exploring various options, including a marginal hike in prices of petrol and diesel, and a possible duty cut to ease burden on state-run oil firms that are increasingly losing revenue due to global crude prices surging close to $100 a barrel. "We will do all that is possible to protect the interests of our PSUs," Petroleum Minister Murli Deora said after a brief meeting with Prime Minister Manmohan Singh on the issue on Friday.
Government said on Tuesday it was commited to Oil and Natural Gas Corporation's mega investment plans in petrochemical projects and special economic zone at Mangalore and there was no going back on it.
Petroleum Minister Murli Deora on Tuesday said petrol and diesel prices will not be increased "as of now" even as he began consultations with Finance Minister P Chidambaram on ways of mitigating the spurt in global oil prices.
Petrol and diesel prices were cut on Thursday by Rs 2 and Re 1 per litre, respectively, Petroleum Minister Murli Deora announced.
The finance ministry had recommended that the government disinvest 10 per cent of its stake in the proposed initial public offer of Oil India, a state-owned upstream company, said Petroleum Minister Murli Deora.
Russian President Vladimir Putin had assured his support for ONGC Videsh Ltd taking a 20 per cent stake in the project, Deora said on Thursday.
Government will hold consultations with leaders of the left parties, allies of the ruling United Progressive Alliance, on the issue of petroleum product prices even as Petroleum minister Murli Deora disfavoured increasing LPG and kerosene prices.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
Maharashtra Chief Minister Vilasrao Deshmukh met Petroleum Minister Murli Deora Wednesday to request for alternative sources of gas for the state's Ratnagiri plant.
For online plans, the drop-out rate for policy buyers increases if there are too many questions.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram next week to discuss a package to bail out public sector oil firms that have been suffering huge losses on account of selling fuel on discounted prices.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram on Monday to work out a package on pricing of petrol and diesel, besides subsidies on kerosene and cooking gas before the month-end.
India plans to buy more liquefied natural gas from Qatar and will expand the capacity of its Dahej LNG terminal to 10 million tonnes a year from the present five million tonnes.
Prime Minister Manmohan Singh may convene a meeting of Finance Minister P Chidambaram and Oil Minister Murli Deora within a week to discuss fuel pricing and taxation regime on the sensitive products.
Rejecting Arvind Kejriwal's allegation on gas pricing issue, Petroleum Minister M Veerappa Moily on Tuesday hit back at the Delhi Chief Minister and said that price fixing of petroleum products is done as per expert advice.
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