State-owned Indian Oil Corp and GAIL Ltd are looking at picking up an equity stake in LNG projects in Africa to meet growing energy needs of the country, Oil Minister S Jaipal Reddy said on Friday.
Finance Minister Pranab Mukherjee on Friday said surging food and fuel prices amid weak global economic growth are adversely impacting GDP growth of the country.
India, which imports 73 per cent of its oil needs, has been hit by the surge in international crude oil prices that touched $96 a barrel last week. State-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing Rs 240 crore (Rs 2.4 billion) per day on selling petrol, diesel, domestic LPG and PDS kerosene as the government has not allowed them to raise retail prices in line with the surge in cost.
Congress stalwart Murli Deora passed away on Monday morning after battling a prolonged illness. He was a politician who shared rapport across the political and corporate spectrum.
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