The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
A man, one of the six accused in the explosion case in Coimbatore, confessed during interrogation that he met two men in a Kerala prison who had links with an ISIS group involved in the Easter bombings in Sri Lanka, police sources said on Friday.
'Once elected, you have to act like people's representative for the full five years or else people show you your place.'
One of the major challenges before the government is that the annual average refill by a PMUY consumer is 3.28 cylinders compared to seven for others.
Prime Minister Narendra Modi's brother Prahlad Modi, who is also the vice president of All India Fair Price Shop Dealers' Federation, on Tuesday staged a dharna here with various demands of the organisation. Prahlad along with several other members of the All India Fair Price Shop Dealers' Federation (AIFPSDF) gathered at Jantar Mantar, holding banners and raising slogans.
Briefing reporters about the decisions taken by the Union Cabinet headed by Prime Minister Narendra Modi, Information and Broadcasting Minister Prakash Javadekar said 81 crore poorest will be provided 5 kg free foodgrains per person for five more months and one kg pulses per month.
Days after completing a $6.5 billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani said his group has planned to double cement manufacturing capacity and become the most profitable manufacturer in the country. He saw a multifold rise in cement demand in India on the back of record-breaking economic growth and the government's infrastructure creation push, which will give significant margin expansion. In a speech made at an event to mark the completion of the acquisition on September 17, the Adani Group founder and chairman said the ports-to-energy conglomerate has in a single stroke become the second largest cement manufacturer in the country.
With the rupee continuing to remain weak against the US dollar, losses on diesel have climbed to Rs 9.45 per litre, upsetting the government's subsidy maths.
Modi said the country needs to increase domestic output of energy.
He said the Tamil Nadu BJP has written to Union Home Minister Amit Shah seeking a transfer of the case to the National Investigation Agency.
The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! points out Dr Shreekant Sambrani.
The government on Tuesday increased the distributors' commission on domestic cooking gas (LPG) by 38 paise on a 14.2 kg cylinder and by 20 paise on a 5 kg cylinder, resulting in an equivalent increase in the prices of the fuel.
A police release in Coimbatore said a case has been registered in the Ukkadam police station over the incident.
The retail selling price of petrol at Delhi would come down by Rs 1.82 a litre.
In a move that could potentially irk New Delhi, China has offered to supply liquified petroleum gas to Nepal after gifting fuel to ease the crisis in the country, hit by acute fuel shortage due to a blockade at key border trade points with India.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
State-owned Indian Oil Corp (IOC) is losing Rs 151 crore per day in revenues on selling diesel, domestic LPG and kerosene below their imported cost, a company official said on Thursday.
The government's subsidies on food, fertilisers and petroleum are estimated to decline by 39 per cent to Rs 4,33,108 crore this fiscal and fall further by 27 per cent to nearly Rs 3.18 lakh crore in 2022-23. In its revised Budget (RE) estimate for the 2021-22 fiscal, the government has pegged total subsidies to be at Rs 4,33,108 crore against the actual Budget estimate of Rs 7,07,707 crore in the previous financial year. Out of which, the food subsidy is estimated to decline to Rs 2,86,469 crore in the current fiscal from Rs 5,41,330 crore in 2020-21, while petroleum subsidy is estimated to fall to Rs 6,517 crore from Rs 38,455 crore in the said period.
After grappling with the issue for two years, the Ministry of Petroleum and Natural Gas had on November 21 ordered that the margin to be charged, over and above the gas sale price, should be fixed between the seller and buyers in all sectors other than urea and LPG.
The party released its manifesto -- Samajwadi Vachan Patra -- for the coming assembly elections, shortly after the BJP released its own.
The Bharatiya Janata Party lined up several promises, including a legislation to protect traditions of the Ayyappa temple at Sabarimala and a law against "love jihad", while assuring employment for at least one person from each family and free laptops to high school students, in its manifesto for the assembly polls unveiled in Thiruvananthapuram on Wednesday.
Petrol price on Friday crossed the Rs 100- per-litre mark in Chennai as well as in some places in Punjab and Kerala after fuel prices were hiked yet again. Petrol is priced at over Rs 99 a litre in Delhi and Kolkata -- the only metro cities which haven't seen the Rs 100 mark yet. Petrol price was hiked by 35 paise per litre on Friday but there was no change in diesel rates, according to a price notification of state-owned fuel retailers.
An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
Concerns on lower natural gas transmission, LPG rate cut & APM gas price hike might be priced in but no positive triggers
Too much subsidised cooking gas is being consumed by country's VVIPs, according to the transparency portal launched on Friday by state-owned oil firms.
Prime Minister Narendra Modi on Thursday reviewed the impact of Covid-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic. Modi held discussions with Finance Minister Nirmala Sitharaman as the pandemic hit sectors from small industries to the aviation sector hard with millions of jobs at stake.
The finance ministry is working on a second relief package for the Indian economy hit hard by the coronavirus outbreak and the 21-day nationwide lockdown imposed to curb the contagion, sources said. Last month, the government announced a Rs 1.70 lakh crore relief package in the form of foodgrains and cash transfers for the poor and vulnerable section of the society to help them deal with the hardships caused by the lockdown. Now, the government is working on a stimulus to be given to hard-hit sectors of the economy after the lockdown is lifted, sources said, adding that an announcement is expected in the next few days depending on the severity of the pandemic.
Reliance from 0600 hours today began complying with an oil ministry order asking it to first supply gas produced from eastern offshore KG-D6 fields to priority users -- urea making fertiliser plants, electricity generation houses, LPG extraction units and city gas distribution firms.
At the height of the agitation against Tata Motors and after, the decibel level at Singur has always been high. The coronavirus scare, however, appears to have tempered it. The lockdown has hit Singur's inhabitants hard in more ways than one, reports Ishita Ayan Dutt.
Alarmed over use of small cylinders in serial bomb blasts at Bodh Gaya's Mahabodhi temple, the Bihar government on Saturday banned the sale of small LPG cylinder in the state.
The EGoM has fixed priority for the 25 million standard cubic metes per day of gas Reliance plans to start pumping from September this year and 40 mmscmd from March 2009. It has asked the company to first supply gas from KG-D6 field, the first major field of NELP to go on production, to existing gas-based urea plants, which are now getting fuel below their full requirement.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
The loss on diesel sales has inched up marginally to Rs 8.37 a litre even as a surge in international oil rates and a weakening rupee wiped out gains from a 50 paise increase in the price of the fuel.
Declining crude price translates into lower under-recoveries for OMCs
Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
Congress on Monday announced a slew of populist measures including sops to farmers, students, unemployed youths, minorities, raising subsidised LPG cylinders from 9 to 12 and constitution of Vidhan Parishad in its manifesto for the Madhya Pradesh assembly elections.
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