The government is mulling building a Rs 2,760 crore (Rs 27.60 billion) strategic storage facility by 2007-08 to stock 45-days requirement of liquefied petroleum gas as cover for emergencies.
The Indian Oil Corporation has taken a hit of about Rs 1,000 crore (Rs 10 billion) in the first quarter of the current fiscal on selling subsidised LPG and Kerosene below the cost.
According to police, CPI-M legislator K Bhimrao and other party supporters were arrested from Guindy railway station in Chennai.
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.
All households are entitled to get 12 cylinders of LPG or liquefied petroleum gas.
The new system will entail a periodic revision in the price of subsidised LPG cylinders so that the subsidy remains fixed.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
The government does not seem inclined, at least in the petroleum sector, to effect sudden and steep upward price revisions to tame its huge subsidy burden and rein in fiscal deficit.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
'The US is strongly placed to expand its crude supplies to India.'
With India making it clear that the US doesn't have enough spare capacity for crude oil, Washington, DC, now wants India to sign fixed-term liquefied natural gas (LNG) contracts with American producers, multiple sources in the know said.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'
Gor underlined that President Trump has a "deep friendship" with Prime Minister Narendra Modi, and that is something that is unique.
The price of liquefied petroleum gas cylinders across all categories, including subsidised LPG, was on Wednesday hiked by Rs 25 per cylinder -- the third straight increase in rates in less than two months.
Raising the issue during Zero Hour, MP Achuthan (Communist Party of India-Marxist) said that in Kerala public sector oil companies had made it mandatory for people to get Aadhar-linked bank accounts for getting subsidy on liquefied petroleum gas.
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
Govt diverts Rs 253-crore subsidy savings to the poor.
India's major imports from the US include crude oil and petroleum products, gold and jewellery, plastics, aircraft, and electrical machinery and components. The key exports to the US comprise pharmaceuticals and biologicals, telecom equipment, precious and semi-precious stones, petroleum products, gold and precious metal jewellery, and ready-made garments.
'While the President has been critical of India, he has gone out of his way to compliment PM Modi. They have an incredible relationship.'
US shale oil would act as an alternative to India's heavy dependency on Russian crude, which is currently facing sanctions.
Star ratings would be applicable for diesel pumps in the agriculture sector.
RPL, a unit of Reliance Industries, had sought nod to export the entire liquefied petroleum gas production in the six months to fully commissioning its 580,000-barrels per day refinery in the Jamnagar special economic zone. RPL, in which US energy major Chevron Corp has 5 per cent stake, is likely to start producing fuel from the unit being set up adjacent to parent firm's existing 660,000 bpd refinery at Jamnagar in the next few weeks.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
#GiveItUp but no matching LPG connections for BPL
India's cities must switch over to piped gas leaving LPG cylinders.
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
As oil marketing companies (OMCs) stare at huge under-recoveries, India is facing fuel shortage across the country with states like Rajasthan, Madhya Pradesh, Karnataka Uttarakhand, Gujarat and Haryana being the worst hit. The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources. Government and state-run companies denied reports of any crisis or supply-side issues on the availability of fuel.
Govt looks to take cooking gas to tiger reserves, Naxal-hit areas
The Iran-Israel conflict has further increased global economic uncertainties, impacting world trade, including India's exports, as it is expected to drive up both air and sea freight rates, exporters say. They said that India's exports to Europe and counters like Russia may get impacted due to this war.
The world's largest cash transfer programme has eliminated around 40 million ghost connections
All subsidies will be eliminated by March 2018
Modi had last month launched the 'Give-it-Up' campaign.
The decision will cover all government doctors whether serving under states or the central dispensation, the PM said.
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
Fire brigade officials admitted that organisers of the event had not complied with nearly 10 fire safety measures.
The price of non-subsidised LPG, which customers buy after using up their quota of 12 subsidised cylinders, was raised to Rs 922.50 per 14.2-kg cylinder in Delhi on July 1, the first hike in six months.
