Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
India has offered to invest over $1 billion in building a plant to liquify natural gas in Iran so as to cut the cost of the liquefied natural gas from Iran to almost the same levels as that of subsidised natural gas in India.
Petroleum and Natural Gas Minister Ram Naik said on Wednesday that an agreement with Qatar had been finalised for supply of liquified natural gas from next year.
P Dasgupta was on Thursday appointed the managing director and CEO of Petronet LNG Ltd, India's largest liquified natural gas importer.
Qatar has agreed in-principle to hike the supply of liquified natural gas from the current five million tonnes to 20 MT within the next ten years to India and both the countries were likely to sign an agreement to this effect by May this year.
'Primary buyers are commercial taxi and fleet operators and small businessmen.' 'CNG prices have been remarkably stable unlike petrol.'
The ministry of finance has estimated that about Rs 1,800 crore (Rs 18 billion) would be needed to restart the Dabhol Power plant, lying idle for the past three years.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
Food inflation, at almost 17 per cent, along with the rise in fuel prices will be a bitter pill for consumers.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
The 39 are being held hostage by Islamic militant outfit Islamic State.
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