Petroleum Minister Mani Shankar Aiyar will visit Pakistan from June 3 to boost energy ties and discuss the $4.16 billion Iran-India gas pipeline project.\n\n
The auditor said that it has unfettered right of access to all records of Reliance Industries (RIL) during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
A bench of Justice R Y Ganoo and Justice N M Jamdar ordered service of notices to the respondents, who apart from the central ministries also include the oil marketing companies, namely the Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd.
Disinvestment secretary Sunil Mitra last month wrote to his counterpart in Petroleum ministry R S Pandey seeking comments on 'public offerings from Government's shareholding' in ONGC and IOC. While government has not allowed IOC and other retailers Bharat Petroleum and Hindustan Petroleum to raise petrol, diesel, domestic LPG and kerosene price in line with the cost, they have not been given the promised compensation.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
The petroleum ministry has said Reliance Industries Ltd (RIL) is not right in seeking an out-of-turn rise in the price of natural gas produced from the KG-D6 fields and asserted the $4.205 per million British thermal unit (mBtu) rate will prevail unless pricing formula is changed.
The Ministry Of Petroleum and Natural Gas has ruled out a hike in the prices of petrol and diesel in the near future even as the price of the Indian basket of crude oil continues to remain above $65 a barrel.
BC Tripathi, who helms India's largest natural gas marketer and transporter -- GAIL, discusses last-mile connectivity to homes with Jyoti Mukul and Shine Jacob.
The move is likely to force the government to take a faster decision.
The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise by this weekend.
The wholesale price-based inflation rose to a four-month high of 14.55 per cent in March, mainly due to hardening of crude oil and commodity prices, even though vegetables witnessed easing of price pressures. As per the government data released on Monday, WPI inflation has remained in double digits for the 12th consecutive month beginning April 2021. The last time such a level of WPI was recorded was in November 2021, when inflation was 14.87 per cent.
A day ahead of a crucial meeting of the Cabinet Committee on Divestment, Defence Minister George Fernandes said he favoured public sector units like Oil and Natural Gas Corporation to be allowed to bid for HPCL.
Differences between ministries of divestment and petroleum are likely to surface at Fridays meeting of the Cabinet Committee on Divestment as the former is believed to have proposed keeping public sector units.
State-run Oil and Natural Gas Corporation approached the petroleum ministry on Thursday with an initial proposal for permission to bid for Hindustan Petroleum Corporation as and when the government decides to offer its stake in the PSU.
Iran on Tuesday denied existence of any contract for export of liquefied natural gas to India while stating that it cannot wait endlessly for New Delhi to join the Iran-Pakistan-India gas pipeline project.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
Low-to-negative margins on sale of petroleum products have forced some companies to scrap their retail expansion plan, while others have chosen to go slow.
Petroleum Minister Murli Deora and Minister of State for Petroleum Jitin Prasada took charge on Friday.
To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
The government is keen on getting global oil majors like Saudi Aramco and National Iranian Oil Corp on board Hindustan Petroleum and Bharat Petroleum through the market route even though privatisation of the state-run oil refining and marketing compa
Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian foreign ministry said in a statement.
Not only does there appear to be no meeting ground on the issue of a pricing formula proposed by the committee, the petroleum ministry wants another committee headed by Vijay Kelkar to look into the other major recommendation of moving to the revenue sharing model in exploration and production.
India may be trying to become a crude oil refining hub but the country's apex planning body has raised doubts on the feasibility of adding more refining capacity.
Move likely to be rolled back atleast for state transport undertakings
The wholesale price-based inflation bucked the 4-month rising trend in December 2021, and eased to 13.56 per cent, mainly on account of softening in fuel, power and manufacturing items even though food prices hardened. WPI inflation has remained in double digits for the ninth consecutive month beginning April. Inflation in November was 14.23 per cent, while in December 2020 it was 1.95 per cent.
Securities and Exchange Board of India has asked the petroleum ministry to put in place a warning system to alert investors of any premature declaration or non-disclosure of an oil and gas discovery by a company.
Prime Minister Manmohan Singh is believed to have favoured India, Pakistan and Iran together building the over $7 billion gas pipeline, since joint participation will make the project more secure.
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.
The petroleum ministry on Wednesday pledged support to power firm NTPC in its legal battle to get natural gas from Mukesh Ambani-led RIL at a price committed in 2004 and said the public sector unit's interests will not be compromised.
