The wholesale price-based inflation declined to over two-year low of 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive. This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation. The WPI inflation was 4.73 per cent in January and 13.43 per cent in February, last year.
If Raha's resistance to the petroleum ministry's interference turns into a plebiscite at the firm's AGM on Sept 21, the ministry may vote for his ouster.
It was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6.
Qatar has agreed to supply 1.2 million tonnes per annum of liquefied natural gas to fire the Dabhol power plant in Maharashtra, but differences persist over the price.
The petroleum ministry has sought legal advice on payment of production tax by Cairn Energy of the UK on the crude oil it plans to produce from the Barmer district discovery in Rajasthan.
The wholesale price-based inflation spiked to 12.54 per cent in October, mainly due to rise in prices of manufactured products and crude petroleum. WPI inflation has remained in double digit for the seventh consecutive month beginning April. Inflation in September this year was at 10.66 per cent, while in October 2020 it was at 1.31 per cent.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
The government is likely to allow Reliance Industries Ltd to sell domestic cooking gas directly to bulk consumers in the country to overcome the problem of glut in LPG during lean season.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
GX Technology case led to police cases against Sibal.
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. After two months of mild easing, WPI inflation accelerated in February and remained in double digits for the 11th consecutive month, beginning April 2021. WPI inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent. The rise in crude oil and natural gas prices after the Russian invasion of Ukraine, beginning February 24, has put pressure on the wholesale price index, even though food articles saw softening across categories of vegetables to pulses to protein-rich items.
On February 27, 2009, the first CNG filling station was formally handed over to Hemant Karkare's wife Kavita.
Delhi may become the first state to move to direct cash pay-outs of subsidies on kerosene sold through the public distribution system (PDS). The petroleum ministry said it has "welcomed" a proposal to this effect from the Planning Commission, which acted on a plan suggested by Delhi Chief Minister Sheila Dikshit.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
The wholesale price-based inflation eased for the second consecutive month in January at 12.96 per cent, even though food prices hardened, the government said on Monday. WPI inflation has remained in double digits for the tenth consecutive month beginning April 2021. Inflation in December 2021 was 13.56 per cent, while in January 2021, it was 2.51 per cent.
Riding high on reversal of fortunes in diesel demand, India's petroleum product sales soared by 5.9 per cent to 7.93 million tonnes in November 2003, a reflection of upbeat industrial activity in the country.
Capital expenditure by 54 large central public sector enterprises and five departmental arms, having a capex minimum target of Rs 100 crore, rose 93 per cent year-on-year (YoY) in the April-May period to Rs 1.39 trillion. The National Highways Authority of India (NHAI) and the Railways have started this financial year's capex cycle on a stronger note. In the first two months of FY24, the 54 CPSEs, along with the departmental arms, achieved 19 per cent of their combined budget target of Rs 7.33 trillion, Business Standard has learnt.
RIL said it had launched 'an internal probe' into its staff's detention.
Deora told Business Standard that a substantial volume of kerosene was also smuggled across the border, since the prices there were much higher. He added the government may have to rework various measures taken so far to curb the menace.
After natural gas prices, the government looks set to bite the bullet on auto fuel prices, with a panel of ministers scheduled to meet on June 7 to decide on freeing petrol and diesel prices.
The government has chosen state-run GAIL (India) Ltd over Reliance Industries in setting up a Rs 2,500 crore gas cracker project in Assam.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
Companies such as ONGC and Reliance have not been able to meet their work commitments for the blocks they had won under the New Exploration Licensing Policy rounds because of a crunch in availability of deep-sea drilling rigs. The official said oil ministry is moving a note for the consideration of Cabinet Committee on Economic Affairs for giving a drilling holiday from January 1, 2008, to December 31, 2010, for 33 blocks awarded in the fifth round of NELP.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
The Prime Minister's office is understood to have declined an extension to Subir Raha, the high profile chairman of Oil and Natural Gas Corporation.
The Turkmenistan event underscores the lengths to which China's oil-and-gas companies will go to curry favour in resource-rich locales.
Reliance Industries Ltd plans to invest over Rs 4,500 crore (Rs 45 billion) in laying 5,895 km of product pipelines across the country as a precursor to begin the retailing of petrol and diesel.
