Supplementary provisions exceeded the original provision by as much as 239,900 per cent in 2014-15.
A probe is on into the accident, though prima facie a gas leak in the sea cooling water system was attributed to the fire.
The company said the new model would be available for sale in sugarcane-producing Maharashtra, Uttar Pradesh and Karnataka, to begin with.
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
The committee said whatever benefit RIL received in terms of the migrated gas is liable to be returned to the government.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
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While the Cabinet has approved doubling of gas price from April 1 next year, Oil Ministry is proposing that old rates of $4.2 per million British thermal unit apply to gas from D1/D3 and MA fields in eastern offshore KG-D6 block till it proved that RIL had proved less than targets only because of geological factors.
Delhi police on Saturday filed chargesheet against 13 persons arrested in connection with the petroleum ministry document leak case.
'If the government starts playing favourites, if the government acts in a manner which is not transparent, then natural resources which belong to not just you and me, but future generations, they fritter away. The anger against corruption, the anger against India's natural resources being looted is a consequence of the fact that within society there is a huge amount of turmoil and discontentment. Why should an Empowered Group Of Ministers or the Cabinet Committee on Economic Affairs decide the administered price of gas?' asks Paranjoy Guha Thakurta in this exclusive interview with Rediff.com's Sheela Bhatt.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
Government considering proposal to allow conversion of used cooking oil into biodiesel, say Shine Jacob and Shreya Jai.
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
India is building its oil reserves in underground rock caverns and tanks
Dispute resolution provisions in the production sharing contract remained unimplemented, while the regulator faltered, points out Jyoti Mukul.
The petroleum ministry has blamed negligence for causing the devastating fire at state-owned gas transporter GAIL India Ltd's gas pipeline in Andhra Pradesh that killed 22 people.
Wielding a broom, the prime minister took part in the drive along with fitness influencer Ankit Baiyanpuriya.
Govt looks to take cooking gas to tiger reserves, Naxal-hit areas
The government allowed sugar companies and distilleries to make hand sanitizers using ethanol. Sugar companies supply ethanol to oil marketing companies for blending with petrol.
Saurabh Patel, energy minister, Gujarat, who has handled the energy portfolio since 2002, speaks to Archis Mohan on GPSC's investment in the KG basin and says the criticism is politically motivated.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
Delhi Police on Thursday arrested 2 more persons in connection with the corporate espionage case.
The Centre-appointed committee on Saturday launched its probe into the Gas Authority of India Limited pipeline fire tragedy in East Godavari district of Andhra Pradesh that has claimed 16 lives.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Indeed, this is one policy area where the Modi-led government is different from the one that was headed by Atal Bihari Vajpayee.
The company is looking to invest more than $3 bn over the next three years.
Petroleum Minister Dharmendra Pradhan on Tuesday put state-owned ONGC and OIL on notice saying oil and gas reserves they hold need to be monetised through joint ventures with domain experts or the government will take them away and auction them. Speaking at BNEF Summit, he said state-owned firms cannot indefinitely sit on resources when the nation is a net importer of oil and gas. Despite India bidding out acreages to private and other companies since the 1990s, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) hold a "sizeable number of acreage for years," he said.
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
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Following adverse media reaction to the June 27 decision of the Cabinet Committee on Economic Affairs, the finance ministry had issued an office memorandum asking the petroleum ministry to see if there was a way to make RIL clear its gas supply backlog at the existing price.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
Both of them will be produced in court around noon.
Use of 10 per cent ethanol-blended petrol has led to a saving of over Rs 41,000 crore in the foreign exchange for the country, minister of state for environment, forest and climate change Ashwini Kumar Choubey said on Wednesday. Speaking at an online event of auto industry body SIAM on sustainable mobility, the minister said the government is working in multiple ways to encourage sustainable mobility. "India recently achieved 10 per cent ethanol blending target 5 months in advance, saving over Rs 41,000 crore worth of fuel imports for the nation," Choubey noted.
'Individual beneficiary desirous of availing the benefits under the scheme (PMUY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication,' said a gazette notification issued by the ministry of petroleum and natural gas.
Changes in global oil and gas rates matter more to India's economy than other major economies because the country imports around 87 per cent of its oil, half of its gas in the form of LNG, and over 60 per cent of its LPG.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
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