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.
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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.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
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.
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.
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.
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.
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.
'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.
CAG had in its previous reports slammed Oil Ministry and its technical arm DGH for not exercising enough control and vigil over KG-D6 block.
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.
Experts say finding a solution within the high court-mandated timeline of six months may be tough.
Health Minister Mansukh Mandaviya, Civil Aviation Minister Jyotiraditya Scindia, Railway Minister Ashwini Vaishnaw and other ministers took charge of their respective offices on Thursday, a day after taking oath at a ceremony held in the Darbar Hall of the Rashtrapati Bhavan.
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.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
Stating that many people have not yet got the card and were being harassed by government agencies, Mamata Banerjee said that the Centre should make a single identity card which would be common for all purposes.
Fifteen Cabinet ministers and 28 Ministers of State were sworn-in by President Ram Nath Kovind at a ceremony at Rashtrapati Bhavan on Wednesday evening.
The blaze at the Oil India Ltd's oil well is so massive that it can be seen from a distance of more than two kilometres, eyewitnesses said.
The apex court sets aside Delhi HC order on the oilfield.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
Modi called for timely evacuation of those involved in off-shore activities.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
With the Petroleum Ministry opposing disinvestment of IOC in the market, government is exploring the option of selling its shares to other oil PSUs like ONGC and OIL.
Ministers in the Narendra Modi government have been busy making presentations on their 100 days of work. But what these presentations do not mention is that decisions by ministers have been few, with plenty of papers and files moving to the Prime Minister's Office, which is increasingly emerging as a centralised clearance point, even for routine and ordinary issues. Though policy paralysis was a term used freely for the United Progressive Alliance regime, questions are now being raised about pending decisions across ministries and whether at least some ministers have turned redundant.
UB group chairman Vijay Mallya on Tuesday said that Delhi Chief Minister Arvind Kejriwal was pursuing "unconventional methods" to attain his objectives while asserting that there should be no "witch-hunt" against industrialists.
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These are FM radio, uplinking news & current affairs, print media (news & current affairs), commodity exchanges, stock exchanges along with depositories and clearing corporation, power exchanges, petroleum & natural gas refining, insurance, defence production and private security agencies.
The government will seek Parliament's approval for Rs 37,000-crore additional spending on infrastructure development in the second batch of supplementary demands for grant. Earlier this month, Finance Minister Nirmala Sitharaman had announced additional budget of Rs 25,000 crore as capital expenditure (capex) on roads, defence, water supply, urban development and domestically produced capital equipment. Besides, the central government approved issuance of a special interest-free 50-year loan to states of Rs 12,000 crore for infrastructure development.
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The scheme was launched in 2012 in collaboration with three Oil Marketing Companies and Union Ministry of Petroleum and Natural Gas for which Delhi Government had incurred an expenditure of Rs 62 crore (Rs 620 million).
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
A panel headed by Economic Affairs secretary Arvind Mayaram had suggested FDI limit be raised to 49 per cent in almost all sectors through the automatic route.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Congress stalwart Murli Deora passed away on Monday morning after battling a prolonged illness. He was a politician who shared rapport across the political and corporate spectrum.
ONGC must tackle several issues first only then it can turnaround its fortunes.
In a presentation to investors in Mumbai last week, Aramane Giridhar, Joint Secretary (Exploration) gave detailed reasons for pendency of decisions in the Ministry of Petroleum and Natural Gas where officials approved of decisions but refused to issue formal orders, resulting in delays in production of oil and gas.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
The prohibition has freed up as much as 60 million litres of ethanol
