Oil Minister M Veerappa Moily has asked the finance ministry to cut duties on branded petrol and diesel that offer better mileage and help cut fuel consumption.
RPL, a unit of Reliance Industries, had sought nod to export the entire liquefied petroleum gas production in the six months to fully commissioning its 580,000-barrels per day refinery in the Jamnagar special economic zone. RPL, in which US energy major Chevron Corp has 5 per cent stake, is likely to start producing fuel from the unit being set up adjacent to parent firm's existing 660,000 bpd refinery at Jamnagar in the next few weeks.
Full-service carrier Kingfisher Airlines has sought permission from the petroleum ministry to extend the date for paying dues to public sector oil companies for aviation turbine fuel.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
A final decision on these would, of course be taken by the new Union cabinet. The bottomlines of three OMCs -- Indian Oil, Hindustan Petroleum and Bharat Petroleum - have been in the red on account of subsidised sales of petrol, diesel, kerosene oil and liquefied petroleum gas. Notably, the Indian basket of imported crude oil touched a peak of $142 a barrel in last July.
Trade deficit during the month narrowed to $17.4 billion as against $12.72 billion in the same month last year
Indian Oil Corporation is India's only Fortune 500 company.
Apart from the central ministries, other respondents include oil marketing companies, Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
Petrol and diesel prices were hiked for the fourth consecutive day on Saturday by 35 paise per litre, pushing the total increase in rates on petrol to Rs 36 per litre and on diesel to Rs 26.58 since early May 2020 when taxes on the two fuels were raised to record levels. Petrol in Delhi now costs Rs 107.24 a litre and diesel comes for Rs 95.97, according to a price notification of state-owned fuel retailers. The latest increase that follows the unrelenting hike in international oil prices has pushed pump rates across the country to their highest-ever levels.
The Cabinet Committee on Economic Affairs deferred on Thursday a decision on sharing royalty earned from oil output with states.\n\n
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
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.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion, the Minister informed the Lok Sabha on Tuesday.
The main export sectors including engineering, petroleum products and gems and jewellery have recorded negative growth.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
Exports rise for 8th month, albeit at lower pace
Govt diverts Rs 253-crore subsidy savings to the poor.
It was under his stewardship of the Union Rural Development Ministry that NREGA, the flagship rural livelihood scheme, was implemented.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
The petroleum ministry has sought additional oil bonds worth about Rs 13,000 crore (Rs 130 billion) to cover the revenue loss on fuel sale in the fourth quarter of the current fiscal.
Iran may put the $22 billion deal to sell liquefied natural gas to India on the backburner as New Delhi refuses to re-open the contract sealed two years ago, according to an assessment by the petroleum ministry.
A ministry official said just like an internal financial audit, a green audit would protect stakeholders.
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
After her elevation as defence minister, Sitharaman has become a member of the cabinet committee on security headed by the prime minister.
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