For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
Decline 10 per cent, imports down five per cent, confirming sluggishness in domestic economy.
Govt notification on $8.4 a unit price likely by month-end
According to estimates, if the companies are not allowed to raise petrol rates at least Rs 5 a litre by the first fortnight of September, they might begin to suffer underrecoveries on this decontrolled auto fuel, too -- for the first time this financial year.
Imports rose by 1.44 per cent to $43.44 billion in March 2019.
Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
A major policy to buy bio-diesel from growers at the rate of Rs 23 per litre was in the offing as the central government would direct oil companies to purchase it through its outlets in the country, a senior officer of Petroleum Conservation Research
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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.
The power and fertiliser companies should be prepared to pay higher prices of natural gas as the petroleum ministry favours economic pricing of the fuel, an official said on Thursday.
Meanwhile, Uttarakhand, Kerala and Delhi have already announced cut in value added tax on petrol.
The group of ministers' meeting on Tuesday on raising natural gas price for fertilizer and power units and setting up a regulator for the oil sector remained inconclusive.
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
Cairn India had written to the petroleum ministry about its plans for the block, said a person close to the development.
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
A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
India's import trade is regulated by the office of the Director General of Foreign Trade and its regional offices functioning under the Ministry of Commerce.
Industry officials say the crunch has not only affected manufacturing of edibles but even of items like nozzle pumps and other goods used in packaging.
Reliance Industries and Essar Oil are keen on buying crude oil from Cairn India's Rajasthan fields even as the petroleum ministry struggles to find takers of the nation's most prolific oil discovery among public sector firms.
India's oil product consumption, an indicator of the state of economy, rose a massive 10.1 per cent in August to 7.5 million tonnes on back of increased demand for petrol and diesel.
The finance ministry has restricted tax holidays to only new refineries run by public sector firms and has barred units under construction by private sector companies like Essar Oil from the benefit.
The Petroleum Ministry has proposed a 33 per cent hike in the price of natural gas produced by ONGC and Oil India and gradually increase it to $4.20 per mmBtu set for gas from Reliance Industries' KG-D6 fields.
With international crude oil prices dipping to last year's levels, the government has put the issue of cutting motor and cooking fuel prices back on the agenda to tame inflation, two senior oil ministry officials have said.
The government had last sold 5 per cent stake in ONGC in 2012 for Rs 14,000 crore (Rs 140 billion).
Imports rise at highest pace in more than 2 years as crude oil price spikes.
Government websites -- including those of the Prime Minister's Office, home and petroleum ministries, and the department of telecommunications -- were out of service for many hours on Monday. An official attributed the cause to firewall problems.
SpiceJet grounded all its aircraft due to payment woes
Concerned over growing resistance from the Opposition and some of the allies of the ruling National Democratic Alliance, the divestment ministry appears to have given up hopes of any big-ticket privatisation.
'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.
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.
Human memory about policy issues is short. That alone can explain why many are deliriously happy with his latest slogans and ignore seven years of poor 'doing business' climate, taxtortion, extortionate oil prices, and high dependence on babus and the big State that has kept the enterprise system stifled, observes Debashis Basu.
International oil prices have been hovering at that level for a while and have prompted the government to think of another round of price reduction. Petroleum minister Murli Deora had said in Mumbai on Saturday that petrol, diesel and LPG (cooking gas) prices could be reduced by Rs 5 a litre, Rs 3 a litre and Rs 25 a cylinder, respectively.
I admire Kejriwal's intelligence but pity the fact that he had to use all the ingenuity and scheming to achieve his revenue enhancement goal, says Sudhir Bisht.
India will start exporting diesel and other petroleum products to Myanmar next month from the Numaligarh refinery in the eastern state of Assam, a petroleum ministry official said Wednesday.\n\n\n\n
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