Anil Ambani's Reliance Natural Resources continued its attack on the government for allegedly favouring brother Mukesh Ambani's Reliance Industries Ltd on the sale price of gas from the Krishna Godavari D6 basin. At $4.2 per million British thermal unit (mBtu), the price fixed, there is a premium of more than 100 per cent over the gas available through the administered pricing mechanism, it said.
India's oil minister Murli Deora said on Saturday that the\ngovernment would consider a downward revision of fuel prices if international crude\nprices came down.
Deregulating petrol and diesel prices has been on the cards since the crude oil prices came down by $100 from the historic high of $147 a barrel, a few weeks back. But with the rates climbing again, doubts are being cast if prices can actually be freed. Crude oil prices are ruling at $71-72 a barrel, a seven-month high.
The government is likely to take a decision on revising fuel prices by the end of this month, petroleum minister Murli Deora said on Monday.
The government on Monday refused to review its decision rejecting the price of natural gas proposed to be sold by Reliance Industries Ltd to an Anil Ambani group firm.
India expects to finalise an agreement on the tri-nation pipeline that will bring natural gas from Iran via Pakistan by the middle of next month, Petroleum Minister Murli Deora said on Wednesday.
Dr Manmohan Singh first embossed himself on the national consciousness when as India's finance minister he flagged off economic reforms which changed this nation forever.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
Deora's visit assumes importance in view of Musharraf's proposals to China and China's quest for shorter, safer and commercially viable routes for importing gas and oil.
In first clear indications of a further reduction in petrol and diesel prices, Petroleum Minister Murli Deora on Monday said the government was considering passing on the benefit of the fall in international crude oil prices to consumers.
A price reduction may be considered if crude oil falls to $61 per barrel, he said. The basket of crude oil India buys was at this year's lowest of $68.81 per barrel. Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing about Rs 280 crore (Rs 2.8 billion) per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed them to align retail prices with cost of production.
Petroleum Minister Murli Deora is likely to meet Finance Minister P Chidambaram later this week to seek greater compensation for oil companies, who are currently losing about Rs 450 crore (Rs 4.5 billion) a day on fuel sales. Indian Oil, Bharat Petroleum and Hindustan Petroleum are likely to see doubling of revenue loss on sale of petrol, diesel, domestic LPG and PDS kerosene to Rs 150,000 crore. The three fuel retailers together lost Rs 77,304.50 cr on fuel sale in 2007-08.
Prices of petrol and diesel will not be reduced immediately as oil companies continue to make losses even after the recent fall in international oil prices, Petroleum Minister Murli Deora said on Wednesday.
Kapoor told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the MF Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the Padma Bhushan award.
Petroleum Minister Murli Deora said on Monday the Centre was trying its best not to increase the prices of petroleum products like petrol and diesel even though the international oil prices had registered an upward trend in the past few months.
Congress MP Shashi Tharoor on Saturday (local time) highlighted how India responded in a measured and calibrated manner towards terror bases and headquarters in Pakistan, following the dastardly Pahalgam terror attack in which 26 people were killed.
Hindustan Petroleum Corporation Ltd will invest over Rs 900 crore (Rs 9 billion) on expansion and modernisation of its retail network in 2006-07, Petroleum Minister Murli Deora said on Tuesday.
'Mr Modi has the power and pre-eminence in the BJP-RSS to choose how long he wants to serve, and he is definitely going to want to contest in 2029.' 'He will only be 79, as old as Donald Trump now, and fitter,' observes Shekhar Gupta.
CPI leader Gurudas Dasgupta asked the government on Monday to reduce the tax burden on petroleum products and clubbed their consumption in the country.
"What I would have really liked is if Rahul Gandhi got involved in a government a long time ago, like me and like a lot of my other colleagues. I think if he got into government like five yeas ago, when we came back into power in 2009, a lot would be different for our government. "A lot would be different for our party. A lot would be different for Rahul also, perhaps, in terms of being able to say he has experience," the Mumbai South member of Parliament told NDTV.
The Congress on Thursday urged External Affairs Minister S Jaishankar to take up strongly with Canadian authorities reports of a float depicting the assassination of former prime minister Indira Gandhi being part of a parade in Brampton.
'Anti-incumbency against sitting MPs and the government is a big issue here. We will win all seats in Mumbai'
Mukherjee presented the Union Budget in the Parliament on Friday.
Kapoor has told the Enforcement Directorate that he was 'forced' to buy the M F Husain painting from Priyanka Gandhi and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, according to the charge sheet filed by the federal anti-money laundering agency in a special court in Mumbai.
The industry, however, has opposed any specific allocation for the purpose, saying CSR should be self monitored without any government supervision.
Corporate affairs minister Murli Deora has supported the recommendations of the Parliamentary standing committee to make spending under corporate social responsibility (CSR) mandatory under the proposed Companies Bill. Pending the Bill, the minister also announced a slew of measures to simplify procedures akin to the licence raj.
The finance minister as part of his pre-Budget consultations is meeting industry bodies and ministers and has slotted Deora for June 15, a source said. On Deora's agenda will be getting back the seven-year exemption or holiday from payment of income tax for natural gas producers. He may also press for infrastructure status for natural gas.
Besides Mukherjee and Deora, the EGoM would have power minister Sushilkumar Shinde, fertiliser minister M K Alagiri, law minister Veerappa Moily and Planning Commission deputy chairman Montek Singh Ahluwalia.
Farhan Azmi, son of state Samajwadi Party chief Abu Asim Azmi, on Tuesday said he was in the reckoning to contest against sitting Congress Member of Parliament and Union minister Milind Deora from the posh Mumbai South constituency in the upcoming Lok Sabha polls.
Minister of Petroleum & Natural Gas Murli Deora has welcomed the General Budget for 2010-11 presented by the finance minister on Friday in the Lok Sabha.
Public-sector oil retailers are projected to lose Rs 45,571 crore on selling petrol, diesel, domestic LPG and kerosene below cost.
The Congress core group is meeting later in the evening where the implementation of Kirit Parikh Committee report on fuel pricing reforms may be discussed.
Petroleum secretary RS Pandey said the ministry explained the revenue losses that state run companies were incurring on sale of petrol, diesel, domestic LPG and kerosene.
The goverment on Wednesday ruled out any increase in petrol and diesel prices despite international crude oil prices touching an all-time high.
Though the government had earlier this fiscal explicitly decided to compensate Indian Oil, Hindustan Petroleum and Bharat Petroleum for the losses they incur on selling domestic LPG and kerosene through PDS by way of oil bonds, the finance ministry has not issued any bonds for the three quarters.
A core group of ministers on Wednesday held inconclusive deliberations on a proposal to raise fuel prices, necessitated by a spike in global crude prices that threatens to spawn an oil import crisis.
"Deora's ability to be a good listener, and his understanding of business, as he is an industrialist himself, helped the empowered group of ministers reach a decision that more or less has satisfied all parties," a senior official says.
Union Petroleum Minister disclosed the decision on fuel prices will be taken on Jan 17, in the GoM meet.
Petrol is currently sold at a loss of Rs 6.68 per litre and diesel at Rs 5.81 per litre. Naik said the Vajpayee government had given Navratna oil firms the freedom to decide fuel prices.
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