Reliance plans to shut two-third of its 1,400 petrol pumps in the country by next month as it is unable to match the fuel price offered by state-run retailers, who get compensated by the government for selling fuel below the cost. Reliance and Essar make huge losses on selling petrol and diesel at prices higher than Indian Oil, Bharat Petroleum and Hindustan Petroleum. On an average, fuel at private outlets is costlier by Rs 4 to 5 a litre than the PSU pumps.
With the rise of global crude oil prices - currently nudging $100 per barrel - the "losses" of the three government-owned oil marketing companies have gone up to a whopping Rs 240 crore (Rs 2.4 billion) per day.
NDA demands fresh probe into Netaji's disappearance
The thrust of the conclave would be to expose the UPA's failures on price rise and inflation which has hit the the common man adversely.
The main accused in the Dinakaran newspaper office attack case 'Attack Pandi' on Tuesday surrendered before the police in Madurai and was produced before a lower court, which remanded him to nine days judicial custody.
The government on Thursday decided not to increase petrol and diesel prices, and issue oil bonds worth Rs 23,457 crore (Rs 234.57 billion) to partly compensate public sector oil companies for the losses incurred on fuel sales."We have kept our promise of not raising prices of sensitive petroleum products," Petroleum Minister Murli Deora told PTI after a meeting of the Cabinet.
Natural gas producers like Reliance Industries will need government approval for the formula used to calculate the price of the fuel, Petroleum Minister Murli Deora said on Tuesday.
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.
Australia on Tuesday invited Indian companies to take part in exploration of natural gas but expressed inability to supply LNG to India in the short term.
The north-eastern states are keen to have a proposed gas pipeline from Myanmar routed through the region as they believe the project could bring about a development windfall.
Former Union minister Murli Manohar Joshi will present the resolution at the executive and will be the point-person of the BJP on the issue.
Besides late Shiv Sena supremo Bal Thackeray and former prime minister Indira Gandhi, NCP president Sharad Pawar also figured in the posters.
The price of the Indian basket of crude oil touched an all-time high of $75.30 per barrel on Thursday, the latest day for which data are available, sending alarm bells ringing in the government.
Petroleum Minister Murli Deora would visit Pakistan early next month to sort out differences over transit fee for the $7 billion Iran-Pakistan-India gas pipeline.
Petrol dealers called off the strike planned for Friday to protest against government not passing off the benefits of drop in prices of petroleum.
The average price of Indian basket of crude oil during 2007-08 (upto August) has increased to $68.34 per barrel as compared to 62.46 dollars a barrel during 2006-07.
Murli Deora has expressed optimism over the IPI gas pipeline project, confirming that talks are on with both Iran and Pakistan to finalise the project.
The Centre is examining proposals for foreign direct investment in the education sector on case by case basis, the Rajya Sabha was informed on Friday.
'Having spent four years in that country and been able to assess the thought process of their military up close, I am of the opinion that a reprisal is inevitable.' 'The Pak military lives in a high ego make believe world (even believing a nuclear war is fightable!) and I know they WILL respond soon enough,' says Group Captain Murli Menon (retd).
The strike had threatened to cripple aviation refuelling and refinery operations, oil and gas production and auto fuel as well as domestic cooking gas supplies.
Kazakhstan will give ONGC Videsh Ltd an oil block in the Caspian Sea.\n\n
Take a look at the famous faces who exercised their democratic right.
'Drone warfare has come to stay.' 'India should exploit the expected Reaper acquisition from the US to build an effective counter terror campaign,' argues Group Captain Murli Menon (retd).
Joshi courted arrest after he made a speech and was taken away in a police bus.
Who would your 30 probables for the World Cup be? Please fill in your choices and don't forget to share it with as many members of your family, friends and colleagues so they can make their lists as well!
Human Resource Development Minister Murli Manohar Joshi on Thursday questioned the quality of IITs, saying that large-scale spending on the nation's premier technology schools was not paying back enough dividends.
Mittal said his steel plants were getting gas at no less than $6 per million British thermal unit (mBtu), much lower than the $4.33 per mBtu price proposed by RIL.
Launching a major global initiative for attracting foreign investment in the hydrocarbon sector, India on Monday held a roadshow in London for auctioning 55 oil and gas exploration blocks.
India-born billionaire Lakshmi N Mittal will invest Rs 3,200 crore (Rs 32 billion) in taking 49 per cent stake in Hindustan Petroleum Corporation Ltd's $3 billion Bhatinda refinery.
India expects to attract at least $4 billion of investment in oil and gas hunt in the seventh round of auction of acreage under New Exploration Licensing Policy (NELP) which was launched on Thursday.Petroleum Minister Murli Deora announced the offer of 57 oil and gas blocks - nine in shallow water, 19 in deep-sea and 29 onland, in NELP-VII, bids for which will close on April 11, 2008.
On the first day of winter session, Prime Minister Narendra Modi reached out to the Opposition.
The United Progressive Alliance government on Thursday announced slashing petrol and diesel prices by Rs 2 and Re 1 per litre, respectively, with effect from midnight on Thursday -- as part of measures to tame soaring inflation.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
Petroleum Minister Murli Deora on Tuesday sought a Re 1 per litre cut in excise duty on diesel to contain runaway inflation.
Petroleum Minister Murli Deora reviewed the impact of floods in Gujarat on oil installations and supply of products on Thursday.
Indian Oil Corporation wants to set up a petrochemical plant in Yemen provided it is allocated a gasfield, a senior company official said on Friday.
Petroleum Minister Murli Deora on Friday said the government would wait for international crude prices to stabilise before announcing any cuts in domestic petrol and diesel prices.
Government said on Tuesday it was commited to Oil and Natural Gas Corporation's mega investment plans in petrochemical projects and special economic zone at Mangalore and there was no going back on it.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
The government is likely to decide within the next two days whether to hike petrol and diesel prices to provide some relief to state-run oil marketing companies, Petroleum Minister Murli Deora indicated on Monday.
