The hike in MAT will not be earnings dilutive but will only be cash flow dilutive.
The Indian government has refuted claims of fuel shortages, asserting that the country possesses approximately 60 days of fuel stock cover and that all petrol pumps are adequately stocked and operating normally.
Amidst the ongoing conflict in West Asia, the Oil Ministry assures citizens that India's LPG supply remains secure, with no need for panic booking of cylinders. The normal delivery cycle of two-and-a-half days is being maintained, and crude oil is being sourced from diverse routes.
Prime Minister Narendra Modi addresses the Rajya Sabha, detailing India's strategies to navigate the global energy crisis sparked by the West Asia conflict, including securing diverse energy sources and expanding strategic oil reserves.
The petroleum ministry has prepared a draft Cabinet note for raising prices of natural gas produced by ONGC from fields given to it on nomination basis to Rs 3,765 per thousand cubic metres (or $1.98 per million British thermal unit) from current Rs 3,200 per thousand cubic meter ($1.68 per mmBtu). For OIL, the gas price has been proposed at Rs 4,205 per thousand cubic meters, a senior ministry official said.
Donald Trump has warned Iran to open the Strait of Hormuz within 48 hours or face military action, escalating tensions amid regional conflict and impacting global oil supplies.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
Despite Iran allowing 'non-hostile vessels' through the Strait of Hormuz, marine insurance premiums are expected to remain elevated due to persistent high-risk classifications and ongoing geopolitical tensions, with experts cautioning that the threat of attacks and collateral damage still exists.
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
A woman and her alleged lover have been arrested in Belagavi, Karnataka, for the murder of her husband, an Ayurvedic therapist, after attempting to disguise it as a natural death.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
US President Donald Trump has indefinitely extended the ceasefire with Iran at the request of Pakistan, aiming to allow Tehran's leadership time to form a unified proposal to end the seven-week war.
An Indian-flagged crude oil tanker, Jag Laadki, safely sailed from the UAE's Fujairah port despite an attack on the terminal and is scheduled to reach India. The Indian government is working to ensure the safe passage of remaining Indian-flagged vessels in the region.
The projected output will come from satellite fields in the eastern offshore KG-D6 block as well as North East Coast block NEC-25, off the West Bengal coast.
IRGC said vessels seeking to sail through the strategically critical Strait of Hormuz must obtain Iran's approval; otherwise, they could become targets of Iranian attacks.
In a report released at the VI Asia Gas Partnership Summit, Mckinsey said the current demand of 166 mmscmd -- made up of nearly 132 mmscmd supplies from domestic fields and the rest from imported LNG -- is likely to rise to at least a minimum of 230 mmscmd and a maximum of 320 mmscmd by 2015.
The government may in 'weeks' decide on raising price of natural gas produced by state-owned ONGC and Oil India by 30 per cent, petroleum secretary S Sundareshan said on Monday.
Dudley, on a stop-over visit on way to Shanghai, along with Ambani drove to Planning Commission Deputy Chairman Montek Singh Ahluwalia's residence for a breakfast meeting this morning and had sought a meeting with Law Minister Ashwani Kumar.
The Indian government has reduced excise duty on petrol and diesel to mitigate the impact of rising global crude prices, triggered by geopolitical tensions in the Middle East. This move aims to provide relief to consumers and oil companies amidst volatile international oil markets.
Tea planters in Darjeeling have raised that a shortage of commercial LPG, triggered by the ongoing conflict in West Asia, could hit tea processing during the first flush, the delicate early-season harvest that commands the highest premiums and often sets the tone for the year.
The discovery was made in block KG-DWN-2003/1, lying about 50 km from Machilipatnam in Andhra Pradesh, a company statement said. The block was awarded to Reliance Industries in the fifth round of auction under the New Exploration Licensing Policy.
State-owned Oil and Natural Gas Corp (ONGC) plans to invest $4.05 billion in producing natural gas from its ultra deepsea UD-1 discovery in a block that sits next to Reliance Industries' prolific KG-D6 fields.
The Ministry of External Affairs has confirmed that nearly 880 Indian nationals, including students, have been evacuated from Iran via Armenia and Azerbaijan due to the ongoing conflict in West Asia.
RIL is keen to hike gas price from April 2014 but due to some technical glitches, it may not be able to pass on burden of high production cost to customers.
Around one full month of supply is firmly arranged with additional procurement being continuously finalised, and oil companies are successfully delivering over 5 million cylinders every day.
India has refuted claims of payment issues hindering crude oil imports from Iran, clarifying that refiners have the flexibility to source oil from various global suppliers. The Ministry of Petroleum and Natural Gas addressed reports of a tanker rerouting to China, emphasising standard industry practices and secured oil requirements.
Two Indian ships carrying liquified petroleum gas (LPG) from the Gulf countries crossed the Strait of Hormuz early on Saturday morning, raising the number of Indian vessels safely passing through the war-hit, narrow shipping lane to three.
A rally marking the 41st anniversary of the Bhopal gas tragedy was disrupted by a controversy over an effigy allegedly depicting an RSS 'sevak,' leading to an FIR against organizers.
India should simultaneously prioritise domestic exploration and production of more oil and gas in the country, and ensure we retain diversified suppliers for imports, points out former foreign secretary Ranjan Mathai.
Currently, the government evaluates performance of six key sectors -- crude oil, petroleum refinery, cement, electricity, finished steel and coal -- on a monthly basis.
Reliance from 0600 hours today began complying with an oil ministry order asking it to first supply gas produced from eastern offshore KG-D6 fields to priority users -- urea making fertiliser plants, electricity generation houses, LPG extraction units and city gas distribution firms.
'It would be similar to what happened during COVID-19.' 'They are not just losing income, but being pushed into distress.'
The Delhi high court has ordered the removal of defamatory social media content falsely linking Union Minister Hardeep Singh Puri's daughter to convicted sex offender Jeffrey Epstein, protecting her reputation from malicious online attacks.
India's eight key infrastructure sectors grew at a slower pace of 1.8 per cent in November against 5.8 per cent in the same month last year, amid a dip in production of crude oil, natural gas, refinery products, and electricity, according to official data released on Monday.
The US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman, escalating tensions as ceasefire talks face uncertainty. The incident raises concerns about the fragile ceasefire and the ongoing blockade of the Strait of Hormuz.
An Indian-flagged crude tanker safely departed from the UAE's Fujairah after loading oil, despite an attack on the oil terminal. The Indian government is closely monitoring the situation in West Asia to ensure stable fuel supplies and maritime safety.
Prime Minister Narendra Modi and US President Donald Trump discussed the Middle East crisis, with a focus on the Strait of Hormuz.
A drone designed to tranquilise violent elephants without close human contact has been unveiled, marking a significant advancement in using indigenous UAV technology for mitigating human-wildlife conflict.
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