Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
'If 5% of the total revenue was spent on LPG (pre-war), it is now expected to double. The overall food cost in restaurants is expected to rise by 4-6%.'
The Indian government is actively developing a policy for flex-fuel vehicle adoption and aiming for 100 per cent ethanol blending in petrol to enhance energy self-reliance, particularly in light of supply disruptions from the West Asia conflict.
The Petroleum Planning and Analysis Cell (PPAC) has denied an RTI request for data on oil imports from Russia, citing its 'commercial and confidential' nature and exemptions under the RTI Act. The Central Information Commission supported this decision, referencing strategic and economic interests.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.
Questioning the idea of market-determined prices for natural gas favoured by the petroleum ministry, the Planning Commission said on Tuesday that given the shortage of the fuel, the government had a role to play.
Inter-ministerial committee held it first meeting on subsidising costlier imported LNG by making consumers of cheaper domestic natural gas pay more.
The government may for the first time in about five years raise price of natural gas produced by state-owned firms like Oil and Natural Gas Corporation after the finance ministry and the Planning Commission backed the proposal for a 30 per cent hike.
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.
A meeting of the Group of Ministers on freeing natural gas pricing from government control would be held next month, Petroleum Minister Ram Naik said in Lok Sabha on Thursday.
With domestic production of just over 140 million standard cubic meters per day meeting barely half the demand, India is importing 10 million tons of liquefied natural gas per annum and is looking at unconventional sources like shale gas.
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
As the government began consultations with stakeholders on raising gas prices, gas producers and consumers met a committee of secretaries separately with their pleas on the issue.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
In a veiled attack on US President Donald Trump, Canada's Minister of Energy and Natural Resources Tim Hodgson on Tuesday said India's free trade agreement with the European Union is a "perfect" answer to global hegemons that use tariffs and economic integration as tools of coercion.
RIL has been selling gas from KG-D6 at the same price since it started production in April 2009.
'Tarique Rahman's refrain during the electoral campaign was that the minorities are safe under BNP. He has to honour that promise.'
A post by the oil ministry featuring V.D. Savarkar alongside Mahatma Gandhi and other freedom fighters has drawn criticism from the Congress party, accusing the BJP of distorting history.
The operating performance of the country's largest passenger carmakers, Maruti Suzuki India (MSIL) and Hyundai Motor India (HMIL), in the July-September quarter (Q2) of 2025-26 (FY26) outpaced brokerage expectations.
Minster of Petroleum and Natural Gas Murli Deora on Monday commissioned the first stretch of the Dahej - Panvel - Dabhol pipeline from Dahej to Surat.
GAIL India's second quarter (Q2FY25) performance met expectations.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
Re-instatement of 5% custom duty on crude imports will help.
The first stretch of Dahej-Panvel-Dabhol pipeline, which will feed natural gas to the beleaguered Dabhol power project in Maharashtra, has been commissioned.
'Trump does have a master plan in mind to put pressure on India with the additional tariff of 25 per cent to get Modi to persuade Russian President Vladimir Putin to freeze the Ukraine war.' 'It has not worked so far. By end-September only we'll know for sure the future trajectory of India's oil purchases from Russia,' observes Ambassador M K Bhadrakumar.
The January-March quarter (Q4) results for 2024-25 (FY25) from the country's largest passenger vehicle (PV) maker, Maruti Suzuki India (MSIL), were a mixed bag, with revenues broadly in line but operating profit missing Street expectations. Given cost pressures, margins at the operating level were the lowest in the past seven quarters.
Reliance Industries Limited's chairman Mukesh Ambani last week told company shareholders that his firm will supply gas to ADAG plants as and when they are ready and it is subject to the allocation being made by the government.
Indraprastha Gas Ltd, whose initial public offer of 4 crore equity shares opens on Friday, plans to expand supply of compressed natural gas to automobiles in Delhi's adjoining cities like Noida, Greater Noida, Gurgaon and Faridabad.
The prices of natural gas for power and fertiliser units are likely to be raised by 12.5 per cent to Rs 3,600 per thousand cubic metres in July, according to oil secretary M.S.Srinivasan.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
The Planning Commission on Tuesday called for linking petrol and diesel prices with international markets and made a case for raising gas prices by public sector companies.
The firm, which in recent years won the prestigious Zojila tunnel deal among other projects, forayed into city gas and acquired a media group, purchased electoral bonds of Rs 966 crore in total.
The petroleum and natural gas ministry has asked the Planning Commission to constitute a committee to suggest a mechanism to average out prices of imported and domestic gas--a move expected to make gas prices uniform for consumers.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
Lead managers to the ensuing public issue of Oil and Natural Gas Corporation have agreed not to charge any commission on participatory notes aimed at attracting large foreign investors as part of its underwriting agreement.
The finance ministry has rejected the formula and, instead, suggested an alternative that takes into account well-head prices of suppliers in Qatar, Oman, Abu Dhabi and Malaysia.
The Ratnagiri Gas and Power Pvt Ltd is likely to get gas for power production by June-end, GAIL (India) chairman UB Choubey said.
The Cabinet Committee on Economic Affairs had first on June 27, 2013, and then on December 19, 2013, decided to price all domestically produced natural gas, including unconventional fuels such as coal-bed methane and shale gas, at an average of international hub rates and the cost of importing liquefied natural gas.
Royal/Dutch Shell on Friday said its $600 million liquefied natural gas import and regassification terminal at Hazira will be commissioned in the second half of 2004 and hoped to make available gas at very competitive price by the year end.
While a new formula for pricing of all domestically produced natural gas was notified on January 10 and published in Gazettee on January 17, the Election Commission last month asked the government to defer its implementation till general elections are completed.
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