Wholesale price-based inflation remained in the negative territory for the fifth straight month in August at (-)0.52 per cent, but prices of food articles and fuel showed an uptick. The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)1.36 per cent in July. In August last year it was 12.48 per cent. Inflation in food articles remained in double digit at 10.60 per cent in August, lower than 14.25 per cent in July.
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
The ministry of petroleum has approached the finance ministry to seek permission to give additional bonds worth Rs 10,000 crore to the three public sector oil marketing companies --Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd--to help them close the last fiscal with a profit.
Iraq has urged the international community to help prevent ISIS from gleaning profits from oil smuggling
The government on Friday approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like US-based Tesla. According to an official statement, the companies setting up manufacturing facilities for e-vehicles will be allowed to import a limited number of cars at lower customs duty. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers, it added.
Oilseed output to surpass its previous record of 32.75 mt in 2013-14 to 33.59 mt this year
Petroleum Minister Murli Deora on Wednesday dismissed reports of diminishing oil stocks in Mumbai due to non-operation of ports after the oil spill off the coast of the metropolis.
Production of eight infrastructure sectors recorded an almost flat growth rate of 6 per cent in February as against 5.9 per cent in the same month last year, according to official data released on Friday. The growth in February is lowest in the last three months. The output of core sectors had increased by 8.9 per cent in January 2023 and 7 per cent in December 2022.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise by this weekend.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
'Modi is trying avenues to convince people why they should vote for the BJP.'
Divestment Ministry on Friday said it has received in-principle clearance from Petroleum Ministry and is going ahead with the sale of government equity in Oil India Ltd (OIL).
India is building its oil reserves in underground rock caverns and tanks
Oil Ministry officials insisted that Defence Ministry cannot withdraw the clearance after 12 years of exploration.
India also went on an overdrive in expanding its military engagement with like-minded countries in its neighbourhood and beyond in the face of China's relentless attempts to become a regional hegemon and establish its primacy in South Asia.
The oil ministry has asked refiners to defer planned maintenance of refineries to ensure smooth supply of oil products if there is a US-led invasion of Iraq, a government official said
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
The newly formed Cabinet Committee on Investment will soon consider clearing 47 oil & gas blocks, including Reliance Industries' producing KG-D6 gas fields, where defence clearance has either been withdrawn or withheld.
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13.
For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
The Odiya strongman, who delivered stunning victory to the BJP as the in-charge of Bihar unit, straight away got down to work after taking charge of the high-profile ministry.
Iran's seizure of a British-flagged oil tanker was allegedly due to a collision with an Iranian fishing boat, Iran's official news agency IRNA said.
CNG prices in Mumbai may have to be hiked by about Rs 16 per kg and piped cooking gas by Rs 10 after government decided to divert some of its cheaper domestic gas to Gujarat.
Among the Sensex firms, Asian Paints, Tata Steel, HCL Technologies, Nestle, Maruti, JSW Steel, NTPC and Larsen & Toubro were the major laggards. Sun Pharma, Bajaj Finserv, Reliance Industries, State Bank of India and Bharti Airtel were the gainers.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel has gone up from Rs 86.67 per litre to Rs 87.47. Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.
A newspaper vendor from Neknoor in Maharashtra tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Profit on sale of diesel swelled to Rs 1.90 per litre as oil ministry awaits return of Prime Minister Narendra Modi to cut rates.
Fertiliser production dropped sharply by 11.5 per cent, crude oil by 5 per cent and natural gas by 0.9 per cent in October over the year-ago month
The ministry in a letter dated May 15 overruled Petroleum and Natural Gas Regulatory Board's de-recognisation of Indraprastha Gas Ltd, saying IGL was government's authorised entity for city gas projects in Delhi, NOIDA, Gurgaon and Faridabad. PNGRB had asked IGL, the company owned by state-run GAIL and BPCL and Delhi Government that retail CNG to automobiles and piped natural gas to households in national capital region, to stop all incremental activities.
He sought oil bonds from the finance ministry to cover 57.1 per cent of the total Rs 77,000 crore losses suffered by the oil companies in 2007-08.
India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
He further said that the "focus is on horizontal drilling" as rock formation has created challenges for vertical drilling.
In a statement, the state government alleged 'malicious attempts' to discourage the use of products lacking a halal certificate not only seek 'unfair financial benefits' but also form part of a 'pre-planned strategy to sow class hatred, create divisions in society, and weaken the country' by "anti-national elements".
The petroleum ministry said there was no proposal to merge IOC and ONGC though the divestment ministry had made such a suggestion.
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