The Prime Minister's office is understood to have declined an extension to Subir Raha, the high profile chairman of Oil and Natural Gas Corporation.
India's oil import bill has swelled 52 per cent to $44.64 billion in 2005-06 on the back of high global oil prices.
Terming allegations levelled by India Against Corruption as "baseless and frivolous, the oil ministry in a six-page statement said the Congress-led UPA-I and UPA-II governments under Prime Minister Manmohan Singh have been "consistently protecting the national interest".
India's crude oil imports soared over 8 per cent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
The connections will be released on completion of Know Your Customer formalities and de-duplication of the applicants across all the three Oil Companies to ensure that multiple connections are not released.
The exhibition of artefacts -- in physical and digital formats -- will be done on the same floor level where the leaders' meetings will take place, and they will walk through this 'cultural corridor' while moving into and out of the summit room, official sources said.
The wholesale price-based inflation declined to a 19-month low of 8.39 per cent in October, on easing prices of fuel and manufactured items. This is the first time in 19 months that WPI inflation print has come in single digit. Last was in March 2021 at 7.89 per cent. Since April 2021, WPI inflation remained in double digits for 18 months with September print at 10.79 per cent.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
According to Oil Ministry sources, price hike of diesel is being considered as the government scrambles to find ways to meet an unprecedented Rs 160,000 crore (Rs 1,600 billion) deficit expected this fiscal on selling diesel, cooking gas and kerosene below their production cost.
The 5-kg cylinder will be price at market rate.
Insiders said she remained closeted with top railway officials for hours finalising the Budget on Tuesday and left her Rail Bhawan office only at 3.30 am on Wednesday.
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.
.jpg)
The Oil Ministry on October 31 issued orders asking upstream oil and gas producers like ONGC and Oil India Ltd to give Rs 16,729.74 crore (Rs 167.29 billion) to make up for 47 per cent of the Rs 35,328-crore (Rs 353.28 billion) revenue that retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in second quarter.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
SpiceJet grounded all its aircraft due to payment woes
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
State-run oil firms on Thursday cut aviation turbine fuel (ATF) or jet fuel prices by 4.3 per cent in view of halving of the customs duty on the fuel to five per cent. From today, ATF in Delhi will cost Rs 66,226.66 per kilo litre, down Rs 3,000.42 per kl, while in Mumbai the price has been cut by 4.36 per cent to Rs 68,626.87 per kl, an Indian Oil official said.
Indian oil and gas exploration companies work in silos.
Anil Ambani Group never sought clarification before bids closed, says DGH.
India's net oil import bill has jumped by 51 per cent to Rs 27,135 crore (Rs 271.35 billion) in the first quarter of current fiscal on the back of sharp spike in international oil prices.
Oil Minister Murli Deora on Wednesday said his ministry is not in favour of raising diesel and domestic LPG prices as response to spurt in global crude oil prices, as the move will add to already high inflation rate.
The post fell vacant after the government refused Subir Raha an extension at the helm of the company after his first five-year term expired in May.\n\n
Oil and Natural Gas Corporation has blamed oil regulator V K Sibal of causing a crash in the company's shares by publicly rejecting a gas discovery contrary to upholding private sector claims in identical circumstances.
Reliance Industries has written to the government that it has no objection to the Comptroller and Auditor General of India auditing its gas field costs and said it is operating the field in compliance with rules.
An Oil Ministry-controlled oversight panel that overseas operations at KG-D6 fields, today decided to approve annual operating and capital expenditure for fields that has been pending for past three years, sources said.
.jpg)
Investment can only be by prospective dealers.
Labayendu Mansingh, Chairman of the Petroleum and Natural Gas Regulatory Board, is an amicable yet tough man. In his 5 months as the petroleum & natural gas regulator, Mansingh announced to the oil & gas industry his intention of proving that the regulatory board is more than a toothless tiger. The board will come out with its first set of regulations, which will lay down rules for the distribution of gas to households, vehicles & industries in cities by middle of this month.
The Cabinet on Thursday decided to allow Reliance Industries to almost double the price of natural gas from April provided the firm gave a bank guarantee to cover its liability if gas-hoarding charges are proved.
Oil and Natural Gas Corporation ONGC will tie-up with Norway's state-owned oil firm Norsk Hydro to jointly explore for oil and gas in the Gulf region.
These firms are expected to incur an under-recovery of over Rs 121,000 crore (Rs 1,210 billion) during this financial year, compared to Rs 78,000 crore (Rs 780 billion) in 2010-11.
Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities. The WPI-based inflation was 14.55 per cent in March and 10.74 per cent in April last year. "The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances