The government has cut petrol price by Rs 5 and diesel by 2 a litre with effect from midnight tonight.
The government will next week launch the 9th round of auction under the New Exploration Licensing Policy for the oil and gas sector.
Petroleum Minister Murli Deora today launched the 'Preferred Time LPG Delivery' scheme.
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.
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.
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.
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.
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 gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned NTPC, a plea also being used by the Anil Ambani group.
The first stretch of Dahej-Panvel-Dabhol pipeline, which will feed natural gas to the beleaguered Dabhol power project in Maharashtra, has been commissioned.
There is no question of the US or any other country pressurising India on the proposed Iran-Pakistan-India gas pipeline project, Lok Sabha was informed on Thursday.
Petrol and diesel prices are unlikely to be hiked in the near future, with Finance Minister P Chidambaram agreeing in-principle to share a third of the revenue loss that state-run oil firms incur on sale of fuel
Iran on Thursday made no firm commitments of honouring the $22-billion deal to export LNG to India but said will look at "ways" for early implementation of the two-year-old contract.
Black clouds of smoke were billowing from the tanks, and could be seen at least from a distance of ten kms on the Jaipur-Tonk highway. District Collector Kuldeep Ranka told PTI that a charred body was clearly visible near the IOC tank premises, but it was not possible to reach and recover it.
CNG dealers in Mumbai, Thane and Navi Mumbai region have threatened to go on strike from midnight of March 14 on the issue of dealer margin being given to them by the oil PSU's.
India is likely to sign a $145 billion deal by June to import natural gas from Iran through the proposed Iran-Pakistan-India pipeline after Tehran lowered the sale price by 30 per cent.
ONGC confirmed on discovering natural gas in KG basin off the Andhra Pradesh coast and Mahanadi basin off Orissa coast, but said the find in KG basin posts 'technological challenges' and it was on looking for a strategic partner.
The government will cut petrol and diesel prices when there is a sustained drop in global crude oil prices, Petroleum Minister Murli Deora said on Tuesday.
Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on natural gas to mop up Rs 3,000 crore (Rs 30 billion) annually for laying down the gas pipeline network with CEOs of state-run firms. The brainstorming session called to chalk out the 100-day plan for the new government also decided on launching a new Scheme of Rural LPG Distributor (Gramin LPG Vitrak), petroleum secretary R S Pandey said.
As crude oil prices hover around four-year lows, the government may look at slashing diesel prices further that will help cool inflation by lowering goods transportation charges.
On December 5, the government had announced a Rs 5 per litre and Rs 2 a litre reduction in petrol and diesel prices, respectively, as global crude prices hovered around four year lows.
The government will cut petrol and diesel prices after Assembly elections are over on December 24, Petroleum Minister Murli Deora said on Tuesday.
Crude oil prices have fallen to below $113 a barrel this week from all-time high of $147 per barrel witnessed last month. The basket of crude oil India buys averaged $109.88 per barrel, down from $119 a barrel price on June 4 when petrol, diesel and domestic cooking gas prices were raised.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
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.
Petrol and diesel prices in the national capital have been raised marginally following the state government's decision to levy sales tax on the two auto fuels.
The government on Friday ruled out an immediate increase in petrol and diesel prices in line with rise in international oil prices.
Supply of the much-needed gas to Dabhol is set to be delayed again. The reason: shortage of pipes required to build the Dahej-Uran pipeline which will feed the gas to the plant.
Under-realisation on selling domestic LPG and kerosene through public distribution system is likely to be around Rs 50,000 crore (Rs 500 billion) during the current fiscal, Petroleum Minister Murli Deora said on Monday.
The government said on Monday it is examining whether domestic petrol and diesel prices can be reduced in line with the fall in global crude oil prices.
ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, and Chinese firm Sinopec have jointly won the bid to acquire Columbian oil firm Omimex de Columbia.
The government on Friday rejected Reliance Industries Ltd's demand for compensation equal to public sector oil firms, to make up for the losses it suffered on petrol and diesel sales.
India on Thursday offered 55 oil and gas blocks and 10 coal bed methane blocks for bidding under the sixth round of New Exploration Licensing Policy in an attempt to raise domestic output.\n
Kerosene and domestic LPG prices in India are the lowest in South Asia, while the rates for petrol and diesel are comparable with its neighbours, petroleum minister Murli Deora said on Thursday. Kerosene in Pakistan costs Rs 34.89 a litre, Rs 30.53 in Bangladesh, Rs 21.26 in Sri Lanka and Rs 34.35 per litre in Nepal.
Oil Minister Murli Deora flew into the Vietnamese Capital this morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP's stake in two offshore gas fields, a pipeline and power project -- together referred as Nam Con Son, Vietnam's largest gas project.
Besides other issues, lack of pact between India and Pakistan on the price of the gas led to the delay in the project.
Kapoor told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the MF Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the Padma Bhushan award.
The proposed Rs 7,000-crore (Rs 70-billion) petrochemical complex of Gas Authority of India at Kochi has been shelved for the time being due to technical issues, according to Minister of Petroleum and Natural Gas Murli Deora.
Despite the high oil prices, growth in energy demand will continue globally, but there is need to reorient the approach in meeting the challenge, Minister for Petroleum and Natural Gas Murli Deora said on Sunday.
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