Union Petroleum Minister disclosed the decision on fuel prices will be taken on Jan 17, in the GoM meet.
Besides Mukherjee and Deora, the EGoM would have power minister Sushilkumar Shinde, fertiliser minister M K Alagiri, law minister Veerappa Moily and Planning Commission deputy chairman Montek Singh Ahluwalia.
Government will hold consultations with leaders of the left parties, allies of the ruling United Progressive Alliance, on the issue of petroleum product prices even as Petroleum minister Murli Deora disfavoured increasing LPG and kerosene prices.
State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are likely to lose Rs 45,478 crore (Rs 454.78 billion) this fiscal on selling fuel below cost, Petroleum Minister Murli Deora said.
A day after the Anil Dhirubhai Ambani Group declared it will be interested in buying out the Dabhol project whenever it is up for sale, Petroleum Minister Murli Deora categorically denied the Central government was considering any such proposal.
Iran on Friday invited India's Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply of which could start from 2011.
Officers of state-owned oil companies, who late last night deferred their proposed indefinite strike by three weeks, on Tuesday dropped the strike plan completely after a meeting with Petroleum Minister Murli Deora.
The three government oil marketing companies, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, are losing Rs 320 crore a day as they sell at subsidised rates.
Public-sector oil retailers are projected to lose Rs 45,571 crore on selling petrol, diesel, domestic LPG and kerosene below cost.
A core group of ministers on Wednesday held inconclusive deliberations on a proposal to raise fuel prices, necessitated by a spike in global crude prices that threatens to spawn an oil import crisis.
Petrol dealers called off the strike planned for Friday to protest against government not passing off the benefits of drop in prices of petroleum.
The prime minister is scheduled to review the financial health of oil PSUs at a meeting with finance minister Pranab Mukherjee and petroleum minister Murli Deora on Wednesday evening.
Petroleum Minister Murli Deora on Saturday said the government is considering to prices of petroleum products in the next few days.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram on Monday to work out a package on pricing of petrol and diesel, besides subsidies on kerosene and cooking gas before the month-end.
Global crude oil prices have nearly doubled in the last one year but government has not raised domestic fuel prices on a direction from United Progressive Alliance chairperson Sonia Gandhi, Petroleum Minister Murli Deora said.
India and Libya discussed ways to boost their relationship, particularly in the IT and Oil sector during talks visiting Petroleum Minister Murli Deora had with Libyan leader Muammar Gaddafi in Tripoli.
On the insistence of petroleum minister Murli Deora, Russian Prime Minister Vladimir Putin is sending Shmatko to attend the conference of energy ministers of the Commonwealth of Independent States that New Delhi is hosting on November 25-26.
The five-member Group of Ministers (GoM) also include Agriculture Minister Sharad Paward, Heavy Industries Minister Vilasrao Deshmukh, Petroleum Minister Murli Deora and Chemical and Fertiliser Minister M K Azhagiri, official sources said.
The finance ministry has offered less than half of the Rs 31,700 crore (Rs 317 billion) sought by the oil ministry to make up for revenue losses incurred by the state-owned retailers on sale of LPG and kerosene. Petroleum Minister Murli Deora on Thursday met Finance Minister Pranab Mukherjee to seek compensation for the public sector oil firms for their losses but the meeting remained inconclusive.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
Government said on Tuesday it was commited to Oil and Natural Gas Corporation's mega investment plans in petrochemical projects and special economic zone at Mangalore and there was no going back on it.
Chidambaram met petroleum secretary R S Pandey on Sunday morning to keep himself posted about the issues regarding the indefinite strike call given by oil PSU executives from January 7, sources said. Sources said Chidambaram told Pandey that the group may need three to four meetings to form its view and the first in the series has been scheduled for January 7 evening.
Maharashtra Chief Minister Vilasrao Deshmukh met Petroleum Minister Murli Deora Wednesday to request for alternative sources of gas for the state's Ratnagiri plant.
Petroleum Minister Murli Deora after a meeting with his Iranian counterpart Gholam Hosein Nozari for talks on the $7.5 billion Iran-Pakistan-India pipeline project said there were 'some minor problems' which have been sorted out.
Concerned over the fuel shortages and petrol pumps running dry, the government said on Friday it would deploy central forces to ensure supply lines are not dried due to the ongoing strike by oil sector executives. "The government will deploy central forces wherever necessary," petroleum secretary R S Pandey told reporters even as petroleum minister Murli Deora met Prime Minister Manmohan Singh to brief him about the strike by officers of oil PSUs.
Minister of Petroleum & Natural Gas Murli Deora has welcomed the General Budget for 2010-11 presented by the finance minister on Friday in the Lok Sabha.
Monday's meeting of the empowered group of ministers on pricing of gas from Reliance Industries' D6 block in the Krishna-Godavari basin has proved inconclusive.
Petrol and diesel prices were cut on Thursday by Rs 2 and Re 1 per litre, respectively, Petroleum Minister Murli Deora announced.
India has asked oil cartel Organization of the Petroleum Exporting Countries to raise crude oil production to stem the relentless rise in international oil prices that have threatened to derail import dependent economies such as India.
The government on Thursday decided not to increase petrol and diesel prices, and issue oil bonds worth Rs 23,457 crore (Rs 234.57 billion) to partly compensate public sector oil companies for the losses incurred on fuel sales."We have kept our promise of not raising prices of sensitive petroleum products," Petroleum Minister Murli Deora told PTI after a meeting of the Cabinet.
The average price of Indian basket of crude oil during 2007-08 (upto August) has increased to $68.34 per barrel as compared to 62.46 dollars a barrel during 2006-07.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram next week to discuss a package to bail out public sector oil firms that have been suffering huge losses on account of selling fuel on discounted prices.
The Energy Co-ordination Committee, headed by Prime Minister Manmohan Singh, would meet on Tuesday with gas pricing, gas sourcing and gas allocation as the main topics on the agenda, an official source said.
Russian President Vladimir Putin had assured his support for ONGC Videsh Ltd taking a 20 per cent stake in the project, Deora said on Thursday.
Petroleum Minister Murli Deora on Monday launched the service, which will be initially available in the national capital and would be extended to other metropolitan cities, state capitals and towns.
Iran may put the $22 billion deal to sell liquefied natural gas to India on the backburner as New Delhi refuses to re-open the contract sealed two years ago, according to an assessment by the petroleum ministry.
"They (prices of petroleum products) should be linked to world prices," Planning Commission Deputy Chairman Montek Singh Ahluwalia told PTI when asked about the global crude prices now surging to about $70 a barrel.
The strike by the oil company executives under the umbrella of the Oil Sector Officers Association has brought the country to a grinding halt with over 90 per cent of petrol pumps across the country running dry.
The ministerial panel is now likely to meet on June 24 or 25.
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