Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
Indian Oil Corporation has approached the petroleum ministry with a proposal to raise oil prices by Rs 5.29 a litre and diesel by 4.54 a litre in line with the price band formula worked out by the government.\n\n
Very few know of his scintillating mind, the outpouring of fresh ideas, the attention to detail in every endeavour, the extraordinary administrative and organisational skills, and a limitless stamina and energy with which he pursues every interest and commitment, notes Ambassador Talmiz Ahmad.
India's exports declined by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, government data released on Friday showed. Imports also declined to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
'2019 was fought on delivery. But in 2024, you can see the before and after effects.'
If 4,000 workers could work round the clock for the construction of the new Parliament building, then there is no reason why all infrastructure projects too cannot follow that model, asserts Dr Sudhir Bisht.
The shifting of S Jaipal Reddy from the petroleum ministry and elevation of Salman Khurshid on Monday kicked up a political storm with parties suspecting the government of coming under corporate pressure and accusing it of promoting those facing corruption charges.
Could get $8.4 per mmBtu from April 2014 by furnishing bank guarantee that would be encashed if D1, D3 gas hoarding proved
The country's exports edged up 1 per cent to $38.45 billion in December 2023 while the trade deficit narrowed to a three-month low of $19.8 billion, official data released on Monday showed. Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments. The previous low in trade deficit - the difference between imports and exports - was recorded in September at $19.37 billion.
The country's imports from Russia almost doubled to $25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were $13.77 billion during April-August 2022.
Minister of state for petroleum and natural gas Jitin Prasada in a written reply to a question in the Lok Sabha said the finance ministry is yet to approve the oil bonds. Indian Oil, Bharat Petroleum and Hindustan Petroleum lost Rs 11,853 crore (Rs 118.53 billion) in revenues on not being allowed to raise LPG and kerosene prices in line with the cost during April- September.
RP Singh, managing director of Bharat Oman Refineries Ltd, the special purpose vehicle implementing BPCL Bina refinery, had told Business Standard in August that the company was in talks with strategic investors to sell 15 to 20 per cent stake.
The ministry had recently promised these dealers to increase their commission by Rs 397 per kilolitre (kl) on petrol and Rs 170 per kl on diesel. Dealers now get a commission of Rs 1,230 per kl on petrol and Rs 730 per kl on diesel.
The wholesale price-based inflation rate declined to (-) 4.12 per cent in June on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation in May was (-) 3.48 per cent. In June last year, it was 16.23 per cent.
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
The bonds will help oil marketing companies - IOC, HPCl, Bharat Petroleum and IBP Ltd - to cover their under-recoveries.
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
The oil ministry is believed to have turned down Reliance Petroleum Ltd's request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
The Petroleum Ministry has asked the oil regulator to look into the marketing margin charged by not just Reliance Industries, but also state-owned GAIL India Ltd on the sale of domestic gas and imported LNG.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
Three fuel retailers -- Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited -- lost about Rs 26,618 crore (Rs 266.18 billion) in revenues on selling petrol, diesel, domestic LPG and kerosene below cost during the first half of the current fiscal, a ministry official said.
Govt approved a formula, not a price; PetroMin says a substantial rise was inevitable.
The draft note proposes raising gas price for ONGC to Rs 3,765 per thousand cubic meters from current Rs 3,200 per thousand cubic metre. For OIL, the gas price has been proposed at Rs 4,205 per thousand cubic metres. The price would change by Rs 55 per thousand cubic metre for every 10 points change in Wholesale Price Index.
Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to $34.98 billion in May, while the trade deficit widened to a five-month high of $22.12 billion. According to the data released by the commerce ministry on Thursday, key export sectors recording negative growth include petroleum products, gems and jewellery, engineering goods, ready-made garments of all textiles and chemicals. Imports also declined 6.6 per cent, six-month in a row, to $57.1 billion against $61.13 billion in the same month last year, the data showed.
Finance Minister P Chidambaram on Monday said the surge in international oil prices is a matter of grave concern and it was for the petroleum ministry to take a call on retail pricing of petroleum products.
The Delhi high court has rejected a government challenge to an arbitration panel award that had ruled in favour of Reliance Industries Ltd in a dispute over gas migration from fields operated by state-owned ONGC in the KG basin. The government had slapped a provisional penalty of $1.55 billion on Reliance for "unjust enrichment" from gas migrating from the ONGC-operated KG-D5 block to the private firm's adjoining KG-D6 area. It had sought $175 million in additional profit petroleum from Reliance and its UK partner BP Plc.
Reliance and its partner BP on Tuesday dropped a bombshell, saying KG-D6, the country's biggest gas discovery, might stop production in 2015 if the government did not approve its long-pending investment proposals and revised capital expenditure plans.
Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC -- the first instance of a retired person being appointed the head of a Maharatna PSU. "The Appointments Committee of Cabinet (ACC) has approved the proposal of ministry of petroleum and natural gas for appointment of Arun Kumar Singh, ex-CMD, BPCL as chairman, ONGC for a three-year tenure with effect from the date of his assumption of charge of the post," an official order said. PTI first reported of Singh's appointment on November 17.
The Government may be keen on having a greater say in affairs of Petronet LNG as it is looking at appointing a bureaucrat as director on board of the nation's biggest liquefied natural gas importer.
RPL, a unit of Reliance Industries, had sought nod to export the entire liquefied petroleum gas production in the six months to fully commissioning its 580,000-barrels per day refinery in the Jamnagar special economic zone. RPL, in which US energy major Chevron Corp has 5 per cent stake, is likely to start producing fuel from the unit being set up adjacent to parent firm's existing 660,000 bpd refinery at Jamnagar in the next few weeks.
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