A day after Reliance Industries chairman Mukesh Ambani met Prime Minister Manmohan Singh to forestall political attempts to throttle his oil refinery business, the petroleum ministry has come out with a detailed presentation to show that the demand for the windfall profits tax (WPT) on private oil companies is 'short-sighted populism' and 'bad economics.'
Petroleum ministry expects that this would encourage the rich and affluent also to voluntarily give up the subsidised LPG.
#GiveItUp but no matching LPG connections for BPL
Full-service carrier Kingfisher Airlines has sought permission from the petroleum ministry to extend the date for paying dues to public sector oil companies for aviation turbine fuel.
Indian Oil Corporation is India's only Fortune 500 company.
Apart from the central ministries, other respondents include oil marketing companies, Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
Union ministries are in the midst of a row because of uncleared IAF bills, which were incurred when Pakistan's ex-minister Jadoon had used an IAF plane, during his visit to India.
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
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.
Petroleum ministry has suggested extending government subsidy on domestic LPG and kerosene for an indefinite period as the gap between domestic retail price and current international prices was too large to be bridged through a price hike.
Pranab's earlier fear of Sonia relying too heavily on a coterie due to her lack of experience turned out to be unfounded. As per Pranab, Sonia had her close advisers but she did not follow anyone's advice blindly. A fascinating excerpt from Sharmistha Mukherjee's Pranab, My Father: A Daughter Remembers.
In the wake of opposition from the law ministry and the Department of Public Enterprises, the petroleum ministry
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
They will be remanded to 11 days judicial custody.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
The Communist Party of India-Marxist on Thursday claimed S Jaipal Reddy has paid the price for "defying the country's biggest corporate" by being shifted out of the petroleum ministry and said this exposed "the tentacles of big business in the appointment of ministers".
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
The petroleum ministry has sought additional oil bonds worth about Rs 13,000 crore (Rs 130 billion) to cover the revenue loss on fuel sale in the fourth quarter of the current fiscal.
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
The appointment of this former envoy to China assumes significance in view of preparations being made to address border issues ahead of Chinese Premier Wen Jiabao's visit to India next month.
Oil and Natural Gas Corp, India's highest profit making firm, has suggested a new corporate structure
Delhi police on Saturday filed chargesheet against 13 persons arrested in connection with the petroleum ministry document leak case.
Petroleum ministry has rejected Reliance Industries Limited's plan to sell natural gas to Anil Ambani Group firm Reliance Natural Resources Ltd at less than half the market price.
Cabinet Committee on Economic Affairs would on Thursday discuss the proposals of the petroleum ministry on the states' claim to share profit on petroleum under production sharing contract signed under New Exploration Licence Policy.\n\n\n\n
A source said on Tuesday that 'petroleum ministry is likely to propose deregulation of petrol prices and gradual phasing out of subsidies on diesel to ease burden on public sector oil marketing companies' -- indicating a possible hike of Rs 3 per litre in petrol rates.
Virtually securing the consent of Left parties, the government is likely to decide next week on a price hike of Rs 4 per litre for petrol and Rs 3 a litre for diesel while sparing cooking gas and kerosene.
The Ministry Of Petroleum and Natural Gas has ruled out a hike in the prices of petrol and diesel in the near future even as the price of the Indian basket of crude oil continues to remain above $65 a barrel.
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.
Disinvestment secretary Sunil Mitra last month wrote to his counterpart in Petroleum ministry R S Pandey seeking comments on 'public offerings from Government's shareholding' in ONGC and IOC. While government has not allowed IOC and other retailers Bharat Petroleum and Hindustan Petroleum to raise petrol, diesel, domestic LPG and kerosene price in line with the cost, they have not been given the promised compensation.
The petroleum ministry has put on back burner the proposal to create a national gas highway development authority, following an opposition from the Petroleum and Natural Gas Regulatory Board, which currently has the powers to authorise pipelines.
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