The blaze at the Oil India Ltd's oil well is so massive that it can be seen from a distance of more than two kilometres, eyewitnesses said.
Violation of the provisions entails a punishment of a jail term of up to five years or with fine up to Rs one crore or with both.
The Congress took out marches and observed bandh at several places on Saturday to protest against rising fuel prices.
Some of these nations are India's biggest export market. India is also dependent on these countries to meet its energy needs.
Vedanta's Cairn Oil & Gas on Thursday announced the appointment of Nick Walker as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P companies," it said.
Meghalaya Chief Minister Conrad Sangma on Thursday said Union Home Minister Amit Shah has given firm assurances at a meeting held in Delhi of acting on his request for a Central Bureau of Investigation (CBI) probe into the 'firing by Assam Police' along the states' border.
India is 80 per cent import dependent to meet its oil needs.
Yoga was the mantra and asanas the discipline on Wednesday as millions across the globe and distant corners of India stretched for the skies and dived for their toes, breathed in and out -- mindfully -- and twisted and turned to celebrate the International Day of Yoga.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
This comes even after the Indian ambassador there had said this would affect the interests of other Indian companies.
In Bihar, where a bandh had been called, a railway station and a police vehicle were torched, an ambulance attacked and security personnel injured in stone-pelting incidents on the fourth consecutive day of the agitation, while protesters vandalised Ludhiana railway station in Punjab and blocked roads and rail tracks in West Bengal, Haryana, Rajasthan, Maharashtra, Odisha and Uttar Pradesh.
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
Shipments from Russia rose nearly 33 per cent to $1.1 billion in March from $831.17 million in the previous month, which was when the country mounted aggression on Ukraine and faced sanctions from Western nations, the data accessed by Business Standard shows. Growth in imports was largely on account of oil, people aware of the matter said. The Department of Commerce is learnt to have written to the Ministry of Petroleum and Natural Gas (MoPNG), seeking details of imports, including the payment mechanism, which India has not made public.
Automobile manufacturers said Euro-VI grade vehicles will not hit the roads before 2020 but the advancement gives them confidence to make investments in manufacturing such vehicles.
India's exports in January rose 25.28 per cent to $34.50 billion on account of healthy performance by mainly engineering, petroleum and gems and jewellery sectors, even as trade deficit widened to 17.43 billion, according to data released by the commerce ministry on Tuesday. Imports grew by 23.54 per cent to $51.93 billion during the month under review. Trade deficit, difference between imports and exports, stood at $14.50 bn in January 2021.
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
Glimpses of the protests in Colombo against the worsening economic crisis
The country's exports surged 49.85 per cent to $35.43 billion in July on account of healthy growth in petroleum, engineering, and gems and jewellery segments, even as the trade deficit widened to $10.97 billion during the month, official data showed on Friday. Imports during the month also rose by about 63 per cent to $46.40 billion, as per the data released by the commerce ministry.
However, WPI inflation remained in double digit for the third consecutive month in July, mainly due to a low base of last year. WPI inflation was (-) 0.25 per cent, in July 2020. "The high rate of inflation in July 2021 is primarily due to low base effect and rise in prices of crude petroleum and natural gas; mineral oils; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc as compared the corresponding month of the previous year," the commerce and industry ministry said in a statement.
Snapping the two-month easing trend, WPI inflation rose in August and remained in double-digit for the fifth consecutive month. In July 2021, WPI inflation stood at 11.16 per cent. In August 2020, WPI inflation was at 0.41 per cent. "The high rate of inflation in August 2021 is primarily due to rise in prices of non-food articles, mineral oils; crude petroleum and natural gas; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc as compared the corresponding month of the previous year," the commerce and industry ministry said in a statement.
The company had initially objected to audit by CAG for time barred years as per Production Sharing Contract and had not accepted the 'exceptional circumstances' advanced by the ministry
Exports in June rose by 23.52 per cent to $40.13 billion while the trade deficit ballooned to a record level of $26.18 billion mainly due to jump in gold and crude oil imports, the government data said on Thursday. The country's export growth in May was 20.55 per cent. Imports expanded by 57.55 per cent to $66.31 billion in June compared to the year-ago month, the data showed.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
The agency would probe whether Sibal had shown undue favour to RIL.
With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place.
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According to the latest data, until May, 48.3 per cent of the total 207 projects worth Rs 1,000 crore (Rs 10 billion) or above, also termed as mega projects, faced delays and witnessed a cost overrun of 19.2 per cent from the originally-sanctioned Rs 656,000 to Rs 781,000.
Annapurna Devi, Subhas Sarkar and Rajkumar Ranjan Singh will be the new ministers of state for education.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
Government considering proposal to allow conversion of used cooking oil into biodiesel, say Shine Jacob and Shreya Jai.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
A 1985-batch Karnataka cadre officer, Kharola would be steering the national airline at a time when the government has started the process for its strategic divestment.
The world's largest cash transfer programme has eliminated around 40 million ghost connections
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Following adverse media reaction to the June 27 decision of the Cabinet Committee on Economic Affairs, the finance ministry had issued an office memorandum asking the petroleum ministry to see if there was a way to make RIL clear its gas supply backlog at the existing price.
The country's exports rose by 47.34 per cent to $32.46 billion in June on account of healthy growth in sectors such as engineering, gems and jewellery and petroleum products, even as trade deficit aggregated at $9.4 billion during the month, according to the data released by the commerce ministry on Friday. Exports in June last year stood at $22 billion and $25 billion in June 2019. In May 2021, the outward shipment was worth $32.27 billion, while in April this year, it was $31 billion. Imports in June 2021 grew by 96.33 per cent to $41.86 billion, from $21.32 billion in June last year. In June 2019, imports stood at $41 billion.
The company is looking to invest more than $3 bn over the next three years.
The government on Thursday said it will "look into" a demand to raise the quota of subsidised LPG cylinders to 12 per household in a year from the current limit of nine, a day after the price of non-subsidised LPG was increased by a steep Rs 220.
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