The growth in eight infrastructure industries slowed to 2.3 per cent in May mainly due to contraction in crude oil, natural gas, coal and fertilizer output.
'It is very difficult to be an honest politician in a country where the system is absolutely corrupt. Jaipal Reddy is one up even on Prime Minister Manmohan Singh who is considered clean and honest. Reddy has gone a step ahead by playing an active role in stopping corruption. He has put things on record; he has walked the extra mile to ensure that public money is valued highly. One must recognise Reddy's efforts, and make it an example for India's younger generation.'
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
In a bid to enter India's booming petroleum sector, the Hinduja group has entered into a joint venture agreement with Oil and Natural Gas Corporation
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
The FIR by the ACB was registered a day after Chief Minister Arvind Kejriwal said the agency has been told to probe their alleged collusion over hike in prices of natural gas from KG basin.
A Parliamentary Panel has "deplored" the government for capping the supply of subsidized LPG to 6 cylinders per households, saying that such restrictions should not be placed on people having income below a threshold.
Petroleum Minister Murli Deora reviewed the impact of floods in Gujarat on oil installations and supply of products on Thursday.
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.
Bajaj Auto has launched a new range of passenger three-wheelers, with improved mileage, changed styling and lower maintenance costs.
The Oil and Natural Gas Corporation will pay Rs 852 crore (Rs 8.52 billion) for subsidising petrol and diesel during January-March quarter but state gas utility GAIL India has been spared from the subsidy burden.
The ministry is in consultation with various other stakeholders and ministries on this and the department of financial services was working on the proposal.
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. After two months of mild easing, WPI inflation accelerated in February and remained in double digits for the 11th consecutive month, beginning April 2021. WPI inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent. The rise in crude oil and natural gas prices after the Russian invasion of Ukraine, beginning February 24, has put pressure on the wholesale price index, even though food articles saw softening across categories of vegetables to pulses to protein-rich items.
As the world's third-largest oil importer and consumer, India is running out of options as the relentless surge in international oil prices make it imperative to pass them on to consumers, officials said on Monday. India imports 85 per cent of its crude oil needs and about half of its natural gas requirement. While the imported crude oil is turned into fuels such as petrol and diesel, gas is used as CNG in automobiles and fuel in factories.
The government will take home Rs 4,022 crore (Rs 40.22 billion) by way of interim dividend bonanza declared by the state-owned oil companies in the last one week.
With the government making a distinction between the privately-run Reliance Natural Resources Ltd and the government-run NTPC Ltd in relation with the gas dispute with Reliance Industries Ltd, the ministry of power is likely to take up NTPC's case with the Empowered Group of Ministers.
According to data compiled by BS Research Bureau for BSE 100 companies, seven public sector companies -- Indian Oil Corporation (IOCL), Bank of India, Union Bank, Bharat Petroleum (BPCL), Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum (HPCL) and GAIL -- have reduced their employee costs ranging from one per cent to 21 per cent.
Oil regulator PNGRB has approved the tariff that billionaire Mukesh Ambani-owned East-West pipeline will charge for transporting gas from fields off the east coast to users.
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.
The move is likely to force the government to take a faster decision.
Contraction in crude oil, natural gas, coal and electricity output led to the fall.
The Bharatiya Janata Party has said Prime Minister Manmohan Singh owes an explanation to citizens on why Jaipal Reddy was shifted as minister of petroleum and natural gas.
Three petroleum teams -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Oil and Natural Gas Corporation (ONGC) -- all boasting experienced Indian stars in their ranks, start as favourites in the Development Credit Bank Aga Khan hockey tournament, which commences at the Bombay Gymkhana on Sunday, May 15. The final is on May 21.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
The wholesale price-based inflation declined to over two-year low of 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive. This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation. The WPI inflation was 4.73 per cent in January and 13.43 per cent in February, last year.
Capital expenditure by 54 large central public sector enterprises and five departmental arms, having a capex minimum target of Rs 100 crore, rose 93 per cent year-on-year (YoY) in the April-May period to Rs 1.39 trillion. The National Highways Authority of India (NHAI) and the Railways have started this financial year's capex cycle on a stronger note. In the first two months of FY24, the 54 CPSEs, along with the departmental arms, achieved 19 per cent of their combined budget target of Rs 7.33 trillion, Business Standard has learnt.
Eight companies including Reliance Gas Ltd, GAIL Gas and the joint venture of Indian Oil and Adani Energy have bid for the rights to retail CNG in seven cities.
Anil Ambani-promoted Reliance Natural Resources has filed an affidavit in the Bombay High Court in the case involving Reliance Industries, refuting the petroleum ministry's stand that the government-approved price of $4.2/million metric British thermal unit (mmBtu) is the selling price of gas.
India has emerged as the world's biggest cylinder-based liquefied petroleum gas user with the customer base crossing 7 crore (70 million mark), Petroleum Minister Ram Naik said.
The Budget left out 'energy security'. The only item pertaining to petroleum is the addition of section 80-IB(9) withdrawing 'petroleum & natural gas' from the definition of 'mineral oil', thus affecting tax concessions for the exploration of petroleum. Moreover, the cut in excise on automobiles means more vehicles on the road & increased crude oil imports. World oil production peaking will therefore occur soon, which will keep oil prices at a high & seriously affect economy.
The Turkmenistan event underscores the lengths to which China's oil-and-gas companies will go to curry favour in resource-rich locales.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
