The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
Compressed natural gas is currently available as auto fuel in 30 cities. "CNG-run vehicles have risen by nearly 200,000 in past one year to 650,000," Petroleum and Natural Gas Regulatory Board chairman L Mansingh said at the NGV India 2009 conference in New Delhi.
The wholesale price-based inflation bucked the 4-month rising trend in December 2021, and eased to 13.56 per cent, mainly on account of softening in fuel, power and manufacturing items even though food prices hardened. WPI inflation has remained in double digits for the ninth consecutive month beginning April. Inflation in November was 14.23 per cent, while in December 2020 it was 1.95 per cent.
Oil regulator PNGRB on Monday approved the tariff that Mukesh Ambani-owned East-West pipeline will charge for transporting gas from Reliance Industries' eastern offshore KG-D6 fields to users.
The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament today asked the ministry to strictly monitor implementation of directions issued to RIL for reversing the trend of falling gas output from the Bay of Bengal field.
Though the international crude prices were going up, the United Progressive Alliance government's approach was that the subsidy on petroleum products should continue as in the case of food and fertilisers.
Taking suo moto cognisance of reports of the Centre's move -- ahead of Gujarat assembly polls -- to increase the cap on subsidised LPG cylinders, the Election Commission has directed it to stop the same forthwith. The Commission held an emergency meeting soon after the Minister of Petroleum and Natural Gas M Veerappa Moily said the government will raise the cap on the supply of subsidised cooking gas to nine cylinders per household a year from six at present.
Jaipal Reddy, who has been given the science and technology ministry, is deeply upset by his transfer from the petroleum and natural gas ministry and did not come to handover charge to new minister Veerappa Moily.
The government has sought to increase crude oil inflow from Saudi Arabia by five million tonnes from 27.33 million tonnes, as supplies from Iran is set to decline following US sanctions.
Among the documents that Arvind Kejriwal handed out in his press conference on Wednesday, was a page from the letter from the former minister of petroleum and natural gas, S Jaipal Reddy, and marked as annexure 5, to Reliance Industries about its KG Basin oil extraction
The government has directed state-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum to clear the wait list for domestic LPG connection within the next two months.
The government on Wednesday ruled out privatisation of Indian Oil, Oil and Natural Gas Corporation and Gas Authority of India Ltd and assured all security concerns would be taken care of while divesting public sector oil
Ministry returns guarantee saying new price has not been notified and RIL would have to submit surety as and when it is announced.
Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian foreign ministry said in a statement.
RIL will initially start gas production from eight wells, with an initial output likely to be 5 mmscmd (million standard cubic metres) per day. Bombay high court had last week allowed Reliance to sell gas from KG-D6 at $4.20 per million British thermal units in accordance with the government's gas utilisation policy, which gives priority to fertiliser units followed by existing power plants.
The current retail selling price of Rs 65.64 per litre in Delhi is short of actual cost by Rs 8.60 a litre.
The wholesale price-based inflation spiked to 12.54 per cent in October, mainly due to rise in prices of manufactured products and crude petroleum. WPI inflation has remained in double digit for the seventh consecutive month beginning April. Inflation in September this year was at 10.66 per cent, while in October 2020 it was at 1.31 per cent.
Petroleum Minister Mani Shankar Aiyar will visit Pakistan from June 3 to boost energy ties and discuss the $4.16 billion Iran-India gas pipeline project.\n\n
The ministry has asked the oil marketing companies to further step up their efforts to curb adulteration of petroleum products.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
Gujarat Chief Minister Anandiben Patel on Friday called on Prime Minister Narendra Modi in New Delhi and tied a rakhi on his wrist.
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
A parliamentary panel has asked the government to restrict imports of all petroleum products especially transportation fuels (petrol and diesel) by private firms in view of the excess refining capacity in the country.
State-run gas utility GAIL India may take a stake in the $1.95-billion gas pipeline that China is building for ferrying natural gas found off the Myanmar coast.
The auditor said that it has unfettered right of access to all records of Reliance Industries (RIL) during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.
Reliance Natural Resources Ltd has questioned oil ministry's right to approve the price at which a producer sells gas to customers, saying its nod was needed only for the formula or basis of pricing of gas for computing government's share.
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
The gvernment said on Tuesday that contingency plans have been drawn to maintain continuous supply of petroleum products if the employees of privatisation bound Hindustan Petroleum Corporation Ltd go on strike.\n\n\n\n
"There is no immediate plan to decontrol diesel or LPG as they have cascading effect (on general prices)," Minister of State for Petroleum and Natural Gas R P N Singh told reporters in New Delhi.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
There are about 23 oil refineries in India with a combined capacity of 230 million tonnes per annum.
The combined debt of Indian Oil, Bharat Petroleum and Hindustan Petroleum has risen to Rs 115,000 crore (Rs 1,150 billion) as they borrowed to make up for revenue losses on fuel sales during the first half of the current fiscal.
The 'failure' to drill the committed 50 wells on the KG-D6 fields led to natural gas output dramatically falling over the past three years.
Senior Congress leader P Chidambaram on Thursday took a swipe at the BJP over the cut in excise duties on petrol and diesel, saying the results of the 30 assembly and three Lok Sabha by-elections have "produced a by-product".
