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".
Nearly 45 per cent of the current retail price of petrol in Delhi is made up of taxes.
Petroleum Minister Murli Deora and Minister of State for Petroleum Jitin Prasada took charge on Friday.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
The core industries that also include coal, electricity, cement, petroleum refinery products and finished steel, and carry 37.9 per cent weight in the Index of Industrial Production, had grown by 5.8 per cent in May last year.
Low-to-negative margins on sale of petroleum products have forced some companies to scrap their retail expansion plan, while others have chosen to go slow.
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
RIL-BP currently produce gas from Dhirubhai-1 and 3 field and oil and gas from MA field, three of the over one-and-half dozen discoveries made in KG-D6 block
The government is keen on getting global oil majors like Saudi Aramco and National Iranian Oil Corp on board Hindustan Petroleum and Bharat Petroleum through the market route even though privatisation of the state-run oil refining and marketing compa
Prime Minister Manmohan Singh on Monday pushed for phased rationalisation of energy prices to bring them in line with international prices to meet the targeted rapid inclusive and sustainable growth.
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.
Owing to pressure from the Kazakh government, CNPC agreed to sell a 33-per cent stake in PetroKazakhstan to Kazakhstan's state-owned oil company KazMunaiGaz for about $1.4 billion.
Reliance Industries Ltd has decided not to use its allocation of gas from the Krishna-Godavari basin's D6 field for petrochemical production; it will, instead, swap it with gas available from other sources. It will use D6 gas only for power generation.
The new Science, Technology and Earth Sciences minister Sudini Jaipal Reddy can contribute to undo India's pathetic scientific reputation in terms of invention and innovation, says Gopal Krishna
The government on Tuesday clarified that no papers of sensitive nature were ever given to Mukesh Ambani-run RIL or its Canadian partner Niko Resources, and added they were provided only those papers needed to implement the decision on pricing of natural gas from their field.
Minister of State for Petroleum and Natural Gas Jitin Prasada, who led the roadshows in the US and Canada, said the roadshows for 70 blocks offered in NELP-VIII and 10 coal bed methane blocks received overwhelming response from investors.
However, supermajors Chevron, ExxonMobil and Conoco Philips of US, who were expected to partner Reliance Industries, did not participate.
India may be trying to become a crude oil refining hub but the country's apex planning body has raised doubts on the feasibility of adding more refining capacity.
Not only does there appear to be no meeting ground on the issue of a pricing formula proposed by the committee, the petroleum ministry wants another committee headed by Vijay Kelkar to look into the other major recommendation of moving to the revenue sharing model in exploration and production.
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
Move likely to be rolled back atleast for state transport undertakings
In the wake of opposition from the law ministry and the Department of Public Enterprises, the petroleum ministry
India's largest oil firm IOC will build the nation's first 'green hydrogen' plant at its Mathura refinery, as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy. Indian Oil Corporation (IOC) has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses while making bigger inroads into petrochemicals, hydrogen and electric mobility over the next 10 years, its chairman Shrikant Madhav Vaidya said. The company will not set captive power plants at all its future refinery and petrochemical expansion projects and instead use the 250 MW of electricity it produces from renewable sources like solar power, he told PTI in an interview.
The proposed Rs 7,000-crore (Rs 70-billion) petrochemical complex of Gas Authority of India at Kochi has been shelved for the time being due to technical issues, according to Minister of Petroleum and Natural Gas Murli Deora.
Deora's visit assumes importance in view of Musharraf's proposals to China and China's quest for shorter, safer and commercially viable routes for importing gas and oil.
The government owned oil companies have proposed to pay interim dividend for the financial year 2006-07
According to an official source, the Rs 8,000-crore (Rs 80-billion) capacity expansion plan by Chennai Petroleum Corporation Ltd may get hit as European companies are reluctant to give technology licensing for the upcoming six-million tonne units.
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.
Reliance Industries, the country's largest LPG producer, will be spared from footing the Rs 7,200 crore (Rs 72 billion) bill for the one year freeze in LPG and kerosene prices, despite rising cost.
The wholesale price-based inflation eased for the second consecutive month in January at 12.96 per cent, even though food prices hardened, the government said on Monday. WPI inflation has remained in double digits for the tenth consecutive month beginning April 2021. Inflation in December 2021 was 13.56 per cent, while in January 2021, it was 2.51 per cent.
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.
The organism has yielded 2.4 gms of fuel - the highest yet achieved.
