Deora told Business Standard that a substantial volume of kerosene was also smuggled across the border, since the prices there were much higher. He added the government may have to rework various measures taken so far to curb the menace.
The conversion produces significantly more energy than it requires and results in transportation fuels -- diesel, for example -- that can be blended with existing ultra-low-sulphur diesels and bio-diesels, researchers said.
The government has chosen state-run GAIL (India) Ltd over Reliance Industries in setting up a Rs 2,500 crore gas cracker project in Assam.
After natural gas prices, the government looks set to bite the bullet on auto fuel prices, with a panel of ministers scheduled to meet on June 7 to decide on freeing petrol and diesel prices.
Petrol in the national capital costs Rs 68.46 per litre as compared to Rs 53.32 a litre in Pakistan, Rs 61.56 in Sri Lanka and Rs 62.25 in Bangladesh.
The Union government has collected Rs 94,181 crore through levy of excise duty on petrol and diesel in the first three months of the current fiscal on the back of a record tax on fuel that yielded 88 per cent higher revenue the previous financial year, the Lok Sabha was informed on Monday. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre, according to a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli in the Lok Sabha. This led to excise collections on petrol and diesel jumping to Rs 3.35 lakh crore in 2020-21 (April 2020 to March 2021), from Rs 1.78 lakh crore a year back, he said.
Eight infrastructure industries have posted a growth rate of 8 per cent for September on account of good performance by crude oil, steel and electricity sectors.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
The government has relaxed FDI norms in industries such as civil aviation, petroleum and natural gas and commodity exchanges.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
State-owned Indian Oil, Bharat Petroleum and Hindustan Petroleum currently lose Rs 180 crore per day.
Sudan, which had in 2007 defaulted on payment of installments towards the cost of building 741-km pipeline from Khatroum to Port au Sudan, agreed to form a working group to resolve the issue within a month, sources said.
Companies such as ONGC and Reliance have not been able to meet their work commitments for the blocks they had won under the New Exploration Licensing Policy rounds because of a crunch in availability of deep-sea drilling rigs. The official said oil ministry is moving a note for the consideration of Cabinet Committee on Economic Affairs for giving a drilling holiday from January 1, 2008, to December 31, 2010, for 33 blocks awarded in the fifth round of NELP.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
Oil and Natural Gas Corporation has decided to sack 64 striking executives. This was stated by the petroleum secretary R S Pandey on Thursday.
Succumbing to the US pressure, India has decided to cut crude oil import from Iran by over 11 per cent this fiscal to 15.5 million tons.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
Petroleum Minister Murli Deora and Chairman of Oil and Natural Gas Corporation R S Sharma are planning a visit to Russia in the first week of next month, hoping the Russian government would give its assent for the proposed acquisition of UK-listed Imperial Energy.
Reliance Industries Ltd plans to invest over Rs 4,500 crore (Rs 45 billion) in laying 5,895 km of product pipelines across the country as a precursor to begin the retailing of petrol and diesel.
He also said that efforts were on to increase the use of natural gas by four times in this decade and to double the oil refining capacity in the next five years.
This is significantly higher than the government revenues of Rs 500 crore (Rs 5 billion) that ADAG has been claiming in an advertising campaign that it launched on August 17. The exercise marks the first time the directorate general of hydrocarbon, the upstream oil regulator, has worked out such an estimate. The exercise is not carried out in the normal course for oil or gas fields.
Murali Deora, Minister of Petroleum & Natural Gas has urged the need for sustainable international oil prices stating that the high oil prices are neither in the interest of oil importing countries nor beneficial to the exporting nations.
Oil PSUs to pay Rs 2,500 cr interim dividend.
The board of ONGC has approved its 30 per cent share of the $2.431 billion revised field development cost proposed by Cairn India for the Block RJ-ON-90/1, petroleum minister Murli Deora informed the Rajya Sabha on Monday. ONGC will invest $729.43 million.
Union Minister of Road Transport and Highways Nitin Gadkari on Tuesday unveiled the prototype of the world's first Bharat Stage (BS)-VI-compliant electrified flex-fuel car, developed by Toyota Kirloskar Motor. The car, which runs on 100 per cent ethanol (E100), is based on the Toyota Innova HyCross. It can cover 40 per cent of its distance on ethanol and the remaining 60 per cent on electric, with the petrol engine shut off.
The Oil Ministry has approved the sale of 10 per cent Government holding in consultancy firm Engineers India Ltd, and a public offering is expected in the second half of July.
The PM launched the multi-disciplinary sporting event through a video conference facility.
The Petroleum Federation of India, the apex body of public and private oil firms, has submitted to the oil ministry a 100-day agenda for the new government. On top of its list is decontrol of petrol and diesel prices. Currently, public sector retailers sell auto fuel at government-dictated rates, which the private sector competition is unable to match in times of high input cost (crude oil prices).
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Banking and energy sector companies are the highest advance tax paying corporates in the country, owing to a surge in business and personal lending coupled with rising energy consumption, according to finance ministry sources.
Australia on Tuesday invited Indian companies to take part in exploration of natural gas but expressed inability to supply LNG to India in the short term.
Goldman Sachs' controversial note on corporate governance in Oil and Natural Gas Corp that evoked a strong reaction from the company, is not the first instance of the US investment bank having a run-in with the state-owned firm.
ONGC has awarded the service contract for development of its B-192, B-45 and WO-24 fields, known as Cluster 7, south-west of the Mumbai High field to a consortium of HPCL, Prize Petroleum Comnpany Ltd and Malaysia's M3nergy Berhad (Trenergy). \n\n
Jet Airways, Kingfisher Airlines and state-owned NACIL owe public sector oil companies over Rs 2,241 crore (Rs 22.41 billion) as payment for jet fuel, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.
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