Custom duties, a major concern for the oil sector.
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.
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.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
The Andhra Pradesh government on Friday ordered an inquiry into the Gas Authority of India Limited pipeline blast at Nagaram village in East Godavari district, in which 14 persons were killed.
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.
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.
Gujarat Chief Minister Anandiben Patel on Friday called on Prime Minister Narendra Modi in New Delhi and tied a rakhi on his wrist.
BC Tripathi, who helms India's largest natural gas marketer and transporter -- GAIL, discusses last-mile connectivity to homes with Jyoti Mukul and Shine Jacob.
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.
The union government is planning to release about 5.5 crore new LPG connections over the next five years, petroleum and natural gas minister Murli Deora said.
Pradhan met Energy Secretary Rick Perry during an unscheduled trip to the US Capitol and discussed energy cooperation between India and the US, Indian investment in Liquefied natural gas and shale sectors, and the possibility of the US exporting LNG to India from early next year.
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".
In a move that may boost the Indian hydrocarbon industry and bring more investments into the sector, the Union Cabinet on Wednesday decided to give marketing freedom to domestic crude oil producers, allowing them to sell petroleum to any company in the local market. The move is set to be beneficial for major crude oil producers, such as state-run Oil and Natural Gas Corporation (ONGC) and Oil India, and private sector majors like Vedanta's Cairn Oil and Gas and Reliance Industries. As of May 31, India was dependent on imports for 86 per cent of its crude oil consumption; domestic production sufficed the remaining 14 per cent demand.
Subir Raha, the former chairman and managing director of Oil and Natural Gas Corp, has been awarded the prestigious 'Energy Executive of the Year' award instituted by London-based renowned energy journal Petroleum Economist.\n\n
Subir Raha, the former chairman and managing director of Oil and Natural Gas Corp, has been short-listed for the prestigious "Energy Executive of the Year" award instituted by London-based renowed energy journal 'Petroleum Economist'.
The Group of Ministers, set up to look into the bifurcation of Andhra Pradesh, met on Monday for discussion with Union ministry secretary-level officers.
Ministry returns guarantee saying new price has not been notified and RIL would have to submit surety as and when it is announced.
He will lay foundation stone for the 'Urja Ganga' project, aimed at providing piped natural gas to all the households in the city.
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.
Over 30 persons were taken into custody at two different places by police when they tried to stop the convoy of Union Minister for Petroleum and Natural Gas, S Jaipal Reddy, and State Home Minister Sabita Indra Reddy who were on their way to Gangirala village in Rangareddy district of Andhra Pradesh, on Sunday.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
Dharmendra Pradhan lays bare the next course of action for his ministry and says RIL will have to pay the same price at which it produced the volumes.
The PM launched the multi-disciplinary sporting event through a video conference facility.
It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday. Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully. During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market.
Senior Bharatiya Janata Party leaders are not on talking terms with expelled leader Jaswant Singh after he refused to resign from the chairmanship of the Public Accounts Committee of the Parliament, Union minister Murli Deora claimed on Friday. The Petroleum and Natural Gas minister, who is heading a high-level delegation to London, said senior BJP leaders, including L K Advani, Sushma Swaraj and Murali Manohar Joshi, are not on talking terms with their former colleague.
Annapurna Devi, Subhas Sarkar and Rajkumar Ranjan Singh will be the new ministers of state for education.
The government has relaxed FDI norms in industries such as civil aviation, petroleum and natural gas and commodity exchanges.
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 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.
The prohibition has freed up as much as 60 million litres of ethanol
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.
India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.
Senior Congress leader Oscar Fernandes, who is already cabinet minister, will be without any porfolio.
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