In Amman, Biden will meet with King Abdullah of Jordan, Egyptian President Abdel Fattah El-Sisi, and Palestinian Authority President Mahmoud Abbas.
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
To meet fuel supply commitments to the power sector, the government today said CIL might divert a portion of the coal meant for e-auction to power plants.
Claiming that the Nuclear Suppliers Group had 'reneged' on its waiver on nuclear fuel supply to India, Bharatiya Janata Party on Tuesday accused Prime Minister Manmohan Singh of betraying the nation on the Indo-US nuke deal and asked him to clarify how it is beneficial to the country.
The spike in food prices at the onset of the monsoon season has corroborated the Reserve Bank of India's (RBI's) view that the fight against inflation is far from over, the State of the Economy report of the central bank said. At the same time, the report said that the country is poised to become the fastest-growing major economy in the world, notwithstanding some sequential moderation in economic activity in June. Consumer Price Index (CPI)-based inflation rate increased to 4.8 per cent in June 2023, from 4.3 per cent in May, primarily on account of an increase in food inflation.
Automobile manufacturers said Euro-VI grade vehicles will not hit the roads before 2020 but the advancement gives them confidence to make investments in manufacturing such vehicles.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
Shaboo, who is living with her husband, Nedal Toman, and youngest daughter, Karima, in Gaza, said the 'water supply was officially cut off' in addition to electricity.
Five states -- Maharashtra, Haryana, Rajasthan, Punjab and Gujarat -- face a massive power crisis.
Financial services majors Citi and HSBC said the long awaited government decision to hike fuel prices is a positive step, although it will fan the already high inflation and may not prevent fiscal slippage.
The agreement will form the basis of wide-ranging bilateral cooperation from basic and applied research to full civil nuclear cooperation, including reactors, nuclear fuel supply, nuclear safety, radiation and environment protection and nuclear fuel cycle management, officials said. The nuclear agreement and the social security pacts were signed after the Summit meeting between Prime Minister Manmohan Singh and French President Nicholas Sarkozy at the Elysee Palace in Paris.
"We have been very clear with the Indians, should India test, as it has agreed not to do, or should India in any way violate the IAEA safeguards agreements to which it would be adhering, the deal, from our point of view, would, at that point, be off," Burns pointed out.
Concerned over the fuel shortages and petrol pumps running dry, the government said on Friday it would deploy central forces to ensure supply lines are not dried due to the ongoing strike by oil sector executives. "The government will deploy central forces wherever necessary," petroleum secretary R S Pandey told reporters even as petroleum minister Murli Deora met Prime Minister Manmohan Singh to brief him about the strike by officers of oil PSUs.
The Parliamentary Standing Committee on External Affairs favoured expeditious resumption of fuel supplies to the country's civil nuclear plants.
The Jordanian-drafted resolution did not make any mention of the militant group Hamas, with the US expressing outrage at the "omission".
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
Prime Minister Manmohan Singh returned to New Delhi on Tuesday after a three-day visit to Russia, during which the two sides signed a path-breaking civil nuclear agreement and three defence pacts. Dr Singh had met Russian President Dmitry Medvedev and Prime Minister Vladimir Putin on Monday and discussed a wide range of issues, including terrorism. On Monday, the two sides signed a path-breaking civil nuclear agreement that will guarantee uninterrupted uranium fuel supplies.
India and Russia underlined their determination to deepen their "time tested" relationship on Monday, as they inked a path-breaking civil nuclear agreement that will ensure transfer of technology and uninterrupted uranium fuel supplies to its nuclear reactors and signed three pacts in the defence sector.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
State-run oil firms will supply Euro-IV grade petrol and diesel in 13 big cities and Euro-III complaint petrol in rest of the country from April 1 but supply of the cleaner diesel to rest of the country may be delayed by three to six months.
Pranab Mukherjee said India will undertake the civil nuclear cooperation with the US and any other country on the basis of bilateral agreements only and that the government has "no doubt" that Washington will fulfil its "commitments and obligations" specified in the agreement.
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
Automobile retail sales in India rose 14 per cent in January on the back of robust registrations across passenger vehicles, two-wheelers and tractors, dealers' body Federation of Automobile Dealers Associations said on Monday. Total sales across categories last month rose to 18,26,669 units, as compared to 16,08,505 units in January 2022. Passenger vehicle registrations rose to 340,220 units last month, an increase of 22 per cent as compared to 279,050 units in the year-ago period.
India on Friday made it clear that the civilian nuclear cooperation with the United States will be guided only by the 123 agreement which, when operational, will become a 'legal' document in accordance with well-recognised principles of international law and Law of Treaties.
The proposed India-United States nuclear agreement provides undefined India-specific safeguards and fails to explicitly state whether the US nuclear trade will terminate if India conducts a nuclear test.
SpiceJet grounded all its aircraft due to payment woes
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
Agreements may provide rights but this does not mean asserting them or implementing them will be easy. India may consider itself to be on firm legal ground in invoking Paragraph 29, for example, in order to deal with the consequences of a fuel supply disruption, but the political opposition it will encounter internationally could be formidable. Some of this political opposition could even be couched in legal terms.
While consumers have enjoyed lower fuel prices, producers have cut spending and thousands of jobs
Amid the raging Israel-Hamas war, a group of opposition leaders, including MP Danish Ali and former parliamentarians Mani Shankar Aiyar and K C Tyagi, visited the Palestine Embassy in New Delhi on Monday to express solidarity with Palestinians.
Government's fuel subsidy estimate was based on crude oil at $70.
Oil and Natural Gas Corporation has decided to sack 64 striking executives. This was stated by the petroleum secretary R S Pandey on Thursday.
Fuel supplies in many parts of the country were affected on the second day of the indefinite strike by oil PSU executives that also resulted in refineries running below capacity and impacted oil and gas production.
In a joint statement after their talks, President Biden and Prime Minister Modi expressed their deep concern over the conflict in Ukraine and mourned its terrible and tragic humanitarian consequences.
Originally, it was envisaged that the 2,150-MW power plant would shift to imported-LNG once the terminal is completed but now natural gas from Reliance Industries' eastern offshore D6 field is envisaged to fire the plant.
Stressing the need for coal sector reforms, the presentation said, "Independent regulation of coal sector becomes essential to ensure that e-auction remains competitive, to fix formulae for price revision for long-term fuel supply, to fix trading margins and to improve exploitation and allocation of available resources.
Petrol doped with 20 per cent ethanol was rolled out on Monday at select petrol pumps in 11 states and union territories as part of a programme to increase use of biofuels to cut emissions as well as dependence on foreign exchange-draining imports. At present, 10 per cent ethanol is blended in petrol (10 per cent ethanol, 90 per cent petrol) and the government is looking to double this quantity by 2025. Prime Minister Narendra Modi launched the higher 20 per cent ethanol blended petrol two months ahead of the planned rollout in April, at the India Energy Week (IEW) 2023 in Bengaluru.
'2,665 children killed. 2,665 cheeky smiles, 2,665 dreams of tomorrow, 2,665 favourite cartoon characters, 2,665 favourite meals, 2,665 someone's everything.'
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
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