Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) of Qatar has pulled out of state-run National Thermal Power Corporation's tender for supply of 3 million tonnes of LNG for its power plants.
Ujjwala Yojana was launched on May 1, 2016 at Ballia district in Uttar Pradesh and has so far covered 47.3 million consumers in 715 districts
India will begin importing gas in the form of liquefied natural gas from early 2004 to augment deficit in domestic production, Petroleum Minister Ram Naik said.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
ExxonMobil-owned RasGas will supply liquefied natural gas by December to restart the Dabhol power project in Maharashtra, a top official said on Friday.
A major reason for the decline in the consumption of kerosene was an increase in the number of LPG consumers in rural India after the government launched the Pradhan Mantri Ujjwala Yojana. in 2016.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
Domestic output is stagnating and the expensive LNG will meet the rising energy demand of the growing economy.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
Russian energy giant Rosneft has appointed a former Indian Oil Corporation (IOC) director to its board in signs it may be looking at boosting trade links with India. G K Satish, who retired as director for business development at IOC in 2021, is one of the three new faces appointed to the 11-strong board of directors of Rosneft, according to a statement issued by the Russian firm. Satish, 62, is the first Indian to be appointed to the board of Rosneft.
The government allocated Rs 650 billion for petroleum subsidies in FY14, of which Rs 450 billion was used to pay oil marketing companies for the subsidy gap incurred in the previous financial year.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
India on Monday sought fuel from Qatar to restart the $2.9-billion Dabhol power project in Maharashtra.
The government on Thursday hiked by 62 per cent the price of natural gas that is used to produce electricity, make fertilisers and turned into CNG to use as fuel in automobiles and cooking gas for household kitchens. This is the first increase in rates since April 2019 and comes on back of firming benchmark international prices but does not reflect the spurt in spot or current price of liquefied natural gas (LNG) witnessed during the last couple of weeks. The oil ministry's Petroleum Planning and Analysis Cell (PPAC) said the rates paid for gas produced from fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be $2.90 per million British thermal unit for the six-month period beginning April 1.
On the insistence of petroleum minister Murli Deora, Russian Prime Minister Vladimir Putin is sending Shmatko to attend the conference of energy ministers of the Commonwealth of Independent States that New Delhi is hosting on November 25-26.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
Prices of natural gas, which is used to produce fertiliser and generate electricity and is also converted into CNG for use in automobiles as fuel and cooking gas for households, are set every six months -- on April 1 and October 1 each year.
Indian basket at 6-month low of $49.11 a bbl
BJP would observe the next 10 days -- from Sunday to September 17, the birthday of the PM -- as 'seva parva'.
The price of petrol breached a three-year high on Monday at Rs 74.50 a litre, while the price of diesel was at its highest at Rs 65.75 a litre
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
Only Rs 3,000 cr has been disbursed. Over 80% of these transfers were for cooking gas subsidy.
Oil subsidies to fall 44% in FY15.
With the price of a cylinder touching Rs 800, it's becoming increasingly unaffordable to an already price-sensitive population, threatening to risk one of the most-celebrated campaigns of the Modi regime, reports Twesh Mishra.
Three oil PSUs have moved the Supreme Court seeking modification of its earlier order that Aadhaar card is not mandatory and no person should suffer for want of it in getting benefits of government schemes.
A bench headed by Chief Justice P Sathasivam said that the plea of the Centre would be taken up for hearing on October 8.
The calculation is based on annual usage of eight cylinders per household.
India exhaled a huge sigh of relief in the weekend as Bhutan's opposition People Democratic Party defeated the incumbent Druk Pheunshum Tshogpa in polls, setting the stage for a renewal of ties that had come frayed in the recent controversy over removal of subsidies for liquefied petroleum gas and kerosene.
The biggest problem is that those with Aadhaar numbers aren't coming forward for seeding these with bank accounts.
8 out of 12 sectoral indices closed in red with BSE IT and Healthcare indices losing 0.5%.
Global crude oil prices have slumped by 49 per cent during the same period
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG). However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. Analysts expect the earnings from gas production to go down for upstream national oil and gas companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) due to the introduction of the new domestic gas pricing regime on April 1. After showing steep losses over the first half of 2022-23 (FY23), the marketing margins of OMCs have steadily recovered in four months.
FM indicates adherence to fiscal road map, benign tax rates, correction in inverted duty structure
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