S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
'Primary buyers are commercial taxi and fleet operators and small businessmen.' 'CNG prices have been remarkably stable unlike petrol.'
Prime Minister Narendra Modi on Friday announced a Rs 100 per cylinder cut in cooking gas LPG price to ease financial burden on households. Non-subsidised cooking gas price will be cut to Rs 803 per 14.2-kg cylinder in the national capital with effect from midnight of Friday/Saturday, official sources said. Prices vary from state to state depending on the incidence on local taxes.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
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Food inflation, at almost 17 per cent, along with the rise in fuel prices will be a bitter pill for consumers.
With an aim to provide an energy-saving and low cost option to iron boxes operated through electricity, an innovator has come up with an iron box operated with the help of liquified petroleum gas.
The proposal had to be routed through the transport department. "We were having discussions with the department and were hopeful of a mandate being passed for converting these vehicles to alternate fuel sources," said M L Meena, principal secreatary, department of environment, west Bengal.
According to industry figures, the pre-Covid demand for liquid medical oxygen (LMO) before the pandemic was 700 tonnes per day across the country. Now, with the second wave, the demand has gone up more than seven times, reports Jyoti Mukul.
Multinational companies like Shell, Caltex, Elf and SHV that have been attracted by the huge possibility to market Liquified Petroleum Gas in India are these days waiting for their chance.
P Dasgupta was on Thursday appointed the managing director and CEO of Petronet LNG Ltd, India's largest liquified natural gas importer.
Petroleum and Natural Gas Minister Ram Naik said on Wednesday that an agreement with Qatar had been finalised for supply of liquified natural gas from next year.
Qatar has agreed in-principle to hike the supply of liquified natural gas from the current five million tonnes to 20 MT within the next ten years to India and both the countries were likely to sign an agreement to this effect by May this year.
The ministry of finance has estimated that about Rs 1,800 crore (Rs 18 billion) would be needed to restart the Dabhol Power plant, lying idle for the past three years.
India has offered to invest over $1 billion in building a plant to liquify natural gas in Iran so as to cut the cost of the liquefied natural gas from Iran to almost the same levels as that of subsidised natural gas in India.
Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent.
In India, economic activity slowed substantially in 2019, with the deceleration most pronounced in the manufacturing and agriculture sectors, whereas government-related services sub-sectors received significant support from public spending, the Bank said.
The Cabinet Committee on Economic Affairs may raise the subsidised LPG cylinder quota from 9 to 12 at the next meeting, Petroleum Minister M Veerappa Moily said.
An interplay of Modi government's outreach in Bihar and the sequence of events in Chirag Paswan's life could make Bihar a game of musical chairs when the results are out.
The 39 are being held hostage by Islamic militant outfit Islamic State.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
In a move that could potentially irk New Delhi, China has offered to supply liquified petroleum gas to Nepal after gifting fuel to ease the crisis in the country, hit by acute fuel shortage due to a blockade at key border trade points with India.
More people will be literate, on the Internet, linked to the national identification scheme and likely to receive electricity, especially from alternative-energy sources.
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