India's Oil Minister Murli Deora said a proposal to allow firms to set retail fuel prices based on market prices would be sent to the cabinet for approval within six weeks.
The Companies Bill 2009, which will replace a half-a-century old Act, is expected to be brought before Parliament for consideration and passage in the ongoing Budget session.
The ministry of corporate affairs - under new minister Murli Deora - has reopened for further investigation the cases of two companies allegedly involved in the unravelling 2G scam. A senior official said that the ministry was currently probing Swan Telecom and Loop Telecom.
Reddy, who moved from urban development to the oil ministry, got down to tackling the task straightaway with a brainstorming session with senior ministry officials on Thursday.
Besides Mukherjee and Deora, the EGoM would have power minister Sushilkumar Shinde, fertiliser minister M K Alagiri, law minister Veerappa Moily and Planning Commission deputy chairman Montek Singh Ahluwalia.
Even as the UPA is struggling for credibility and ways to fight corruption, the BJP is merely waiting in the wings hoping to earn votes by default. But that is not likely to happen, says Sheela Bhatt.
GX Technology case led to police cases against Sibal.
The agreement was one among the several agreements signed during the visit of President Barack Obama.
Petroleum Minister Murli Deora launched the ninth edition of New Exploration Licensing Policy, offering 34 exploration blocks, almost half of the previous round in 2009.
Petrol prices in Delhi rose by Rs 4 a litre, while diesel rates rose by Rs 2 a litre, Oil Minister Murli Deora told reporters after a meeting with Prime Minister Manmohan Singh in New Delhi.
Minister of Petroleum & Natural Gas Murli Deora has welcomed the General Budget for 2010-11 presented by the finance minister on Friday in the Lok Sabha.
Public-sector oil retailers are projected to lose Rs 45,571 crore on selling petrol, diesel, domestic LPG and kerosene below cost.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
The Congress core group is meeting later in the evening where the implementation of Kirit Parikh Committee report on fuel pricing reforms may be discussed.
Petroleum secretary RS Pandey said the ministry explained the revenue losses that state run companies were incurring on sale of petrol, diesel, domestic LPG and kerosene.
Planning Commission deputy chairman Montek Singh Ahluwalia and former Planning Commission member Kirit S Parikh, who heads an expert committee on fuel pricing, may join the deliberations, official sources said.
'The price increases, particularly in respect of cooking gas, that is domestic LPG and PDS kerosene, have been quite minimal.'
Oil Minister Murli Deora on Friday indicated there would be no rollback in fuel price hike and hit out at Opposition for "misleading" people on the impact of the rise.
With Opposition parties calling for a nationwide strike against the hike in fuel prices, Petroleum Minister Murli Deora on Wednesday justified the decision, saying the increase translated to less than Re 1 per day on domestic LPG and 26-27 paisa a day on kerosene.
President Asif Ali Zardari is scheduled to ink an agreement on the $7.6 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project with the Turkmen and Afghan heads of state at Ashgabat on December 11.
The government advised the warring Ambani brothers several times that they should stop fighting, but failed to bring about a reconciliation, Petroleum Minister Murli Deora said on Wednesday.
President Pratibha Patil today embarked on her maiden visit to Russia seeking to consolidate the relations between the "close friends and partners" in the changed global geo-political situation.
Petroleum Minister Murli Deora met Iran's Deputy Minister for International Affairs H Noghrehkar Shirazi on the sidelines of the 12th International Energy Forum here to propose bilateral talks in May.
"We are working on a (subsidy) mechanism, as it's very difficult to implement dual pricing of diesel," Petroleum Minister Murli Deora said
Cutting across party lines, MPs in Rajya Sabha expressed deep concern over the dispute and said the private contractor should not be allowed to enter into a memorandum of understanding for distribution of gas from a national asset.
Indian industry should welcome the implementation from June 1 of the new merger and acquisition (M&A) norms under sections 5 and 6 of the Competition Act, 2002.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
Shiv Sena chief Bal Thackeray, who has issued a diktat to his partymen to greet Rahul Gandhi with black flags for his "Mumbai for all Indians" remark, on Friday attacked Marathi ministers at the Centre for "not protesting Rahul's anti-Mumbai statement".
"Oil companies are still losing money. . .Please pray that prices come down further so that we can consider reducing fuel prices," Petroleum Minister Murli Deora told reporters.
A source said on Tuesday that 'petroleum ministry is likely to propose deregulation of petrol prices and gradual phasing out of subsidies on diesel to ease burden on public sector oil marketing companies' -- indicating a possible hike of Rs 3 per litre in petrol rates.
The prime minister is scheduled to review the financial health of oil PSUs at a meeting with finance minister Pranab Mukherjee and petroleum minister Murli Deora on Wednesday evening.
Though the government had earlier this fiscal explicitly decided to compensate Indian Oil, Hindustan Petroleum and Bharat Petroleum for the losses they incur on selling domestic LPG and kerosene through PDS by way of oil bonds, the finance ministry has not issued any bonds for the three quarters.
A day after agreeing to sell majority stake in its India subsidiary for $8.48 billion, UK's Cairn Energy Plc top management on Tuesday met Oil Minister Murli Deora and other key officials to clear any regulatory roadblocks to the deal with Vedanta Resources.
Petroleum Minister Murli Deora on Wednesday dismissed reports of diminishing oil stocks in Mumbai due to non-operation of ports after the oil spill off the coast of the metropolis.
Within days of India approaching International Atomic Energy Agency for country-specific safeguards for nuclear power plants, the ministry issued advertisements in newspapers explaining what the uranium extracted energy can do to the nation's energy security. Energy-hungry India has a huge unmet power demand and the heavily subsidised diesel is being used as fuel to generate electricity.
Petroleum Minister Murli Deora on Monday ruled out any rollback in the increased prices of petroleum products, saying the hike has been reasonable and minimum. "The hike is reasonable and minimum ...," Deora told reporters here.
After eight rounds of auction, India is moving towards Open Acreage Licensing Policy, where oil firms can choose the blocks they want to explore without waiting for the government to put them on offer.
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.
Oil Minister Murli Deora on Wednesday said his ministry is not in favour of raising diesel and domestic LPG prices as response to spurt in global crude oil prices, as the move will add to already high inflation rate.
In the midst of a spat between India and China, an official Chinese newspaper on Friday spoke of a possible meeting between the prime ministers of the two countries next week in Thailand.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances