India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
India is the 4th largest oil consumer after the US, China and Japan.
Government is expected to rely more on divestment proceeds to keep the fiscal deficit in check
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
The market breadth in BSE remains healthy with 1,829 shares advancing and 721 shares declining
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
Going by the experience of the previous years -- when the actual proceeds from stake sale were much lower than the targets -- the government's disinvestment target for 2014-15 appears too ambitious.
Expects to raise Rs 9,300 crore from Indian Oil share sale on Monday
Diesel price was on Monday hiked by 50 paise per litre, excluding VAT, with effect from midnight tonight.
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
The UAE central bank will then make payments in dirhams to Iran.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
The Gujarat High Court had last week directed ONGC to pay royalty on crude oil on the gross price it bills to refiners.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
The world's largest cash transfer programme has eliminated around 40 million ghost connections
With the rupee continuing to remain weak against the US dollar, losses on diesel have climbed to Rs 9.45 per litre, upsetting the government's subsidy maths.
The Petroleum Ministry has asked for Rs 26,000 crore (Rs 260 billion) as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore (Rs 100 billion) cash support.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
The government on Thursday sanctioned Rs 17,772 crore (Rs 177.72 billion) cash subsidy to fuel retailers like IOC to cover for half of the revenues they lost on selling diesel and cooking fuels below cost in the September quarter.
Pharma shares extended losses after the government's ban on combination drugs.
Indian basket at 6-month low of $49.11 a bbl
Saudis are interested in expanding their relationship with India, given it is becoming the main driver of crude demand growth in Asia
In the sixth such hike in three months, petrol price has been increased by a steep Rs 2.35 per litre and diesel by 50 paise per litre on falling rupee and firming international oil prices.
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
ONGC is raising debt for a spate of acquisitions over the past year
India's imports from Iran rose to 250,200 barrels per day
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month.
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
The reserves in Farzad-B are almost thrice the largest gas field in India.
Rejecting Congress' charge that projects he has been inaugurating in recent months were all started during their time, he said, as prime minister, he would have been happy if the projects were completed 15 years back and led to creation of jobs.
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
Sensex eneded 374 points higher on rate cut expectation from the RBI.
The previous democratically-elected government in Bhutan sought to get cosy with China. Will the new Tshering Tobgay dispensation mend the fences with India? Shubha Singh examines
Oil Minister M Veerappa Moily has suggested pricking the ballooning oil bill with everything from a street theatre campaign encouraging lower fuel use, to shutting fuel stations, to increasing imports from Iran.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
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