India and the United States have agreed to revamp their strategic energy partnership with a greater focus on cleaner energy sectors, an official statement said. Oil Minister Dharmendra Pradhan on Monday held an "introductory meeting" with US Secretary of Energy Jennifer Granholm. The two leaders reviewed the India-US Strategic Energy Cooperation (SEP). The two nations will intensify efforts to take advantage of advanced US technologies and India's rapidly growing energy market, the statement said.
Oil Minister Dharmendra Pradhan said the current rate of $4.2 per million thermal units will continue till September end.
"I underwent a coronavirus test after developing symptoms and the report has come positive. I am getting hospitalised on the advice of doctors. I request all who have come in my contact in the past days to isolate themselves and get tested," Shekhwat tweeted in Hindi.
The monthly hike in price came after several rounds discussions that the new Oil Minister Dharmendra Pradhan held with state-owned oil firms on continuing with the reform initiated by the United Progressive Alliance government.
Diesel price is likely to be cut by close to Rs 2.50 a litre, the first reduction in more than four years, after code of conduct for assembly elections is lifted.
Earlier, the minister faced ire of Opposition members in Rajya Sabha as they accused him of not giving specific replies to questions on Aadhaar-based direct subsidy transfer to domestic cooking gas consumers.
Oil Minister Dharmendra Pradhan said the new timing of the price change was agreeable to the dealers and so daily price revision will be implemented from June 16
The fields have reserves of about 89 million tonnes
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
The Odiya strongman, who delivered stunning victory to the BJP as the in-charge of Bihar unit, straight away got down to work after taking charge of the high-profile ministry.
Energy supermajor Exxon Mobil Corp is in talks to buy a stake in producing oil and gas fields in India, Oil Minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports. Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
Petrol and diesel prices on Monday were hiked for the seventh day in a row as a rally in international oil prices took retail rates in India to new highs. Petrol price was increased by 26 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. This pushed retail rates, which differ from state to state depending on the incidence of local sales tax or VAT and freight charges, to their highest level. The hike took petrol price in Delhi to a record Rs 88.99 per litre and to a highest-ever rate of Rs 95.46 a litre in Mumbai.
Tata Motors was the top gainer in the Sensex pack rallying 5.32 per cent. Among other prominent gainers were Bharti Airtel, IndusInd Bank, Sun Pharma, Axis Bank, Maruti Suzuki, Bajaj Auto and TCS.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
The demand, which had fallen by as much as 70 per cent, has since recovered after lockdown restrictions were eased beginning early May.
Sale of diesel, the most consumed fuel in the country, fell 12 per cent, while petrol sales fell 7.4 per cent year-on-year to 2.38 million tonnes although it rose 5.3 per cent from 2.26 million tonnes in July as commuters preferred driving to using public transportation.
Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said. The move follows tensions between India and Saudi Arabia over the Kingdom's hawkish stance on boosting production to cool prices.
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
Infrastructure, manufacturing and telecom are understood to be among the focus sectors
The saving in 2015-16 was about Rs 7,000 crore.
The visit will provide thrust to expand bilateral cooperation
The cabinet on Thursday approved a Rs 8,000-crore scheme to provide cooking gas (LPG) connections free of cost to women members of poor households.
The new government on June 25 decided to defer the implementation till September-end to hold wider consultations.
Made from Jatropha crop, the fuel has been developed by the CSIR-Indian Institute of Petroleum, Dehradun.
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
The new strategy is being planned to guard against disruption in supplies from its biggest sources in West Asia -- Iraq and Syria -- as they are caught in problems relating to Islamic State movement.
Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
Petrol costs more in India than Pakistan.
Walmart CEO Douglas McMillon came first in the CEOWORLD magazine's global ranking of the best chief executives across all industries for 2019.
The OilMin is likely to announce the price for next six months soon.
After Rajasthan, petrol price on Thursday crossed the Rs 100 per litre mark in Madhya Pradesh after fuel rates were increased for the tenth day in a row. Petrol price was hiked by 34 paise per litre and diesel by 32 paise, according to a price notification of state-owned fuel retailers. While branded or additive-laced petrol, which attracts higher taxes, had crossed the Rs 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan, regular petrol crossed the physiological mark in Sriganganagar town of Rajasthan on Wednesday, and on Thursday it went past that mark in Madhya Pradesh. In Anuppur of Madhya Pradesh, petrol is priced at Rs 100.25 per litre and diesel at Rs 90.35. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
He said Parliament in the past decades has debated a number of government decisions, which had caused tensions and social conflict, but it was now deadlocked by rival parties over a 'constructive decision' like demonetisation.
Modi is believed to have signed on Ashok's appointment file before he left for Brazil to attend BRICS Summit, an oil ministry official said in New Delhi.
All subsidies will be eliminated by March 2018
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
Govt targets 1 cr consumers to give up LPG subsidy.
Traditionally, Singapore and the UAE have been India's biggest sources of petrol and diesel.
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