Oil Min rejects RIL arbitration notice.
Normal or unbranded diesel currently attracts basic excise duty of Rs 1.46 a litre and an additional excise duty of Rs 2 per litre.
Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerapa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014.
Domestic cooking gas (LPG) price was on hiked by Rs 3.46 per cylinder after the government raised the commission paid to dealers by over 9 per cent.
An expert panel approved policy for development of gas fields.
Stating that many people have not yet got the card and were being harassed by government agencies, Mamata Banerjee said that the Centre should make a single identity card which would be common for all purposes.
For 2015-16, ONGC is targeting a total of 26 MT of oil production.
The increase in commission - which is normally passed on to consumers - is expected within a couple of weeks.
While a new formula for pricing of all domestically produced natural gas was notified on January 10 and published in Gazettee on January 17, the Election Commission last month asked the government to defer its implementation till general elections are completed.
Prices have declined 18 per cent this year.
Prayas Jain has been arrested for allegedly buying secret documents.
Declining crude price translates into lower under-recoveries for OMCs
RIL has slapped an arbitration notice challenging oil ministry's decision to take away 814 square kilometer of its eastern offshore KG-D6 area that contained five gas discoveries.
The oil ministry is rejecting the monetisation of new discoveries as their production will not be viable at the present price of $4.2 per mmbtu
As per the current market price, the government is expected to fetch Rs 5,300 crore (Rs 53 billion) by selling 10 per cent equity or 24.27 crore (242.7 million) shares at discounted price to Oil and Natural Gas Corporation and Oil India Ltd.
Contract does not provide for retrospective penalty for 'such' acts
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On June 27, the Cabinet approved a new formula that uses weighted average of the price of LNG into India and average price at major gas hubs.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
To cut subsidy bill and reduce fiscal deficit, the previous United Progressive Alliance government had restricted the number of subsidised domestic cylinders per household to six every year in September 2012, revising it to nine the following January
The Ministry recently issued an order saying 'no authorisation from Petroleum and Natural Gas Regulatory Board is required for setting up of a CNG station.' PNGRB has been since 2009 issuing licences to entities for city gas distribution networks, essentially for retailing compressed natural gas to automobiles and piped cooking gas (piped natural gas or PNG) to households.
As he was to take the bus, he set out early, walking a short distance from his office to the Krishi Bhawan bus stop from where he boarded bus number 781 to Race Course.
The government has formed a four-member panel of secretaries to suggest a new gas pricing mechanism.
State-owned ONGC and Oil India Ltd (OIL) are likely to buy a 10 per cent stake in Indian Oil Corp (IOC) from the government at Rs 220 per share, aggregating about Rs 5,300 crore (Rs 53 billion).
On Thursday, Oil Minister Dharmendra Pradhan had stated that the government was reworking the subsidy-sharing formula.
The government on Wednesday put on hold a hike in LPG prices in states including Karnataka, Madhya Pradesh and Kerala, where an increase in local levies had led to a rise in fuel rates.
After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two fuels.
The Indian basket represents the price of Oman and Dubai sour grade crude.
CAG, in the third round of audit of KG-D6 as well as three other oil and gas fields, on November 11 wrote to RIL seeking records to audit spending in 2012-13.
Delhi Police Crime Branch raided the office of a petrochemical co.
Last week, RIL and urea companies failed to settle the key terms of gas supply from April 1 upon expiry of the five-year contracts that priced gas from the eastern offshore KG-D6 fields at $4.205 per million British thermal units.
After grappling with the issue for two years, the Ministry of Petroleum and Natural Gas had on November 21 ordered that the margin to be charged, over and above the gas sale price, should be fixed between the seller and buyers in all sectors other than urea and LPG.
As the government began consultations with stakeholders on raising gas prices, gas producers and consumers met a committee of secretaries separately with their pleas on the issue.
IOC and other oil firms have been paying LPG consumers in 54 districts up to Rs 500 to help them buy a 14.2-kg cooking gas refill at market price, which is more than double of Rs 410 per bottle rate in Delhi.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
Delhi, reeling under high temperatures and an acute electricity shortage, will get additional gas supplies from the National Thermal Power Corporation and Dabhol to increase power generation and help meet demand in the national capital.
In a first, Prime Minister Narendra Modi on Wednesday met the secretaries of all the government departments collectively and asked them to directly get in touch with him to resolve issues and expedite decision-making.
They will be remanded to 11 days judicial custody.
Scandal is a result of callous administrative approach.
Execs of RIL, Essar, Cairn India, Jubilant Energy, ADAG detained.
The government has slapped an additional penalty of $792 million on Reliance Industries for producing less than targeted natural gas from its eastern offshore KG-D6 block.
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