US crude is now more than 17 per cent below its opening price at the start of the month and Brent is down more than 16 per cent.
Under-recovery or the gap between retail selling price and the cost of import, this month dipped to an all-time low of 8 paise a litre, helped by the monthly increases and softening in international oil rates.
With Congress party vice president Rahul Gandhi making a strong pitch for raising LPG cap, Oil Minister M Veerappa Moily on Friday said the quota of subsidised cooking cylinders will be hiked to 12 from 9 per household.
Iran can now unlock $4.2 billion of payments for its oil stuck with major clients including India, China, Japan and South Korea after it reached an interim deal with six world powers in November over its nuclear programme.
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With Oil Ministry continuing to be opposed to selling IOC shares on stock market like other disinvestments, an Empowered Group of Ministers headed by Finance Minister P Chidambaram today decided to sell 24.27 crore shares or 10 per cent government stake in the company to Oil and Natural Gas Corporation and Oil India Ltd.
The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
Traders are closely watching the progress of the monsoon.
Having made Aadhaar mandatory for receiving subsidised cooking gas (LPG) in 19 districts, Oil Minister M Veerappa Moily on Wednesday said the unique identification card will no longer be a must for giving subsidises unless cleared by the Supreme Court.
The cost of paying the subsidy in cash has increased the money spent by the government.
After the launch in April 2010, Euro-VI fuel supply was expanded to seven cities of Puducherry, Mathura, Vapi, Jamnagar, Ankleshwar, Hissar and Bharatpur in 2011-12.
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.
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.
An expert panel approved policy for development of gas fields.
The increase in commission - which is normally passed on to consumers - is expected within a couple of weeks.
For 2015-16, ONGC is targeting a total of 26 MT of oil production.
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.
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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.
Contract does not provide for retrospective penalty for 'such' acts
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.
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.
The Indian basket represents the price of Oman and Dubai sour grade crude.
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.
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