Prime Minister Narendra Modi has urged for restraint in the use of petro products due to the West Asia crisis, emphasising the need to save foreign exchange and reduce the impact of war. He also highlighted India's progress in solar power and ethanol blending, while assuring support to Telangana's development.
The government has no proposal 'at this stage' to reduce taxes on petro products even as it earned Rs 1.02 lakh crore (Rs 1.02 trillion) by way of taxes on these items in 2010-11, Parliament was informed on Tuesday.
Companies are already diversifying sourcing, raising prices, and reworking operating models as the disruption drags on.
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
Global energy giant Shell has acquired Mumbai-based Raj Petro Specialities to deepen its foothold in the world's third biggest lubricants market in the world, a top company official said. Shell, which has already invested over $5 billion in India across the energy value chain -- from LNG import terminals and fuel stations to renewable energy and technology centres -- has acquired 100 per cent equity interest in Raj Petro Specialities Pvt Ltd from Germany's Brenntag Group.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
Riding high on reversal of fortunes in diesel demand, India's petroleum product sales soared by 5.9 per cent to 7.93 million tonnes in November 2003, a reflection of upbeat industrial activity in the country.
"We are working on a (subsidy) mechanism, as it's very difficult to implement dual pricing of diesel," Petroleum Minister Murli Deora said
Lowest prices of key petroleum products were found in Venezuela & Egypt.
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
India's exports to the US contracted 8.6 per cent to $6.3 billion in October, while imports rose 13.9 per cent to $4.5 billion leading to a trade surplus of $1.8 billion during the month.
Mirroring the state of Indian economy, petroleum product consumption rose 1.8 per cent to 82.48 million tonnes in the first 11 months of the current fiscal as opposed to 81.05 million tonnes sales in the same period last year.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Addressing the Lok Sabha on Wednesday, Finance Minister Pranab Mukherjee called for the inclusion of petroleum products in proposed goods and services tax so that sharp domestic price movements can be checked.
A parliamentary panel has asked the government to restrict imports of all petroleum products especially transportation fuels (petrol and diesel) by private firms in view of the excess refining capacity in the country.
The Trump administration has sanctioned entities and individuals from India involved in sales of Iran's petroleum and petroleum products, saying the funds from this trade support Tehran's regional terrorist proxies and procure weapons systems that are a direct threat to the US.
Israel and the United States had a plan. Iran punched back. And now the Gulf is reeling, the world is beginning to feel the pain and, as on date, no one in Washington or Tel Aviv appears willing to admit that the punch has landed, notes Prem Panicker, continuing his must-read blog on the war in the Middle East.
This is being done to meet eventualities of supplies being disrupted in case of war in Iraq
After duty cut on imported wine, beer and spirits, the joint working group on Goods and Services Tax has been asked to recommend a new duty regime on goods and services.
Mirroring revival of the economy, petroleum product sales has risen by a healthy 4.3 per cent to 8.085 million tonnes in December 2002 as opposed to 7.752 million tonnes consumption in the same month the previous year.\n\n\n\n
Implementation of Kirit Parikh Committee recommendations looks bleak and the industry's expectation that all petroleum products including crude oil & natural gas should be included under GST is set to be turned down.
World's third largest oil firm Royal Dutch/Shell will source petrol and diesel from Mangalore Refinery and Petrochemicals Ltd for its upcoming 2000 petrol stations in the country.
The United States on Wednesday struck an alleged drug vessel, an eighth such attack by the US, on the Pacific side of South America, according to Secretary of Defence Pete Hegseth, as reported by CBS News.
Reliance Industries Ltd will sell 4.3 million tonnes of petroleum products from its 33 million tonnes Jamnagar refinery in Gujarat to public sector oil retailing companies in 2004-05.
Mirroring industrial slowdown and impact of drought on economic activity, the petroleum product sales dropped by 6.5 per cent to 14.3 million tonnes in the first two months of the current fiscal as opposed to 15.3 million tonnes sold in April-May.
Reliance Industries will export about 8-9 million tonnes of petroleum products or 33 per cent of Jamnagar refinery production this fiscal.
The finance ministry has rejected a cut in duties to avoid an increase in petro prices even as Petroleum Minister Mani Shankar Aiyar will begin a consensus-building exercise within the UPA for a fuel price hike.
GoM meeting regarding petro product price hike has been postponed and a decision on the prices will come only after Jan 28.
The growth, however, may not indicate a major revival of economic activity.
The rise in petro-product prices have been necessitated by rising global costs of petroleum and the fact that the price of petrol and diesel has not been increased in India since January 2004.
Mukesh Ambani-led Reliance Industries Ltd (RIL) plans to invest Rs 75,000 crore ($9 billion) each into its new energy business and petrochemical expansion, according to a company presentation. In its FY25 result statement, Ambani said the company has laid a strong foundation for its projects in renewable energy and battery operations. "In the coming quarters, we will see the transition of this business from incubation to operationalisation.
The hike in the prices of the petroleum products will affect the common man who are already burdened with high prices. Everyone should protest against the price hike, she said.
Today, less than six weeks into the 2011-12 financial year, the government used up its entire budgetary provision of Rs 20,000 crore (Rs 200 billion) for petroleum subsidy.
US President Donald Trump has imposed tariffs and a travel ban on Colombia after the South American nation refused to accept two American military planes deporting undocumented Colombians. The move comes after President Trump announced mass deportations of illegal immigrants and warned countries of consequences if they refuse to accept them. Colombian President Gustavo Petro, in a post on X, said that the US cannot treat Colombian migrants as criminals and denied the entry of American planes carrying Colombian migrants into Colombian territory. Trump responded by imposing a 25% tariff on all goods coming into the US, a travel ban and immediate visa revocations on Colombian government officials, and visa sanctions on all party members, family members and supporters of the Colombian government. The US also announced enhanced customs and border protection inspections of all Colombian nationals and cargo on national security grounds. In retaliation, Colombia announced a 25% import tariff on American products.
The well has not caught fire yet, and no one is injured in the incident, he said.
The district administration said that air pollution is still within the acceptable limit and the local office of Pollution Control Board, Assam is closely monitoring the situation.
T N Petro Products found itself wallowing in the red in morning trades as the market soaked up news of a 74 per cent fall in the company's net profit.
