Petrol price is to go up by 30 paisa per litre, diesel by 18 paisa as government decides to hike petrol pump dealers commission.
Downstream oil sector regulator Petroleum & Natural Gas Regulatory Board had been pushing for cancellation of the authorisation given to RGTIL.
The Delhi government rolled back the hike in value added tax (Vat) on diesel, bringing down the price by Rs 2.50 a litre. Following the reduction in the levy, the price of diesel will be Rs 37.60 with effect from July 20, lower than the Rs 38.10 that prevailed before the recent increase of June 25.the Goa Cabinet also approved a partial roll back of Vat that would reduce prices of a cooking gas cylinder by Rs 15, petrol by 88 paise and diesel by 70 paise.
Clearing the last hurdle, the Union home ministry has given unconditional approval for United Kingdom's BP to buy a 30 per cent stake in Reliance Industries' oil and gas blocks, including the showcase KG-D6 gas fields, for $7.2 billion.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
The wholesale price-based inflation rate declined to (-) 4.12 per cent in June on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation in May was (-) 3.48 per cent. In June last year, it was 16.23 per cent.
India's exports declined by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, government data released on Friday showed. Imports also declined to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
The prohibition has freed up as much as 60 million litres of ethanol
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
Petroleum Minister Murli Deora and Minister of State for Petroleum Jitin Prasada took charge on Friday.
The petroleum ministry has sought expansion of the legal team that is to argue the government's stand on the gas dispute between the Ambani brothers before the Supreme Court beginning next week.
State-run Oil and Natural Gas Corporation approached the petroleum ministry on Thursday with an initial proposal for permission to bid for Hindustan Petroleum Corporation as and when the government decides to offer its stake in the PSU.
In its latest undercover investigation, codenamed Operation Falcon Claw, Cobrapost has exposed a bunch of parliamentarians willing to not only write recommendation letters but also lobby with the petroleum ministry for a foreign company to help it secure oil exploration and rigging rights in the Northeast.
The petroleum ministry has asked for a total compensation of Rs 60,000 crore (Rs 600 billion) to cover the subsidy portion till the third quarter of the current financial year.
India's oil import bill has swelled 52 per cent to $44.64 billion in 2005-06 on the back of high global oil prices.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
If 4,000 workers could work round the clock for the construction of the new Parliament building, then there is no reason why all infrastructure projects too cannot follow that model, asserts Dr Sudhir Bisht.
Price of diesel, LPG and kerosene will have to go up.
The decision was taken at a meeting last month chaired by additional secretary Sudhir Bhargava and attended by representatives of GAIL and the three OMCs - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
The petroleum ministry is mulling filing a defamation suit against an Anil Ambani Group firm for persisting with 'false claims' pertaining to government revenues from Reliance Industries KG-D6 fields.
Low-to-negative margins on sale of petroleum products have forced some companies to scrap their retail expansion plan, while others have chosen to go slow.
Petrol prices may be raised by about Rs 2 per litre and diesel rates cut by Rs 0.30 a litre if a proposal to free auto fuel prices from state control is approved by the incoming cabinet.
The demand for diesel cars, which account for 58 per cent of passenger vehicle sales in India every month, has seen a steep rise, as manufacturers continue to introduce variants that have diesel engines.
Ministry may seek to retain control even after underrecovery becomes zero.
Monday's meeting of the empowered group of ministers on pricing of gas from Reliance Industries' D6 block in the Krishna-Godavari basin has proved inconclusive.
The Petroleum Ministry may have watered down its preconditions for approving mining group Vedanta Resources' acquisition of Cairn India, but the $9.6 billion deal will still hinges on no-objection from partner ONGC.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
Petroleum product consumption rose 11.6 million tons in December as against 11.12 million tons a year ago, according to the latest data available from petroleum ministry in New Delhi. Low freight traffic with railways, a major consumer of diesel, and not-so-encouraging agriculture scenario also contributed to the low growth rate.
The fall in international oil prices has resulted in handsome margins for state-owned firms on petrol and diesel sales, but not all of it would be reflected in the cut in the retail selling price, as Finance Ministry wants to take away some of the gain by raising excise duty.
Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC -- the first instance of a retired person being appointed the head of a Maharatna PSU. "The Appointments Committee of Cabinet (ACC) has approved the proposal of ministry of petroleum and natural gas for appointment of Arun Kumar Singh, ex-CMD, BPCL as chairman, ONGC for a three-year tenure with effect from the date of his assumption of charge of the post," an official order said. PTI first reported of Singh's appointment on November 17.
Not only does there appear to be no meeting ground on the issue of a pricing formula proposed by the committee, the petroleum ministry wants another committee headed by Vijay Kelkar to look into the other major recommendation of moving to the revenue sharing model in exploration and production.
The petroleum ministry has invited bids from companies willing to share Hindustan Petroleum Corporation Ltd's proposed Rs 1,367 crore Mundra-Delhi product pipeline capacity.
The country's exports edged up 1 per cent to $38.45 billion in December 2023 while the trade deficit narrowed to a three-month low of $19.8 billion, official data released on Monday showed. Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments. The previous low in trade deficit - the difference between imports and exports - was recorded in September at $19.37 billion.
The pipelines will be from Iran to India through Pakistan, from Turkmenistan to India through Afghanistan and Pakistan, and from Myanmar to India through Bangladesh, Mani Shankar Aiyar said.
The Kazakhstan government has assured India that it will consider allowing ONGC Videsh Ltd to acquire a share in the assets of Canadian oil company Petrokazakhstan, a top government official said.
