The government plans to sell a 10 per cent stake in oil exploration and production company Oil India to government-owned refinery companies. The government is also planning a maiden share sale to the public.
At present, India has 56,999 fuel outlets. Of those, only 6,276 are owned by private companies
In a sudden volte-face, the government is veering around the idea of setting up a Rs 8,000 crore refinery in Rajasthan to process crude oil found in the state.
BHP Billiton, the Australian consultant which carried out pre-feasibility survey of the Iran-Pakistan-India gas pipeline, has said that the 2775-km long pipeline project has sufficient safeguards to prevent any disruption in the supplies.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
The Indian government has lifted the ban on setting up of petrol pumps and cooking gas agencies by allowing state-run oil firms to appoint dealers on their own.
While the 5 per cent ethanol blended petrol programme has missed three deadlines
As oil marketing companies (OMCs) stare at huge under-recoveries, India is facing fuel shortage across the country with states like Rajasthan, Madhya Pradesh, Karnataka Uttarakhand, Gujarat and Haryana being the worst hit. The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources. Government and state-run companies denied reports of any crisis or supply-side issues on the availability of fuel.
As many as 12,394 complaints of alleged corruption were received against railway employees.
India's crude oil imports soared over 8 per cent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.
Securities and Exchange Board of India has asked the petroleum ministry to put in place a warning system to alert investors of any premature declaration or non-disclosure of an oil and gas discovery by a company.
Reliance Natural Resources Ltd chairman Anil Ambani is understood to have sought a review of the government's decision, rejecting the sale of natural gas by RIL to it.
The notification issued by the Union Environment Ministry also exempts projects pertaining to the expansion of terminal buildings at airports (without an increase in the existing area of the airport) from seeking green nod.
In a tribute to GVR, former Sebi chairman C B Bhave says, a brilliant mind, he delighted in hard work and meticulous preparation.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
India's appetite for imported crude oil may wane in fiscal year (FY) 2023 from record levels in pre-pandemic 2019-20 fiscal as higher oil prices, a spillover from the conflict in Ukraine, and increasing use of biofuels affect domestic demand for petroleum products. Brent crude surged to a nine-year high, shy of a July 2008 record $147.50 a barrel, before declining to around $100 a barrel - but the volatility in commodity rates will slow global economic growth and use of fuels. Demand for all oil products may grow at only 2-3 per cent in FY23, slower than the current fiscal and nearly half the 5.5 per cent growth estimated by the petroleum ministry, according to industry officials.
Officers of oil PSUs have threatened to go on an indefinite strike from May 31 if their demand for higher wages are not met.
Companies use journalists as conduits.
Exports rose by 24.22 per cent to a monthly record high of $38.19 billion in April on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, even as trade deficit widened to $20 billion during the month, the commerce ministry said on Tuesday. Imports during the month under review grew by 26.55 per cent to $58.26 billion. The trade deficit in April 2021 was at $15.29 billion.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will acquire US energy firm ExxonMobil's 30 per cent stake
India's merchandise exports jumped 27.16 per cent to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items, official data showed on Tuesday. The exports stood at $23.62 billion in November 2020. Imports in November were at $52.94 billion, showing an increase of 56.58 per cent over inbound shipments of $33.81 billion in the year-ago month.
Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities. The WPI-based inflation was 14.55 per cent in March and 10.74 per cent in April last year. "The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement.
The hike in prices of petrol and diesel seems to have been put on the backburner with the price of the basket of crude oil that Indian refiners
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 wholesale price-based inflation declined to over two-year low of 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive. This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation. The WPI inflation was 4.73 per cent in January and 13.43 per cent in February, last year.
Oil Minister M Veerappa Moily has asked the finance ministry to cut duties on branded petrol and diesel that offer better mileage and help cut fuel consumption.
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