Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
A final decision on these would, of course be taken by the new Union cabinet. The bottomlines of three OMCs -- Indian Oil, Hindustan Petroleum and Bharat Petroleum - have been in the red on account of subsidised sales of petrol, diesel, kerosene oil and liquefied petroleum gas. Notably, the Indian basket of imported crude oil touched a peak of $142 a barrel in last July.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
It was under his stewardship of the Union Rural Development Ministry that NREGA, the flagship rural livelihood scheme, was implemented.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
The main export sectors including engineering, petroleum products and gems and jewellery have recorded negative growth.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion, the Minister informed the Lok Sabha on Tuesday.
Exports rise for 8th month, albeit at lower pace
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
A ministry official said just like an internal financial audit, a green audit would protect stakeholders.
After her elevation as defence minister, Sitharaman has become a member of the cabinet committee on security headed by the prime minister.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
Dharmendra Pradhan, Mukhtar Abbas Naqvi, Nirmala Sitharaman and Piyush Goyal have been elevated to Cabinet ministers.
We have only rationalised the freight rates, says the minister.
A panel headed by Economic Affairs secretary Arvind Mayaram had suggested FDI limit be raised to 49 per cent in almost all sectors through the automatic route.
India is building its oil reserves in underground rock caverns and tanks
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained basis."
The petroleum and natural gas ministry has asked the Planning Commission to constitute a committee to suggest a mechanism to average out prices of imported and domestic gas--a move expected to make gas prices uniform for consumers.
To believe that the key job of his senior ministers is to ensure that his image be kept intact whatever be the outcome of his policies is to expect too much even of someone as ambitious as Narendra Modi, asserts Rashme Sehgal.
Chidambaram had expressed unhappiness over the manner in which the two major contributors to the subsidy bill, petroleum and fertilisers, were handled prior to his appointment.
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament today asked the ministry to strictly monitor implementation of directions issued to RIL for reversing the trend of falling gas output from the Bay of Bengal field.
The Union home ministry has issued strict guidelines for the enforcement of the 21-day complete nationwide lockdown in the wake of the covid-19 pandemic, invoking the National Disaster Management Act which may result in imprisonment of up to two years for any violation. All government offices, the offices of state and Union territory governments, autonomous institutions, public corporations, commercial, private, industrial establishments shall remain closed, the guidelines issued by the ministry said.
The Lucknow-Delhi Green Corridor will traverse Bareilly, Moradabad, Rampur and Ghaziabad. GAIL India Limited will be the implementing agency of the project.
The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise by this weekend.
Ministry wants to abolish 2.5 per cent customer duty on petrol and diesel.
Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
Petroleum secretary RS Pandey said the ministry explained the revenue losses that state run companies were incurring on sale of petrol, diesel, domestic LPG and kerosene.
Supplementary provisions exceeded the original provision by as much as 239,900 per cent in 2014-15.
Launching the scheme, Modi said during the nationwide lockdown, the talent from cities returned to villages and it will now give a boost to development of rural areas. The 'Garib Kalyan Rozgar Abhiyaan' will be implemented on a mission mode in 125 days in 116 districts of six states -- Bihar, Madhya Pradesh, Uttar Pradesh, Rajasthan, Jharkhand and Odisha -- that received the maximum numbers of migrant workers back.
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