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.
Crude oil import surged 15.4 per cent to 51.88 million tonnes as against 44.97 million tonnes in April-August and oil product exports jumped 35.7 per cent to 16.61 million tonnes.
"Petroleum Ministry has moved a Cabinet note for raising fuel prices but a decision will depend on what allies of the ruling alliance say," an official said.
Prime Minister Manmohan Singh is believed to have favoured India, Pakistan and Iran together building the over $7 billion gas pipeline, since joint participation will make the project more secure.
Leaks of documents are neither new nor limited to particular ministries.
Anil Ambani Group never sought clarification before bids closed, says DGH.
Scandal is a result of callous administrative approach.
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.
The government may permit Reliance Industries Limited to export surplus LPG from the west coast and allow it to import on the deficit east coast to make huge savings on freight cost.
Finance Minister P Chidambaram on Monday said the surge in international oil prices is a matter of grave concern and it was for the petroleum ministry to take a call on retail pricing of petroleum products.
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
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.
Truck owners throughout the country will observe a token one-day strike on Tuesday to oppose the recent hike in petrol and diesel prices.
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.
Reliance Industries on Monday said its city gas would be cheaper by almost 33 per cent compared to liquefied petroleum gas being supplied by oil PSUs.
In the wake of opposition from the law ministry and the Department of Public Enterprises, the petroleum ministry
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.
President A P J Abdul Kalam has given his assent to the Petroleum and Natural Gas Regulatory Board Act that envisages having a regulator for India's oil and gas sector, a petroleum ministry official said on Tuesday.
The Ministry Of Petroleum and Natural Gas has ruled out a hike in the prices of petrol and diesel in the near future even as the price of the Indian basket of crude oil continues to remain above $65 a barrel.
The Union petroleum minister has assured the petroleum dealers that he would discuss with the Maharashtra government to bring sales tax rates at par with neighbouring states.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
Oil and Natural Gas Corp, India's highest profit making firm, has suggested a new corporate structure
Petroleum ministry has rejected Reliance Industries Limited's plan to sell natural gas to Anil Ambani Group firm Reliance Natural Resources Ltd at less than half the market price.
Virtually securing the consent of Left parties, the government is likely to decide next week on a price hike of Rs 4 per litre for petrol and Rs 3 a litre for diesel while sparing cooking gas and kerosene.
The appointment of this former envoy to China assumes significance in view of preparations being made to address border issues ahead of Chinese Premier Wen Jiabao's visit to India next month.
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