Sumitra Mahajan on Tuesday took over as the minister of state for petroleum and natural gas.
Indian Oil Corporation is India's only Fortune 500 company.
Saudi Arabia-based Jazira Enterprises has sought marketing rights to retail petrol and diesel in all major districts in the country.
Petroleum ministry strongly supported the proposal of 26 per cent government holding in Hindustan Petroleum Corporation in the post disinvestment era to prevent new management from stripping or re-selling of company's assets to third party.\n\n
Indian Oil Corporation may buy the government's 26 per cent stake in oil and gas exploration firm Oil India Ltd for about Rs 2,000 crore (Rs 20 billion).
The cabinet committee on economic affairs will meet this evening to decide on the prices of petrol, diesel, LPG and kerosene, petroleum minister Mani Shankar Aiyar said.
The plan to merge big PSU oil firms can help India attain oil security and provide strong competition to global majors, who now plan to enter India.
For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
India's crude oil imports jumped by 23.3 per cent in July this year on increased demand for oil products, a senior petroleum ministry official said.
Differences have once again surfaced between the ministries of divestment and petroleum over the sale of government equity in public sector oil company Balmer Lawrie.\n\n\n\n
Oil marketing companies have approached the government to reduce tariffs since they will continue to lose around Rs 210 crore (Rs 2.10 billion) due to a Rs 1.20 per litre under-recovery on diesel.
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 Congress is yet to form a government at the Centre but it faces the prospect of being credited with a highly unpopular decision of a one-rupee per litre hike in petrol and diesel prices.
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.
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