State-owned fuel retailers IOC, BPCL and HPCL will go in for increased borrowings to sustain high dividend payments and capital spending this fiscal, keeping their credit metrics weak, Moody’s Investors Service said today.
The Narendra Modi government is planning to offer some tax relief to those who are willing to donate cooking gas connections for poor households, reported the Times of India.
Petroleum Minister Dharmendra Pradhan is under intense political pressure, writes A K Bhattacharya, adding that Pradhan “is being asked to reduce retail prices of petrol and diesel.
ONGC Videsh Ltd and its partners in Azerbaijan’s giant ACG oil fields have agreed to pay USD 3.6 billion bonus to the Azeri government for extension of the field contract by 25 years to 2049.
Petroleum and Natural Gas Minister Dharmendra Pradhan said today that fuel prices may come down by Diwali, which falls next month.
ONGC Videsh Limited announced on Monday that the Consortium partners of the giant ACG Fields in Azerbaijan have entered into an agreement with Azerbaijan Government and State Oil Company of the Azerbaijan Republic (SOCAR) for extension of duration of the Production Sharing Agreement (PSA) for Azeri-Chirag-Deep water portion of Gunashli (ACG) oil fields until December 31, 2049.
Dharmendra Pradhan, the petroleum minister, has tweeted that the answer to the spiraling fuel prices could lie in bringing petroleum products under the GST regime.
Hindustan Petroleum Corporation plans to invest Rs 61,000 crore in five years ending 2022 to scale up its refining and marketing operations.
It is planned until September 2017 to hold an international tender for the purchase of pipes and other equipment necessary for the TAPI pipeline construction in 2018 and its launch in 2019, the Vatan newspaper reported.
The rise in petrol and diesel prices has been making news for the last week or so. Change in fuel price indeed has far reaching effects as its impact ranges from daily budget to macroeconomics like inflation numbers.
