With crude prices on the boil and general elections just around a year away in 2019, the pressure is mounting on the government to reduce the excise duty on auto fuels in order to lower the burden on consumers and to keep a lid on inflation.
The Oil and Natural Gas Corporation Ltd.’s acquisition of 51 percent stake in public sector refiner Hindustan Petroleum Corporation Ltd. to help the government meet its divestment target isn’t the first-of-its-kind deal.
India could see more integration among state oil companies, its oil minister said on Monday, following top producer ONGC`s $5.8 billion deal last week to buy a majority stake in refiner Hindustan Petroleum Corp Ltd.
Oil Minister Dharmendra Pradhan on Monday cited the four-decade old Nationalisation Act to justify exempting ONGC from making an open offer after acquiring the government’s 51.11 per cent stake in HPCL.
Ministry of Petroleum and Natural Gas is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday.
India’s oil ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday.
Oil Minister Dharmendra Pradhan today remained non-committal on cutting excise duty on petrol and diesel, which have touched record highs, saying merely that the government is keeping a close watch on the situation.
Giving a push for speedy approvals, the petroleum ministry has proposed that discovered small fields (DSF) be awarded in future by a limited group of the petroleum minister and the finance minister, instead of the 14-member Cabinet Committee on Economic Affairs (CCEA) headed by the Prime Minister.
State-owned Indian Oil Corp (IOC) today signed an initial pact with Israel’s Phinergy Ltd for developing ultra lightweight metal-air batteries that can be used in electric vehicles(EVs).
The Energy sector in India is likely to emerge as an integral sector driving India towards growth, Dharmendra Pradhan, Minister of Petroleum & Natural Gas said recently.