The government has withdrawn its decision to raise LPG prices by Rs 4 per cylinder every month as the move was seen contrary to its Ujjwala scheme of providing free cooking gas connections to the poor.
India’s crude oil import bill will likely swell 15% to $81 billion in the current fiscal year as prices soar amid output cuts led by OPEC and Russia.
India is set to surpass China as the biggest importer of liquefied petroleum gas (LPG) this month as a drive to replace wood and animal dung fires for cooking boosts consumption.
Moody’s Investors Service has affirmed the Baa2 issuer ratings and senior unsecured bond ratings of Oil India Limited (OIL).
India’s biggest oil explorer plans to snatch up producing assets to reach its goal of raising overseas output by more than half in about three years, a faster route than drilling for new reserves.
Given that some fuel retail outlet owners have approached the judiciary to appeal against the rule set by oil marketing companies (OMCs) to pay central minimum wages to outlet attendants, the OMCs have moved the Supreme Court seeking to transfer all such petitions to the apex court in New Delhi.
In less than a year of Narendra Modi becoming the prime minister in May 2014, the price of the Indian basket of crude oil crashed from $113 per barrel to $50 by January.
ET reported that state-owned oil refiner Bharat Petroleum Corporation Ltd (BPCL) has written to the oil ministry proposing its integration with gas-transmission utility GAIL or upstream firm Oil India Ltd (OIL), petroleum minister Mr Dharmendra Pradhan said.
The dominance of oil, natural gas and coal in the global energy mix is being questioned by intensifying carbon policies, technological disruptions in mobility and, to an extent, changing energy geopolitics.
ET cited petroleum minister Mr Dharmendra Pradhan as saying that India’s oil ministry has asked its arm Oil Industry Development Board (OIDB) to engage a consultant for setting up the country’s first gas trading exchange.