India is a consuming country when it comes to petroleum products and the producing countries must ensure there remains a price balance, Union Oil Minister Dharmendra Pradhan told world leaders here.
Union minister Dharmendra Pradhan today said responsible pricing is key for the growth of the global oil industry as consumers in countries like India are price sensitive.
Union minister Dharmendra Pradhan today said skill development and promoting entrepreneurship is a key priority area for the government and it is linking this initiative with other programmes like upgrade of rail network and providing all households with power and cooking gas supply.
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.