India’s natural gas production is expected to double to 72 billion cubic meter (bcm) in four years through 2022, the oil ministry recently told a Parliamentary panel. The government is currently working on a plan to shift the country towards a gas-based economy.
The oil ministry of India is in favor of the country placing a ban on imports of petroleum coke, the government’s lawyer told the Supreme Court on Monday, as India aims to curb imports of the polluting oil refinery by-product in a bid to fight severe air pollution.
Petrol price in India down 15p today; New Delhi rate comes below Rs 78, Mumbai stays over Rs 85, check rates in other cities
The state-owned OMCs have trimmed down petrol price in various state capitals of India by 15 paisa per litre on Monday. This cut would be the highest since the OMCs began relaxing petrol price from May 29. However, the prices still remain at record high.
The oil ministry has asked sector regulator PNGRB to look at unbundling of companies like GAIL India Ltd to resolve the conflict of interest in being both the transporter and marketer of natural gas.
The oil ministryhas issued fresh instructions to its officers aimed at ensuring secrecy of documents and preventing any leak, refreshing memory of a three-year-old episode when some mid-level corporate executives were arrested on charges of stealing sensitive papers from the ministry.
Total oil consumption expanded at the fastest pace in 14 months to 16.9 million tons from 15.3 million a year ago, according to the oil ministry’s Petroleum Planning and Analysis Cell.
Iraq has signed an agreement to build a 70,000-barrels-per-day oil refinery near the northern city of Kirkuk, the oil ministry said on Thursday.
India’s oil refining capacity is set to jump 80%, or by 194 mt (mt), by 2030 as state refiners, Reliance Industries and Rosneft line up expansion plans, undeterred by the renewables explosion, hoping to meet future demand.
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.
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.