The state government, on Sunday, signed a MoU with IOT Infrastructure and Energy Services (IOT) to set up a Rs500 crore petroleum terminal in Borkhedi, around 40km from the city.
The Budget 2018allocation of Rs 24,933 crore for petroleum subsidy may fall short considering the appreciation in crude oil prices and revised target of providing 8 crore Liquified Petroleum Gas (LPG) connections under Pradhan Mantri Ujjwala Yojana (PMUY), experts say.
Iraq will comply with the OPEC-led deal on reducing output even though Baghdad is working hard to increase its oil export capacity from the north and south of the country, its oil minister said on Monday.
Consumption of fuel, a proxy for oil demand, totalled 17.39 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour $US8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun.
The Centre favours including petroleum products in the ambit of GST but it would want a consensus with the states before taking such a step, Finance Minister Arun Jaitley said on Tuesday. During the Question Hour in Rajya Sabha, Congress leader and former finance minister P Chidambaram sought to know the union government’s position on bringing petrol and diesel under the GST.
Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has expressed hope that the petroleum products will also come under the ambit of Goods and Service Tax (GST) in the next one and half year.
Out of the cumulative investments of $40 billion expected in India’s petroleum and gas industry in the next four to five years, over $25.2 billion has already been committed under production sharing contract
As States Agree To Cap Vat On Natural Gas At 5%, Uniform Petroleum Tax May Not Remain A Distant Dream
States have agreed to cap value-added tax (VAT) on natural gas at 5 per cent and lower it on other petroleum products such as petrol and diesel used by the manufacturing sector as an input.
Canada must act sooner than later if it wants to capitalize on India’s growing energy demands before that economic potential is lost to other producers, suggests industry advocate Tim McMillan.