Bihar deputy chief minister and GST council’s member Sushil Modi on Thursday said the that council can think of bringing the petroleum products under the new tax regime only after the monthly revenue target of Rs 1 lakh crore is achieved.
India’s state-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) today reported a 58 per cent jump in net profit for the quarter ended June at Rs 6,144 crore on the back of higher volumes and improved crude price realisation.
The government’s recent approval to set up two more strategic petroleum reserves in the country deserves a thumbs-up.
Indian cabinet on Wednesday approved establishment of two strategic petroleum reserves (SPRs) with a total capacity of 6.5 mln tonnes – interim finance minister Piyush Goyal
The inclusion of petroleum products under the Goods and Services Tax (GST) will not prevent price fluctuations as India is a massive importer of crude and domestic prices will reflect global price movements, said Sanjeev Sanyal (in pic), principal economic advisor in the finance ministry.
The Northeast Frontier Railway(NFR) has started sending petroleum products directly to Tripura with the commissioning of the first petroleum products terminal at Dharmanagar in North Tripura district
India’s government plans to propose banning burning petroleum coke as a fuel nationwide to comply with a Supreme Court request as part of a long-running case to clean the country’s air, two government sources said on Friday.
Retail petroleum dealers have complained of receiving lower quantity of fuel from oil tankers which they say has risen sharply in step with surging fuel prices.
Given that India is heavily and increasingly dependent on petroleum imports, bidding under the inaugural open acreage licensing policy for oil exploration and production is notable.
OPEC oil outputfell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a supply-cutting deal to another record.