According to statement issued by the bank, the announcement was made during the inauguration of HPCL fuel station as banking point in the Manikonda HPCL fuel station here.
Move follows the Centre decision to bring down down excise duty on petrol and diesel by Rs 2 per litre
Speaking at the India Economic Summit of the WEF, he said the sector if given benefits in terms of taxation and cost, there is no reason why India will not emerge as the fastest growing aviation market in the world in the next decade.
The relief to the consumers comes at the expense of government finances that are already struggling
India's refining capacity must increase to 465 million tonnes by 2040, from about 230 million tonnes currently, and investments are already being made, said Shrikant Madhav Vaidya, Indian Oil Corp's executive director of operations.
China imported 1.6 million tonnes of coal from North Korea, according to data from Beijing's General Administration of Customs, the first since February when Beijing banned purchases of the fuel from its northern neighbour.
"Last year, the majority of the demand growth (was) other products and gasoline. Diesel only made up 27 percent of year-on-year demand growth. This year it is 50 percent and that is huge," said Mike Muller, Shell's vice president of crude trading and supply, at an industry conference in Singapore.
Consumption of fuel, a proxy for oil demand, totalled 15.75 million tonnes in August, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday.
"Some countries have made a timeline for when to stop the production and sales of traditional fuel cars," Xin, vice minister of the Ministry of Industry and Information Technology, was quoted as saying at an auto industry event in the city of Tianjin on Saturday.
Rosneft will get a 49.13 percent stake in Essar and the Trafigura-UCP consortium via Kesani Enterprises Company Limited will get another 49.13 percent stake.
The Road, Transport, Highways and Shipping Minister also asked global players like Volvo and Stena Lines whether they could run automobile and shipping fleet on methanol.
HPCL is upgrading both its Mumbai and Visakh refineries to produce fuel meeting Euro-VI emission norms.
Addressing a plenary session on 'Supply and Demand Challenges for Oil, Gas and Products' at the 22nd World Petroleum Congress in Istanbul, he said the rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking, and transportation fuel.
According to Moody's, the planned investment will increase RIL's exposure to Indian gas business which is extremely challenging.
Consumption of fuel, a proxy for oil demand, totalled 17.79 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Increased fuel efficiency, a fall in commercial vehicle sales, and the use of other fuels for power generation are also expected to dent demand growth for diesel, analysts and traders told Reuters.
It has been three years since the NDA-led government came to power. It is time to take stock. The government deserves credit for taming runaway lentil prices, but stands guilty of denying cheaper petrol and diesel to millions of consumers.
Thousands of Sri Lankan motorists queued for fuel earlier in the day after the workers went on strike to demand the government scrap the deal which trade unions say would give India too much influence over fuel prices.
About 350 million people come to fuel stations every day, it said. Annually 25 billion rupees (USD 387.00 million) worth of transactions takes place at fuel stations.
The company would continue to focus on the blocks allotted to it in line with government of India's mission of 'Make in India'
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
India has supplied all Nepal's fuel needs since 1974 and is keen to maintain close trading ties with its neighbour in South Asia, an area where regional rival China has sought to expand its influence.
"The proposal on the scheme called 'SHAKTI' to provide coal linkages to power plants was listed on the agenda of the Cabinet meeting held on March 6. However, it could not be taken up due to paucity of time as the meeting was called on short notice," a source said.
OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets.