The Labor Department said on Wednesday that import prices jumped 0.5 percent last month after gaining 0.1 percent in March. It was the fifth straight monthly increase and beat economists' expectations for a 0.2 percent advance.
"In 2014 the number of households with gas connections was 14 crore and it stands at 20 crore now, Dharmendra Pradhan, the Minister of State for Petroleum and Natural Gas said at the Global Natural Resources Conclave. India has a total of 26 crore households.
According to a media report, the company currently has 11.42 percent shares with the public against 25 percent that is needed to comply with SEBI norms.
These top ports under the Centre had handled 499.68 MT cargo during the April-January period of the last fiscal.
The growth in shipments came despite the growing protectionist and anti-trade sentiment in the US and Europe, which exporters said pose "major challenges" for the sector in the near future.
"Demand for petroleum products is increasing as the economy grows. India has the best growth amongst the large economies in the world ... we have massive hunger for petroleum products," said oil ministry Additional Secretay A K Sawhney.
The ISM manufacturing index rose 1.5 points from November to 54.7 per cent, with 11 of the 18 industries surveyed reporting growth, led by petroleum and coal products, primary metals, miscellaneous manufacturing, and food, beverage and tobacco products.
The licence for Block 2B expired last week and an automatic 5-year extension is available, but Sudan, whose revenues have been hit with a drop in oil prices, wants higher taxes and royalties before it agrees to the same, officials said.
B Ashok, Chairman of IOC, does not agree that oil production cuts will spike up prices. Prices will at best be range-bound around USD 50 per barrel, he says.
India has invited bids from global oil firms and traders to lease out capacity in the newly built underground strategic oil storage at Padur in Karnataka.
"Many sectors are showing revival including petroleum based. So definitely, I can see a ray of hope that now it is going to be steady," Sitharaman told PTI in an interview.
Consumption of fuel, a proxy for oil demand, totalled 16.49 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
"Our discussions with oil companies yielded results. They promised to address our issues (hike in commission) before December 31. So we are calling off our agitation programmes," CIPD Joint Secretary Rajiv Amaram said here.
Besides, petrol pumps will be selling fuel for limited hours from tomorrow and will not operate on Sundays or any other government holidays, the Consortium of Indian Petroleum Dealers (CIPD) said.
The combined index of eight core industries stands at 176.1 in September, 2016, which is 5.0 percent higher compared to September, 2015. Its cumulative growth during April to September, 2016-17 is 4.6 percent.
Speaking at the just-concluded Global Investors Summit here, Pradhan had asked states to agree on bringing all petroleum products under the GST regime and made specific appeal to Chief Minister Shivraj Singh Chouhan in this regard.
On his eighth visit here since becoming Prime Minister, Modi will launch "Urja Ganga", the gas pipeline project which promises to provide piped cooking gas to residents of Varanasi within two years and, in another year thereafter, cater to millions of people in states like Bihar, Jharkhand, West Bengal and Odisha.
Speaking at the Global Investors Meet here, he said petroleum is currently under 'state list' for the the purpose of taxation under GST.
The MoU between the TERI and Petroleum Federation of India was signed in the presence of Dharmendra Pradhan, Minister of State, Petroleum and Natural Gas.
Indian politicians are currently leading a campaign to boycott Chinese goods. But an IndiaSpend analysis shows why this will fail: China is India's largest trade partner, a sixth of India‘s imports are Chinese, up from a tenth in 2011-12, while India‘s exports to its rival have halved over the same period.
The government will provide Rs 5,176 crore or about 40 percent of the project cost after the state-owned gas utility found it difficult to commercially justify the huge investment of Rs 12,940 crore in absence of either a firm source of gas supply or customers.
That was followed by petroleum (crude) at Rs 5,593 crore, natural gas (utilised) at Rs 2,165 crore, iron ore at Rs 1,347 crore, limestone at Rs 554 crore and Lignite at Rs 535 crore, it added.
India's crude oil imports touched 7-year high in August as oil companies stepped up purchases to meet galloping domestic fuel demand.
The notification of the provisions of the Constitution Amendment Act for the Goods and Services Tax has led to confusion over Centre's power to levy excise duty.
In a bid to move towards gas-based economy, India will increase proportion of natural gas in its energy mix from existing 6.5 per cent to 15 per cent, Union Petroleum Minister Dharmendra Pradhan said today.