Incidentally, oil firms after keeping rates unchanged for a day, today cut petrol price by 4 paisa per litre and by 3 paisa in case of diesel despite firming international oil rates.
GAIL had in January renegotiated terms of its 20-year deal to import 2.5 MT a year of liquefied natural gas (LNG) from Gazprom.
Petrol price today hit a four-year high of Rs 73.83 a litre, while diesel rates touched an all-time high of Rs 64.69 in the national capital on rising international oil rates.
GAIL India has contracted 3.5 million tonnes per annum of LNG from Cheniere Energy's Sabine Pass liquefaction facility in Louisiana.
GAIL is currently laying a 2,655-km pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal and Bokaro in Jharkhand and Dhamra in Odisha at a cost of Rs 12,940 crore.
The government has allowed blending of up to 10 per cent ethanol extracted from sugarcane, in petrol but supplies have remained a concern and targets never achieved.
The city-based company embarked on a value addition at the Manali Refinery near city, for upgradation of residue to high value liquids such as diesel, Naphtha and LPG through delayed coking process at an investment of Rs 3,110 crore.
Pradhan gave the response in Rajya Sabha on a written reply to a question on splitting state-owned gas utility GAIL India Ltd by separating its gas marketing business from its primary role as a transporter of gas.
Speaking at a session on 'The New Energy Equation' at the World Economic Forum (WEF), he said India is very much focused on adding renewable energy capability but it is a consuming country and would be dependent on oil for some time.
During the interaction with the Deloitte chairman, Pradhan exchanged ideas on skill development and entrepreneurship opportunities in India, according to a tweet by the minister.
ONGC acquired government's 51.11 percent stake in HPCL but unlike similar deals, it did not make an open offer to buy an additional 26 percent stake from minority shareholders of HPCL.
Responding to a query, the minister said the spike in petrol rates in the international market has impacted the cost of the fuel in India.
"Oil refining capacity in the country stands at over 247 million ton at present and demand for petro products, which is rising rapidly, will touch 600 million ton by the year 2040," Pradhan said, while inaugurating the 22nd Refining and Petrochemicals Technology Meet here.
There are two regulatory bodies in the oil and gas sector - the Petroleum and Natural Gas Regulatory Board, which is a regulator for the downstream activities like laying of pipelines and fuel marketing but without powers to review pricing.
ASEAN is India's 4th largest trading partner, accounting for 10.2 percent of its total trade. Investment flows are also substantial both ways, with ASEAN accounting for about 12.5 percent of investment flows into India since 2000.
Some people are spreading disinformation claiming that the Centre has refused to set up the tribunal, either due to their ignorance or for political purpose, Dharmendra, also a BJP leader said.
Since launch on May 1, 2016, more than 3.2 crore LPG connections, each costing Rs 1,600, have been given to poor women under the Pradhan Mantri Ujjwala Yojana (PMUY). This is more than half of the 5 crore free LPG connection target sector for three years.
On the occasion, Pradhan and Chhattisgarh Chief Minister Raman Singh also dedicated the newly set-up oil terminals of Indian Oil Corp (IOCL) in Korba and Raipur (Chhattisgarh), Ranchi (Jharkhand) and Jharsuguda and Jatni (Odisha) and also laid the foundation stone of a LPG bottling plant in Korba, an official here said.
"Coal has been included and levied with 5 per cent tax but gas is outside GST, how fair is that," he said at the KMPG Energy Summit here.
The plan to build the 60 million tonnes (MT) a year capacity refinery in Ratnagiri district of Maharashtra has come in for questioning after Transport Minister Nitin Gadkari announced that only electric cars would be produced in the country after 2030.
The world's third biggest oil importer sees its diesel and gasoline consumption rising by about two-thirds by 2030, oil minister Dharmendra Pradhan said on Wednesday.
The energy hungry nation, which is looking to cut its oil imports by 10 percent in 2022, aims to boost use of bio fuels, the minister said.
India imports about half of its annual consumption of 27 million tonnes of petcoke, Dharmendra Pradhan said in a tweet.
Noting that over one lakh employment opportunities are likely to be generated in the eastern region, Dharmendra Pradhan said the Odisha government should create a conducive eco-system to attract investments to promote MSME industries in the state.
The event, which was held to create awareness around promotion of 'green rides' through cycles, was flagged off from Jawaharlal Nehru Stadium.