Minister for Petroleum and Natual Gas Dharmendra Pradhan said although Asia is the largest natural gas- consuming region and accounts for 70 percent of global Liquified Natural Gas (LNG) imports, the region lacks a transparent LNG pricing benchmark.
Replying to a query over the reported adverse impact of the GST and demonetisation on jobs, the Skill Development and Entrepreneurship Minister said, "When you buy some new shoes they bite for the initial three days, but on the fourth day they fit perfectly."
Observing that candidates who come to the national capital for training under the PMKVY have to face problems due to not having accommodation facility, Pradhan said the Ministry of Skill Development and Entrepreneurship proposes to build a hostel for such youth in collaboration with the New Delhi Municipal Council.
Speaking at the LNG Producer-Consumer Conference here, Oil Minister Dharmendra Pradhan said the global LNG market is undergoing a major transformation driven by new supplies which has created a situation of oversupply.
"In the next 10 years, India is offering project scope of USD 300 billion (in hydrocarbon sector) looking into our future demand," Pradhan said in a media interaction at IndiaEnergyForum, organised by CERAWeek.
"By taking cognizance of the whole scenario, the prime minister has given direction to the finance ministry and the oil ministry to look into this aspect and rightly, I don't see this as an issue of loss or gain," Pradhan told reporters.
The minister was speaking at a function to distribute letters of intent to LPG distributors here today. He said that the Ujjwala Yojana, which was launched on May 1, 2016 from Ballia has changed scenario and has helped women members of a poor family the most.
When asked about the possibility of a reduction in taxes on petroleum products to curb the fuel prices, Pradhan said taxes can't be slashed as funds are necessary for infrastructure development and welfare schemes.
The statement made by the BJP comes in sharp contrast to the Oil Minister Dharmendra Pradhan ruling out intervention on daily fuel price revision.
By bringing petrol and diesel under GST regime, the prices of the petroleum products would reduce by nearly 50 per cent, he told reporters here.
"There are two kinds of taxes (on petroleum products). One is the central excise and the other one is state VAT. That is the reason we are expecting uniform tax mechanism from the industry point of view," Pradhan told PTI.
The Skill Development and Entrepreneurship Minister said that four key stakeholders - centre, states, NGOs and civil society - needs to work together in the area of skill development.
Even as petrol and diesel prices move closer to their highest level in three years, Petroleum Minister Dharmendra Pradhan met the heads of oil marketing companies (OMCs) and assured them that there will be no intervention and the "market-driven" mechanism will continue to determine prices. In an interview to CNBC-TV18, MK Surana, CMD of HPCL spoke about the latest happenings in his company and sector.
India has been trying to leverage its position as one of the biggest energy consumers to strike better bargains for its companies. In 2015 it renegotiated the LNG pricing formula with Qatar's Rasgas to buy the gas at half the original price.
Modi, who is due to start a three-day visit to Myanmar on Tuesday, wants to expand ties with eastern neighbours to develop India’s landlocked northeastern states.
Many oil majors have been hesitant to enter the Israeli market, fearing a backlash from oil-rich Arab states hostile to the country.
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Dharmendra Pradhan, who took over as the new Minister for Skill Development and Entrepreneurship, said his priority would be to create an eco-system of jobs.
Pradhan, who was yesterday elevated as Cabinet minister and given additional charge of Ministry of Skill Development and Entrepreneurship, said the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses.
A subsidised 14.2-kg LPG cylinder now costs Rs 487.18 in Delhi as against Rs 479.77 previously, according to Indian Oil Corporation, the nation's largest fuel retailer.
State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight dropped but have since July 3 been on the rise.
Speaking at a seminar organised here by Intellectual Cell of Himachal BJP, the minister said Prime Minister Narendra Modi has embarked upon an ambitious programme to provide basic facilities like water, toilets, healthcare, education, shelter, power, clean environment, roads and employment.
The government aims to develop a biofuel economy worth 1 trillion rupees ($15.6 billion) in the next two years, Oil Minister Dharmendra Pradhan told a conference on renewable energy on Thursday.
"In exchange, we have given the proposal for a gas pipeline from Chittagong to Tripura. We are pursuing the matter diplomatically and I would also visit Bangladesh soon," Pradhan told reporters here.
Oil Minister Dharmendra Pradhan had yesterday told Lok Sabha that the government has asked state-run oil companies to raise subsidised cooking gas (LPG) prices by Rs 4 per cylinder every month to eliminate all the subsidies by March next year.