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.
ONGC may buy all of the government's 51.11 percent stake in Hindustan Petroleum Corporation Ltd (HPCL) and follow it up with an open offer to acquire additional 26 percent from other shareholders of HPCL. The deal for the 77.11 percent stake would be worth Rs 44,000 crore or roughly around USD 6.6 billion at current market prices.
The auto giant said it would call back about 2,800 Mirai vehicles made between November 2014 and December 2016 to repair the defect.
The 12-month inflation rate hit 1.8 percent last month compared with 1.6 percent in December, the Office for National Statistics (ONS) said in a statement.
Jet Airways today posted a nearly 70 per cent fall in its third quarter net profit at Rs 142.38 crore as steep rise in fuel costs and other expenses took a toll on its bottom-line.
According to official data, coal dispatches to the power sector in the same period of previous fiscal were 299.1 million tonnes (MT).
State-owned oil firms, that are bearing the discount cost of 0.75 percent for cashless payments announced by the government in the wake of demonetisation, may urge the government to compensate for their losses.
"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.
Wholesale inflation for December came in at 3.39 percent, marginally higher than 3.15 percent in November. Numbers for October have been revised to 3.79 percent from 3.39 percent.
Citing a government plan, Industry and Information Technology Minister Miao Wei said at a Beijing forum over the weekend that by 2025, at least one in every five cars sold in China will be a new energy model.
With fuel burn at 20 percent less than the existing fleet, the new airplane range will help reduce costs, said Ajay Singh, CMD of SpiceJet. The low-cost carrier, on January 13, announced a mammoth deal worth Rs 1,50,000 crore to purchase 205 aircraft from the US-based aircraft maker Boeing.