Petroleum Ministry

The revision of the windfall tax on crude oil production is expected to generate additional revenue for the government, while the removal of export duty on diesel may provide relief to the manufacturing sector

Govt amends natural gas norms to boost competitive, affordable rates in far-flung areas

The integrated natural gas pipeline tariff will be a precursor to the unified tariff at the national level which will come into effect from April 1, the regulator said.

Govt likely to cut windfall gain tax in third fortnightly review

The Centre in July eliminated a levy on gasoline exports and cut windfall taxes on other fuels less than three weeks after they were imposed.

Govt discusses proposal to shift to monthly, bi-monthly or weekly fuel price revision: Sources

Currently, the retail price of petrol and diesel is reviewed daily by the oil marketing companies after factoring-in the 15-day average of international crude oil rates.

Selling diesel at Rs 20-25/litre loss, petrol at Rs 14-18/litre below cost: Private retailers

The Federation of Indian Petroleum Industry, which besides private fuel retailers also counts state-owned firms such as IOC, BPCL and HPCL as its members, wrote to the Petroleum Ministry saying losses on petrol and diesel will limit further investments in retailing business.

Petroleum Minister Hardeep Singh Puri defends govt in Lok Sabha over fuel price hike

Hardeep Singh Puri, however, assured that efforts are being made to make fuel available to people at "affordable prices".

India to double down on oil, gas exploration: Hardeep Singh Puri

The world’s third-largest energy consumer will continue to rely on hydrocarbons to meet its growing energy needs in the foreseeable future, he said at the World Energy Policy Summit 2022.

Cabinet's Appointment Committee rejigs bureaucrats, Pankaj Jain gets Petroleum Ministry; Check details here

Among others, the Appointment Committee of Cabinet (ACC) approved the appointment of Sanjay Kumar Singh as Secretary for Ministry of Steel from his previous role as Secretary in Department of Administrative Reforms & Public Grievances and Department of Pensions and Pensioners Welfare.

Working with petroleum ministry, Shell, Honeywell UOP on sustainable aviation fuel: IndiGo CEO Ronojoy Dutta

Commercial aviation is responsible for about two to three percent of the global carbon emissions. Swedish climate activist Greta Thunberg has given up flying to reduce her personal carbon footprint, boosting the "flight shame" movement in Europe and other parts of the world.

Centre collected Rs 94,181 crore in April-June 2021 through petroleum duties: Finance Ministry

Additionally, in a reply to a separate question on the same subject, Minister of State for Petroleum and Natural Gas Rameshwar Teli said that currently the excise duty on unbranded petrol stands at Rs.32.90 per litre and 31.80 per litre for diesel.

India saves Rs 5,000 crore on filling strategic oil reserves

While the 5.33 million tonnes of emergency storage -- enough to meet India's oil needs for 9.5 days -- was built in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh by the government, state-owned oil firms were in April asked to buy import oil when global rates fell to a two-decade low.

India's crude oil output dips 0.6% in April

Crude oil production stood at 2.95 million tonnes in the same month last year, according to a statement by Petroleum Ministry today.

Govt has no intention of taking over PNGRB's role: Oil ministry

Speaking at a FICCI conference, Petroleum Secretary K D Tripathi justified the government, and not PNGRB, issuing an authorisation to state-owned GAIL for laying a natural gas pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal to take the environment friendly fuel to cities like Varanasi - the constituency of Prime Minister Narendra Modi.

Use e-wallets, PoS beyond 'hazardous area': Govt to petrol pumps

Cashless payments can be carried out beyond an area of 1.2 metre, on either sides of the dipensing machine, and at a height of 45 cm from the ground, the official said.

BP gets approval to sell jet fuel to airlines in India

Besides, another USD 2.3 billion is planned to be invested most in exploring and production oil and gas from eastern offshore. Its USD 7.2 billion spending in buying 30 percent stake in 21 exploration blocks of Reliance Industries is not being considered as capital investment.

OilMin pitches for ad-valorem levy of oil cess

Pradhan made a case for levy of ad-valorem rate of cess, which results in higher payouts when prices are high and lower when rates fall.

Govt to make 10% ethanol blending mandatory from next year

A decision in this regard has been taken by the Petroleum Ministry after Prime Minister Narendra Modi in a recent meeting said promoting ethanol production in a big way is the long-term solution for cash-starved sugar mills, which owe over Rs 14,000 crore dues to cane growers.

Oil Min to remind Fin Min on gas price premium soon

While approving a new gas pricing formula based on international hub rates in October last year, the government had decided that new gas discoveries in deep-water, ultra-deep sea or high-temperature and high-pressure fields will be given a premium over and above the approved price.

India's oil import bill to fall 21.7% to $88 bn in FY16

For the current fiscal, the ministry's Petroleum Planning and Analysis Cell (PPAC) has estimated USD 88.203 billion spending on import of 188.23 million tonnes of crude oil. In rupee terms, it comes to Rs 548,655 crore.

SCI to scout for second-hand LNG carriers: Gadkari

Union Shipping Minister Nitin Gadkari on Wednesday said he has asked state-run Shipping Corporation of India to scout for used LNG ships in the international market, which will help in transportation of the fuel till the country starts building such vessels indigenously.

Stay extended on order banning diesel vehicles 10+ yrs old

A bench headed by NGT Chairperson Justice Swatanter Kumar extended the stay after Additional Solicitor General Pinky Anand, appearing for Ministry of Road Transport and Highways, requested the Tribunal to grant more time to file Centre's suggestion on methods to reduce vehicular pollution.

Govt may exempt ONGC, OIL from paying subsidy in Q4

The upstream subsidy contribution is by way of discount on crude oil they sell to refineries. With international oil prices almost halving to USD 50 per barrel, providing the subsidy discounts would have meant they got rates way below their cost of production.

Leakgate: Sebi expands probe to check insider trades

Sebi first began looking into the matter last month after a Delhi Police crackdown on a suspected 'corporate espionage' case involving some corporate executives, consultants and a few junior-level staff at the Petroleum Ministry.

Petroleum document leak: Cong wants fair probe

The case is indicative that government's promise of 'zero tolerance' to corruption was just a "hollow promise", party spokesman Ajoy Kumar told reporters. He said people do not want the matter to be swept under the carpet after the arrest of some low level officials.

Is diesel de-control on cards?

The petroleum ministry has proposed to free up the prices in its cabinet note, which is a major step towards complete de-regulation of diesel prices.