India's fuel consumption fell almost 46 per cent in April as all petroleum products, except LPG, saw massive demand erosion following the nationwide lockdown that halted economic activity and travel.
The current slump in global crude price is an opportunity for India’s ambitious Indian Strategic Petroleum Reserves programme. India may leverage the depressed prices to fill in its strategic crude oil reserves
A sharp drop in natural gas prices offers government the opportunity to reignite gas-based power units
Pradhan, 49, a tough task-master was credited for implementation of the Pradhan Mantri Ujjawla Yojana to see LPG customer base more than double to 26 crore in just five years
Currently, state-run companies operate around 57,000 filling stations while the private players run around 6,000.
States such as Telangana and Andhra Pradesh have showed resistance towards bringing in petroleum products under GST as they don’t want to forego a substantial chunk of revenue that comes from petroleum products
In this year, petrol prices have been raised by Rs. 4.05 per litre in Delhi, Rs. 4.01 per litre in Kolkata, Rs. 4 per litre in Mumbai and Rs. 4.26 per litre in Chennai.
A bench headed by acting Chairperson Justice U D Salvi directed the Commissioner of Transport Department of Delhi government to register the vehicles, subject to certain conditions.
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.
The state government had last year withdrawn tax incentives to the 15-million tonne refinery, a decision that IOC has challenged in court.
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.