Officials said that fuel prices might again rise in coming days and the only way retail prices could be brought down in this period is by way of tax cuts by both the Centre and the States. Petrol is most expensive in Rajasthan's Sri Ganganagar where it is now retailing at Rs 109.67 a litre. Even diesel in the city is priced at a high of Rs 102.12 a litre.
Following the hike, a non-subsidised LPG cylinder (14.2 kg) will cost Rs 834.50 in Delhi and Mumbai. The earlier price was Rs 809 per 14.2 kg.
Gasoline sales by state refiners rose 29.4%, while diesel sales were up 18.5% in June compared with May, the data showed. Sales had declined by about a fifth in May from a month earlier due to lockdowns across the country.
Licensees get cheaper domestic gas for supply to homes and vehicles while depending on expensive imported gas for other customers. Cheap domestic gas comes mainly from old fields and its price is regulated by a government-set formula.
The 1 million-barrel cargo will set sail around July 4 on Greece-flagged tanker Militos for India's Paradip port, where it is set to arrive around August 8, according to Refinitiv data.
The NTPC on Wednesday told the Uttarakhand High Court that it has adopted best relief measures on a par with international standards to help the families of its 140 workers killed in the flash floods in Chamoli district in February.
As per the five-year programme, reforms-based, result-linked scheme for financial assistance to discoms if a utility is found ineligible any year, then the gap in funding to complete its projects will have to be met by the discom or its state government, a senior government official said.
Starting from a price line of Rs 90.40 a litre on May 1, petrol is now priced at Rs 98.81 a litre in the national capital, rising by a sharp Rs 8.41 per litre in the last 60 days. Similarly, diesel price in the capital also rose by Rs 8.45 per litre in the past two months to reach Rs 89.18 a litre in Delhi.
This deal comes to a close nearly 1.5 years after both companies had signed a broad framework agreement and will be the largest investment by the Indian conglomerate in the Middle East, till date.
"Abu Dhabi National Oil Company (ADNOC) today announced that Reliance has signed an agreement to join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA'ZIZ in Ruwais, Abu Dhabi," the statement said.
Participating in the virtual BloombergNEF (BNEF) Summit, Power and Renewable Energy Minister R K Singh said the bill seeks to delicense distribution of electricity.
Despite India bidding out acreages to private and other companies since the 1990s, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) hold a "sizeable number of acreage for years," he said.
The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
After today's hike, petrol in Mumbai is retailing at Rs 104.90 per litre and diesel at Rs 96.72 a litre. Petrol and diesel prices have hit record highs after 34 paise and 30 paise hike, respectively.
Mukesh Ambani flagship RIL will be investing $1.2-1.5 billion in a factory to produce ethylene dichloride (EDC), located next to Adnoc’s integrated refining and petrochemicals site in Ruwais — the biggest such complex in the Middle East. Adnoc is expected to make a similar investment.
The five-year revamped reforms-based, result-linked power distribution scheme of financial assistance to discoms will target infrastructure creation and system up-gradation. Of the total allocation of Rs 3,03,058 crore, the central share will be Rs 97,631 crore, finance minister Nirmala Sitharaman said on Monday.
A switch to locally-produced ethanol will be helpful for a country like India which relies majorly on crude oil imports for powering the transport sector, he said, adding that it will also be less polluting and cost-saving.
With the price movement trend over the past couple of months, petrol would be nationally available at Rs 100 per litre or more soon. Diesel is catching up fast to hit a century across the country.
The Oil Marketing Companies effected a hike on Saturday after leaving the prices unchanged on Friday.
The company is on track to add an operational capacity of 2.5 gw by June 2023 to its existing capacity and is close to signing power purchase agreements (PPA) for the entire new capacity. The board of the company has approved the plan to scale up its capacity to 20 gw and the company has chalked out a plan for it, Prashant Jain, joint managing director and chief executive officer told ET.
According to the report tabled in the Assembly the Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) last fiscal suffered an increased loss of Rs 4,862 crore mainly due to higher costs.
Minister and cabinet spokesperson Pijush Hazarika said that different rates prevailed in different districts. “The cabinet has decided that hydrocarbon exploration companies including Oil India Limited (OIL) and ONGC will pay compensation in enhanced format.”
In a series of tweets after a virtual meeting with OPEC Secretary General Mohammad Sanusi Barkindo, Pradhan said oil prices should remain within a reasonable band to encourage a consumption-led recovery from the coronavirus pandemic.
Ambani had in August 2019 announced the commencement of talks for selling a 20% stake in RIL's O2C business to Aramco, the biggest oil exporter in the world. The non-binding LoI signed between the two at that time had put the value of the business at $75 billion.
In a statement, Fitch said it has upgraded RIL's long-term foreign-currency issuer default rating (IDR) to 'BBB', from 'BBB-', with a negative outlook. At the same time, it has affirmed RIL's long-term local-currency IDR at 'BBB+' with a stable outlook.
Earlier this month, the federal agency had booked Thapar, two private companies based at Delhi and Gurugram and their promoters and directors for causing an alleged loss of Rs. 466.51 crore (approx) to Yes Bank.
The continuous surge in prices is on the back of hardening of global crude oil prices as global demand sees pick up on the back of lifting of curbs in countries where coronavirus cases have dropped significantly.
North Eastern Region and hence the focus of OIL on E&P in this region is undivided OIL is born in Assam and has been operating there over several decades. The interaction of Oil India with the local populace is commendable.
India, the world's third biggest oil importer, in March directed refiners to diversify crude sources after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by top exporter Saudi Arabia, ignored New Delhi's call to ease supply curbs.
Companies have raised fuel prices almost every alternate day since May 3 when the margin had plunged to minus 97 paise per litre. The price hike of Rs 7.1-7.5 per litre since May 3 has helped companies take their margin closer to the annual average of Rs 3.05 in 2020-21.
In the city of Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price reached a new high of Rs 103.63 per litre on Tuesday.
The 9th Asian Ministerial Energy Roundtable, dates of which will be announced later, will take forward the understandings reached in the previous meeting in Abu Dhabi during 2018, which was co-hosted by India. That meeting focused on global energy security in the age of change.
Rates of diesel, the most used fuel in the country, had crossed Rs 100 mark in Sri Ganganagar and Hanumangarh in Rajasthan earlier this month. Now, they have crossed the same mark in Malkangiri (Rs 101.12 per litre) and Koraput (Rs 100.46 a litre) in Odisha.
With Tuesday's fresh hike, petrol is now retailing at Rs 97.50 per litre while diesel at selling at rs 88.23 per litre.
A 9.6% drop in ONGC’s output was primarily responsible for the overall production contraction. Oil India’s production fell 2.1% while output from the fields operated by private players increased 0.7%.
The possible induction of Rumayyan into the RIL board would also be the first for any foreign citizen. He is counted among the most influential decision makers in the world of energy and investing and is closely involved in Saudi prince Mohammed bin Salman’s plans to diversify Saudi Arabia's petroleum dependent economy, said officials who have been briefed on the matter.
Billionaire Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter.
Cost of diesel in the national capital was at Rs 87.97 per litre, up from Rs 87.69 on Saturday - with a hike of 28 paise per litre.
The move, if approved by the union cabinet, would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL).
Speaking to ANI, Narendran said, "The government has increased taxes on petrol-diesel for the last 3-4 years. Now Centre and State governments should come forward to provide relief to the people and industry of the country. Centre and State governments should discuss and come forward with some balance for rate cut in diesel and petrol."
The Adani Power bid for the project has been approved by a committee of creditors. Now, it will have to seek the NCLT approval to acquire the project, which is undergoing insolvency proceedings.
The transmission scheme is an initiative under the aegis of Ministry of Power for the development of the Independent Transmission Project through private participation in India.
Since May 1, petrol and diesel prices have been raised on 26 days and remained unchanged on 23 days. The 26 hikes have made petrol prices rise by Rs 6.53 per litre in the national capital. Diesel, on the other hand, has climbed by Rs 6.96 per litre.