According to the finance ministry, the objective to increase the taxes is to increase the domestic availability of fuel. However, it will not impact the domestic prices as per the statement issued.
“The commission in order to protect consumer interests, has decided to extend the applicability of the aforesaid Order dated 06.05.2022 in Petition No. 05/SM/2022 (Suo Motu) till 30th September, 2022,” an order issued on Thursday said.
This the second price cut in a month. Commercial cylinder's price was slashed by Rs 135 from June 1. The price of a 14.2-kg domestic cooking cylinder, however, remains unchanged.
Deprived of many of its traditional European buyers, Moscow is on course to deliver somewhere between 1 million and 1.2 million barrels a day to the world’s third-largest oil importer this month.
Gasoline imports rose to about 13,000 barrels a day in the first half of June, a seven-month high, according to Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 48,000 barrels a day, tenders by Indian Oil Corp. and Bharat Petroleum Corp., as well as Vortexa figures show.
ONGC plans to launch the drilling campaign in the Andaman offshore after the monsoon and is currently engaged in talks with ExxonMobil and Shell to involve them in the project.
G7 leaders, who began their meeting on Sunday, are expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate inflation. These measures include a possible price cap on Russian oil exports to reduce Moscow's revenues while limiting damage to other economies.
Replying to a question related to capacities without PPAs in India, the minister said, "There are 8,000 MW of capacities which don't have PPAs in thermal".
With international prices expanding sharply over the last 2-3 months and the continuing freeze on domestic retail prices, estimated losses on petrol and diesel have risen to ₹10.5 and ₹12.5 per litre respectively in the current quarter till the week of June 17, as per brokerage ICICI Securities.
Kalpataru Power Transmission Limited (KPTL), a leading global EPC (engineering, procurement and construction) player in the power and infrastructure contracting sector, and its subsidiaries have secured new orders/notification of awards of Rs 2,290 crore at a consolidated level, a company statement said.
The company's functioning, according to industry executives, was severely affected when the plant was kept idle to reserve power capacity for Andhra Pradesh discoms. JPL holds thermal, hydro and renewable power assets with an installed capacity of 3,400 MW. According to the company's website, its arm Jindal Mozambique Minerais Limitada owns and operates a 3 million tonne per annum.
This domestic program includes 12 units of 700 MWe being developed by NPCIL with their own nuclear reactor technology i.e., Pressurized Heavy Water Reactors (PHWR). In total, it will represent 8.4GW of CO2-free electricity for the country, enough to power more than 14 million homes, it stated.
A decline in crude oil prices is usually good for oil marketing companies as pressure on their margins reduces. However, they would benefit only if low prices sustain for a prolonged period, which doesn't look likely in the current scenario.
What the ministry has proposed now is that any eligible candidate who is not more than 60 years of age at the time of occurrence of vacancy which was April 1, 2021, should be considered eligible. This would essentially mean that the current acting chairman, Alka Mittal, who otherwise would retire in August-end and was ineligible, would come under the zone of consideration.
There are actions which the Railways need to take to reduce the congestion on those lines so that more coal can be evacuated from these places. In some areas, the Coal Ministry will have to up the production where enough rakes are available, the Minister said.
On June 10, the Federation of Indian Petroleum Industry (FIPI), 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.
Universal service obligations include maintaining supplies of petrol and diesel during specified working hours, and providing fuel to customers within a reasonable time and at reasonable prices.
Reliance Industries' export-only unit operated at 88% while its other unit ran at 115%. Rosneft-backed Nayara operated at 105% of its installed capacity. All refineries together processed 19% more crude oil in May than they did a year ago. Strong fuel demand in the country as well as in the overseas market has lifted production at refineries.
The surge has been noticed mainly in Rajasthan, Madhya Pradesh and Karnataka. "These are states where a large quantity of supply was being done by retail outlets belonging to private marketing companies and where the distances from supply locations i.e., terminals and depots are longer," it said.
"Before June 9, Delhi's peak power demand had never crossed the 7,000 MW-mark during June. However, on May 19 this year, it clocked 7,070 MW. It has already crossed 7,000 MW six times in June this year and once in May," a power distribution company (discom) official said.
Asian buyers, dominated by China and India, are now taking close to half of all the crude shipped from the country’s ports, with a steady stream of tankers heading around Europe and through the Suez Canal from the Baltic and Arctic Seas.
The imported gas-produced electricity could cost ₹22-23 per unit, pegged at about four-five times current tariffs. This would be the highest-ever tariff but the last resort since all available power plants are running at full throttle to meet the high electricity demand amid hot weather conditions, officials said.
The largest Indian buyer is the Jamnagar refinery, which got 27% of its oil from Russia in May, up from less than 5% before April, CRECA said in its report titled 'Financing Putin's war: Fossil fuel imports from Russia in the first 100 days of the invasion'.
Over the past two Covid-affected years, the company's receivables from local bodies for streetlights implementation mounted to nearly ₹3,500 crore, almost double the ₹1,670 crore income in FY21. Its income for the nine months ended December 2021 was ₹1,123 crore. The numbers for the fourth quarter and financial year 2021-22 have not yet been posted.
We are very bullish about the green hydrogen segment. India plans to manufacture a cumulative five million tonnes of green hydrogen by 2030 to meet its climate targets and become a production and export hub for the fuel, says Rajesh Kamath.
A massive addition in the generation capacity, integrating the country into one transmission grid and strengthening of the distribution system during eight years of the Modi government is ensuring the 23 to 23.5 hours of electricity supply, he said in an interview with PTI.
Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
With the trade deficit already at record highs, elevated crude prices are a significant risk to India’s growth and macroeconomic stability.
"In an outstanding consecutive streak, the maximum all-India demand met on 10th June 2022, breaking the previous record of 210793 MW, reaching 211856 MW at 1447 hours," power and renewable energy minister RK Singh tweeted on Friday.
The state-owned body is now selling 37.7 MW from Trishuli and Devighat Hydropower Projects, 140 MW from Kaligandaki Hydropower Project, 68 MW from Middle Marsyangdi, 67 MW from Marsyangdi and 51 MW from Likhu-4 developed by the private sector, according to Pradeep Thike, Deputy Managing Director of the NEA.
The approval is expected to bring a landmark change in the power markets as a major chunk of bilateral trade is expected to shift from bilateral contracts to power exchanges.
Since the outbreak of the Ukraine war, Indian state-run and private refiners have significantly raised their intake of Russian oil that’s been selling at a deep discount to the global benchmarks. But average discounts availed by Indian refiners on a delivered basis have been in the range of $10 per barrel, much lower than what is believed to be availed by refiners in Europe, said oil industry executives.
The dealers added that the company is working out separate plans for dealer outlets across its three formats - coco (company-owned-company-operated), dodo (dealer-owned-dealer-operated) and codo (company-owned-dealer-operated).
Nepal is selling electricity to India through its exchange market for the second year in a row. NEA sold electricity from the same two projects for nearly one and a half months starting early November last year.
"We have a huge potential of shale resource of up to 6.63 trillion cubic feet (TCF) in our block," GEECL MD & CEO Prashant Modi said. "We are awaiting the amendment to our petroleum mining lease for shale exploration from the West Bengal government. Post that, we plan to drill some shale core wells to assess the geological and other technical factors."
According to the report released by the "Expert Committee on Roadmap for Ethanol Blending in India by 2025", 20% ethanol blending is within reach. The report further stated the annual plan for gradually rolling out the E20 ethanol in India. It also suggests the specific responsibilities of Union Ministries, State Governments and vehicle manufacturers for the production, supply and gradual rollout of 20% ethanol blending in petrol by 2025.
For over five months now, ONGC has had no representative on the board of Hindustan Petroleum Corporation Ltd - a company in which it owns a 51.11 per cent stake since January 2018.
While refusing to comment on reports of private oil refiners making a killing on importing Russian crude oil at deep discounts and exporting refined petroleum products to the US, the minister said the finance ministry was the appropriate authority to decide on the levy of a windfall tax on high gains the oil and gas producers are making due to surge in international energy prices.