The ruling Congress Party at the centre is considering to raise the price of diesel and kerosene in order to reduce the government's fuel subsidy burden and thereby reduce its fiscal deficit. It may be noted that the Congress Core Committee, which has representatives of the party and the government, discussed the issue recently. Although no decision has yet been taken, the party is said to be evolving consensus on raising prices for the
Category: Oil & Gas
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RIL produces 22.04 mmscmd gas from KG-D6
A report from the Directorate General of Hydrocarbon (DGH) shows that natural gas output from Reliance Industries' KG-D6 field stood at 22.04 million standard cubic meters per day in the week ended December 30, 2012. The output belongs to Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 bloc
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Govt launches portability scheme for LPG consumers
Petroleum and Natural Gas Minister M Veerappa Moily informed reporters that the government recently launched a pilot project of portability for LPG connections in Chandigarh. The project is aimed at enabling the customer, who is not satisfied with his present distributor, to shift his connection to another dealer. In 2013-14, the three state-run fuel retailers – IOC, BPCL
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Authorities to set up LPG outlets in rural areas
A Pandian, who is the State-level Coordinator, Oil Industry, Kerala and Lakshadweep informed that by the end of the year, authorities would issue Letters of Intent for setting up rural LPG outlets. In order to promote penetration of LPG cover into “low potential or rural areas, government introduced the rural LPG outlet scheme, known as the Rajiv Gandhi Gramin LPG Vitaratk (RGGLV) in
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Rise in GRM helps Essar Oil post profit
Thanks to a rise in gross refining margins (GRM), Essar Oil announced a profit of Rs 32 crore during Oct-Dec 2012 compared to a loss of Rs 3,986 crore in the year-ago period. During Oct-Dec, the firm reported an almost four-fold rise in the GRM to $ 9.75 per barrel compared to $2.82 per barrel in the year ago quarter. The company achi
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ONGC plans Rs 868 bn investment in 5 yrs
Sudhir Vasudeva, Chairman and Managing Director of state-run oil explorer informed that the firm plans to invest about Rs 86,862 crore on 44 mega projects during 2012-17. He also said that the planned capacity addition of the firm's Mangalore Refinery and Petrochemicals will come about in the present Plan period
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GDNL allowed to acquire stake in Gujarat Gas
GSPC Distribution Networks (GDNL) is allowed to acquire 65.12 per cent stake in Gujarat Gas Company by the Competition Commission of India (CCI). The commission approved the acquisition because it feels that the deal may not have any adverse impact on competition in the natural gas distribution market
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GGC raises prices of products
With effect from January 16, the price of CNG was raised from Rs 50.20 per kg to Rs 56.90 per kg by GSPC Gas Company (GGC). GGC, which is a subsidiary of the state-run Gujarat State Petroleum Corporation (GSPC), also hiked prices of piped cooking gas from Rs 18.18 to Rs 21.50 (Rs 24.73 with
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OMCs raise petrol price
State-run Oil Marketing Companies (OMCs) hiked the price of petrol by about 35 paise per litre noting the rise in raw material cost. Reports suggest that, the price of petrol would cost Rs 67.56 per litre in Delhi following the price hike. Prices vary from city to city due to differential local sales tax or VAT rates
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Experts urge oil firms to step up production
Experts and industry observers urge oil and gas companies to accelerate engineering and production activities in order to bridge the demand-supply gap in crude oil. The country depends on import for over 70 percent of its crude oil requirement and this puts huge pressure on India's import bill