The Union Petroleum Ministry has expressed surprise at the Finance Ministry's suggestion of restricting the impact of the gas price hike under the new policy, saying North Block had not once, but twice backed the plan during consultations. The letter from the petroleum ministry sent a few days ago will put the finance ministry in a fresh spot of bother as it was seen to be distancing itself from a decision of the Cabinet that is facing criticism.
Category: Oil & Gas
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Disinvestment of 10% govt’s equity in IOC okayed
Disinvestment of 10 per cent paid-up equity in the Indian Oil Corporation (IOCL) has been approved by the Cabinet Committee on Economic Affairs, as per the government's disinvestment policy. The disinvestment will be through Offer for Sale (OFS) method in the domestic market according to the SEBI rules and regulations. After this disinvestment, the government shareholding in the company would come down to 68.92 per cent, after deducting the 10 per cent in the present equity capital holding of
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Pvt refiners made Rs 10k cr on flawed pricing: CAG
Comptroller & Auditor General (CAG) has criticised the State-run oil companies for using a pricing system that helped private refiners gain Rs 10,196 crore in five years. The report has also censured the Union Oil Ministry for causing a revenue loss of over Rs 1,56,000 crore over the same period. The controversial formula, which also applies to retail buyers at petrol pumps, makes diesel about Rs 2 per litre costlier because buyers are forced to pay additional costs that companies do not incur,
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Icra expects rise in output and demand for natural gas
By 2015-16, domestic production of natural gas may rise to around 125 MMSCMD from 111 MMSCMD in 2012-13, rating agency ICRA feels. By 2019-20, domestic output could increase further to around 183 MMSCMD, a study conducted by ICRA show
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OMCs raise petrol, diesel prices
Public sector oil marketing companies (OMCs) hiked petrol prices by 70 paise per litre and diesel by 50 paise considering the increase in the international crude oil prices. But pump prices will vary from city to city depending on state and local taxes. Oil firms pointed out that the international price of petrol rose from $117.19 per barrel to $120.05 per barrel. The rupee-dollar exchange rate however, has marginally appr
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Finance ministry opposes proposal of oil ministry
In a move that may delay the introduction of shale gas policy, the union petroleum ministry may have to work on a fresh proposal and another round of consultations could take place. This is because the finance ministry opposed the petroleum ministryÂ’s move to allow existing oil and gas explorers to find shale gas in their respective blocks.
The
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Govt wants to reduce oil import bill
Prime Minister Manmohan Singh has reportedly directed Petroleum Minister M Veerappa Moily to take steps for reducing crude oil import bill by $25 billion. Prime Minister wants to reduce import bill of crude oil given that the price of the fuel rose to around $105.61 a barrel after declining in
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Govt eyes Rs 3,750 cr via 10 per cent stake sale in Indian Oil
The Union government, which holds 78.92 per cent stake in Indian Oil Corporation (IOC), will sell 10 per cent stake in IOC. Through the stake sale the government expects to garner around Rs 3,750 crore to the exchequer at the current market price. The Union Cabinet on August 1 cleared the proposal in this regard. At current market price, the sale of 10 per cent stake or 19.16 crore shares would fetch the government Rs 3,750 crore. The disinvestment department of the government has already select
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Crude oil price declines
The international crude oil price of Indian Basket as computed/published on July 31 by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas went down marginally to $105.61/per barrel (bbl) on July 30. This was lower than the price of $ 105.90/bbl prevailing on the previous trading day of July 29.
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MRPL to resume Iran oil imports from Aug: Report
After stopping for four months, Mangalore Refinery and Petrochemicals (MRPL) plans to resume Iranian oil imports from August, because it has found no suitable alternatives, sources said. Resumption of shipments by MRPL, Iran's top Indian client until it stopped purchases in April, will help to revive the country's Iranian oil imports. India's intake of Iranian crude fell by 40 per cent in the April-June quarter, as refiner Essar Oil became Iran's lone Indian client.