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,
Tag: Comptroller-Auditor General
Post
Post
Odisha govt received less guarantee from port developers
According to a report by the Comptroller & Auditor General (CAG), the Odisha government received less performance guarantee from minor port developers than that prescribed by the model concession agreement. For example, the developer of Astaranga port agreed to pay only 1 per cent performance guarantee as agai
Post
BMC toughens process for nod to road works
The Brihanmumbai Municipal Corporation (BMC), after being slammed by the Comptroller Auditor General (CAG) for allowing cost variations in road projects without following mandatory procedure, has decided to alter its permission-granting procedures for road works without taking any direct step toward tackling the larger issue of cost escalations.
Post
RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
Post
CAG warns ministry against clearing RIL plan
In a letter to the union petroleum ministry, the Comptroller and Auditor General of India (CAG) warned that any increase in capital expenditure by Reliance Industries (RIL) in its KG-D6 basin may have significant adverse impact on government's financial interests. Therefore, the CAG advised the ministry not to permit any investment plan by the company in the gas field unless RIL allows CAG unfettered access to audit its spen
Post
CAG insists on its right to vet contractors’ documents
Comptroller and Auditor General (CAG) has asked oil ministry to Ć¢ā¬Ėspecifically incorporateĆ¢ā¬ā¢ its right to audit contractor(s) relevant documents of contractors in the future production sharing contracts (PSC).In a letter to Petroleum Secretary, the CAGĆ¢ā¬ā¢s Director General (Commercial) II, P Sesh Kumar said the government auditor must have access to the books, accounts, records, documents and financial statements of co
Post
Minister hopes RIL would comply with audit
Union Petroleum Minister M Veerappa Moily expressed hope that Reliance Industries (RIL) would comply with the audit by Comptroller & Auditor General (CAG
Post
Ministry to protect govt interest in RIL issue
Union petroleum ministry said it would continue to protect the government's interest in all force in the matt
Post
The PPP-EPC Cycle
Periodically alternating between promoting PPP-led projects and more controlled EPC may circumvent investor interest uncertainty.