On June 25, the international crude oil price of Indian basket rose to $99.96 per barrel (bbl) from $98.23 per bbl prevailing on the previous trading day of June 24. The price is computed or published by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas. The Indian Basket crude oil price had fallen to 98.23 per bbl on June 24 from $100.10 per bbl on June 21 (the earl
Tag: price
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Govt to set up coal regulatory authority fund
The central government would set up a fund called ‘The Coal Regulatory Authority Fund” to credit all grants, fee and charges received by the authority. After passing of the Coal Regulatory Authority Bill, 2013, details would be worked out and submitted to the government for appropriate financial sanction for the initial start-up funding, a government press release said. The government said this in a press release after the cabinet cleared the proposal for setting up of an independent regulatory
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Govt subsidy burden may rise due to gas price hike
Even as the union cabinet decided to double the price of domestically produced natural gas to $8.4 per mmbtu from the present $4.2 mmbtu, experts are debating the pros and cons of such a move. Some experts feel that the the move would raise the subsidy burden of the central government. Some reports indicate that the centre's annual subsidy bill will rise by at leas
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IGL raises prices of PNG, CNG
Indraprastha Gas (IGL) raised the retail price of PNG (piped natural gas) and the compressed natural gas (CNG) owing to the recent steep appreciation of the dollar vis-a-vis rupee. The firm raised the price also because of the increased dependence on imported LNG, which raised its input cost of gas and necessitated the increase in retail prices of CNG and PNG. IGL said there has been a sharp depreciation of the rupee vis-vis dollar in the last one month
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Experts suggest govt to liberalise pricing regime
Experts opine that the government must incentivise private companies to produce more natural gas by giving them freedom to fix market-linked price for the fuel. The liberal pricing regime in the US allowed companies to invest in new technologies in the oil and gas sector. The abundance of shale rocks in the Ame
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Experts suggest govt to liberalise pricing regime
Experts opine that the government must incentivise private companies to produce more natural gas by giving them freedom to fix market-linked price for the fuel. The liberal pricing regime in the US allowed companies to invest in new technologies in the oil and gas sector. The abundance of shale rocks in the Ame
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Law ministry gives opinion on gas pricing
Government must adopt a single pricing, five-year stable regime for natural gas instead of a phased regime proposed by the petroleum ministry, union law and justice ministry said in its opinion. The petroleum ministry sought the suggestion of the law ministry on the proposal to shift to market-based pricing for domestically produced natural
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Gujarat Gas may face low gas volume
Some analysts feel that the gas volume of Gujarat Gas Co. may be muted in the coming months because of falling domestic output of natural gas. The company may hesitate to import regassified liquefied natural gas (RLNG) as it is costlier than domestically produced gas. Also, most of Gujarat Gas consumers are from the industrial segment and this limits the companyÂ’s ability to increase costs, some analy
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Ministry may float fresh tender for procuring ethanol
Media reports suggest that the union petroleum ministry may float fresh tender to attract domestic suppliers of ethanol for blending with petrol. The ministry decided to float a fresh tender because the earlier tender, which invited global suppliers, could not be successful as the bidders were demanding exorbitant rates for the biofuel
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Minister wants to reduce crude oil import
Union Petroleum Minister Veerappa Moily said he wants to reduce the amount of crude oil imported in the country 50 percent by 2020, 75 percent by 2025. By 2030, he wants India to achieve self-sufficiency and energy independence, Moily said while addressing the International Energy Forum conference held recently