New Delhi: Union Minister for Overseas Affairs Vayalar Ravi on Saturday pushed for reduction in petrol prices and said that the oil marketing companies are making false claims that they are incurring losses. He suggested that bold steps should be taken to reduce the recent increase in petrol prices. In a letter to Union Minister for Petroleum S Jaipal Reddy, Ravi questioned the claims of oil companies that they are...
08:11 PM, Jun 02, 2012
New Delhi: Petrol prices may be revised on Friday with companies talking about a scope of cutting rates by Rs 1.50-1.60 a litre. BPCL CMD RK Singh said on Thursday that prices could be cut by 1.5 to 2 rupees a litre if there is a drop in international crude prices. Indian Oil, Hindustan Petroleum and Bharat Petroleum had over the past one week indicated of a scope of reducing...
08:36 AM, Jun 01, 2012
Islamabad: Petroleum Minister Asim Hussain on Monday said there is a potential for trade in petroleum products between India and Pakistan, which is interested in importing furnace oil and diesel from the neighbouring country. Initiation of talks in this sector will prove to be a step in the right direction, Hussain said during a meeting with an Indian delegation that is visiting Pakistan to discuss trade in petroleum products. He...
05:29 AM, May 29, 2012
Shimla: Himachal Chief Minister Prem Kumar Dhumal on Saturday made it clear that there is no move in his state to slash the VAT on petrol to offset the impact of steep rise of Rs 7.50 per litre in the price of petrol. Interacting with media persons on the conclusion of election campaign for Shimla Municipal Corporation (SMC) polls, Dhumal said, any decision in this regard would be taken after...
08:59 PM, May 26, 2012
Petroleum Minister Jaipal Reddy has once again hinted at the possibility of petrol price hike. ...
07:01 PM, May 22, 2012
Amritsar: With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place. "It (price increase) is very essential but (before hiking rates) we have to talk to political parties," he told reporters here on way to Ashgabat for signing of the agreement for...
05:50 PM, May 22, 2012
Dhaka: Energy-starved Bangladesh on Sunday announced the discovery of an economically viable oil reserve after seismic 3D survey found an extractable reserve of 55 million barrels in the country's northeast. Petrobangla is announcing with pleasure that Bangladesh has entered a new ear through the discovery of a profitable oil reserve in (northeastern) Haripur and Kailashtila, state-run Petrobangla's chairman Hossain Monsur told a press conference. He said the approximate market price...
02:51 AM, May 21, 2012
New York: Dismissing the perception of policy paralysis surrounding the union government, Planning Commission Deputy Chairman Montek Singh Ahluwalia feels the government should raise petroleum prices as part of tough decisions and to attract international investment. He feels people must be educated on the importance of raising fuel prices so that petroleum sector does not go bankrupt. "I would certainly hope so. Certainly all the advice that we would be...
12:37 AM, May 21, 2012
New Delhi: Amid rising global crude oil prices, Finance Minister Pranab Mukherjee on Wednesday warned of "disastrous consequences" if corrective steps are not taken to deal with the problem as India cannot afford import of large quantities at high prices. "Petroleum prices are increasing by leaps and bounds. We cannot keep them under any carpet. If we do not take corrective measures, we will have to face disastrous consequences," he...
09:34 PM, May 16, 2012
New Delhi: With an eight-fold increase, India attracted foreign direct investment (FDI) of $ 8.1 billion in March, the highest ever monthly inflows, despite a brouhaha over Rs 11,000 crore Vodafone tax dispute. Cumulative FDI inflows for the fiscal 2011-12 amounted to $ 36.50 billion, authoritative sources said. In March 2011, the country received FDI worth $ 1.07 billion. The $ 7.2 billion Reliance Industries-British Petroleum (BP) deal, announced in...
10:29 PM, May 09, 2012
Mumbai: India has struck down Reliance Industries Ltd's plan to recover about $1 billion invested to develop an offshore gas field as the current output is less than half of that approved under the development plan, an oil ministry source said. Reliance said in a statement late on Friday that the oil ministry has proposed to "disallow certain costs", without quantifying how much the company was planning to recover. These...
11:30 PM, May 04, 2012
New Delhi: Stating that India faces "formidable" challenges on the energy front, Prime Minister Manmohan Singh today said spiralling international oil prices have put a strain on the country's import bill and domestic prices need to be rationalised. "With imports accounting for about 80 per cent of our crude supplies, the spiralling prices of crude in the international market have put a severe strain on our import bill," he said...
11:50 AM, Apr 28, 2012
New Delhi: State-run oil companies have served an ultimatum to the government that they will raise petrol prices by Rs 9.6 a litre if excise duty is not cut or they are not provided compensation for Rs 49-crore per day loss on fuel sale. "We have been very patient, not raising prices since December despite our cost of production spiralling. But there is a limit to which we can borrow...
06:30 PM, Apr 17, 2012
New Delhi: Pakistan is exploring possibilities for import of auto fuels like petrol and power from India, a senior Pakistani diplomat on Monday said. While Pakistan had last year allowed import of diesel from India, petrol still continues on its negative list. Islamabad is considering taking petrol off the list to get fuel from across the border. Also, it is looking at buying electricity to meet its widening energy deficit....
01:07 AM, Apr 10, 2012
New Delhi: Public sector oil companies have warned of disruptions in fuel supply if they are not allowed to raise petrol prices. Oil companies want the government to compensate them for the Rs 48 crore per day loss that they are incurring by not hiking petrol prices. The Indian Oil Corporation has warned that the situation is critical, claiming the oil marketing companies are bleeding and loosing Rs 7.67 per...
04:03 PM, Apr 02, 2012
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