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: Two days after the government announced the steepest petrol price hike ever, it may go for a partial roll back. However, Oil Minister S Jaipal Reddy on Thursday indicated that it may take a few days. Reddy cut short his Turkeministan visit and met Sonia Gandhi's political secretary Ahmed Patel to discuss the issue. AICC spokesperson Manish Tewari said the party was hopeful that some kind of a...
08:23 AM, May 25, 2012
New Delhi: With the party and the government coming under attack over the steep hike in petrol price, Oil Minister S Jaipal Reddy is understood to have met Ahmed Patel, political secretary to Congress President Sonia Gandhi, and discussed the issue. The meeting comes against the backdrop of Congress President's concerns over the Rs 7.54 a litre increase and the party hinting at the possibility of at least a partial...
02:42 AM, May 25, 2012
New Delhi: As the rupee continues its free fall, a hike in petrol, diesel and LPG prices is likely this week. The rupee fell to a record life low of 56 per dollar on Wednesday. The rupee on Wednesday ended at a record closing of 56 per dollar versus 55.39 per dollar on Tuesday. The Empowered Group of Ministers (EGoM) is likely to meet on a decision on fuel prices...
12:13 PM, May 23, 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
New Delhi: Petrol pump dealers have deferred a nationwide strike from Monday after Oil Minister S Jaipal Reddy has agreed to consider their demands that include levying charges for providing facilities such as air pressure checking, drinking water and toilets, dealers Federation said. The Federation of All India Petroleum Traders (FAIPT), which claims to represent about 40,000 petrol pump operators in the country, had called for a day-long strike on...
06:45 PM, Apr 22, 2012
New Delhi: The US is contemplating potential sanctions on 12 countries including India and China for buying crude oil from Iran. A decision is expected by the end of June. The State Department said that Washington is currently in talks with these countries on ways and means to avoid the sanctions. India plans to continue import of crude oil from Iran without violating any international law, Oil Minister S Jaipal...
07:27 AM, Mar 27, 2012
New Delhi: India plans to continue import of crude oil from Iran without violating any international law, Oil Minister S Jaipal Reddy said on Friday. "We have a systematic plan for receiving oil from Iran," he told reporters on sidelines of the Asia Gas Partnership Summit. "We are envisaging no cut (in purchase of crude oil from Iran)," he said while asking the United States and other western nations to...
12:53 AM, Mar 24, 2012
Gurgaon: Oil Minister S Jaipal Reddy on Tuesday ruled out deregulation of diesel prices and said he had demanded that the government compensate state-owned oil firms for the losses they made on not raising prices of petrol. "Deregulation of diesel in entirety is very difficult proposition but at appropriate time we may look at reducing subsidy on diesel. But that time hasn't come," he said. State-owned oil companies will need...
02:57 PM, Feb 14, 2012
New Delhi: India wants to take as much Iranian oil as it can because terms are "favourable", Oil Minister S Jaipal Reddy said on Monday, after talks between the two sides last week on payment options for $12 billion of crude a year following fresh US sanctions. "It will be our endeavour in future to tap the Iran source fully because the terms are fairly favourable," Reddy told journalists at...
01:18 AM, Jan 24, 2012
New Delhi: The Civil Aviation ministry has recommended 49 per cent FDI in the airline sector. Civil Aviation Minister Ajit Singh said a cabinet note allowing foreign airlines to invest in domestic carriers will be floated. "Government will float cabinet note allowing foreign airlines to invest 49 per cent," Ajit Singh said. Earlier, the ministry was pushing for 26 per cent FDI in airlines. Ajit Singh also said the government...
06:09 PM, Jan 17, 2012
New Delhi: Petroleum Minister S Jaipal Reddy on Thursday hinted that the government will not rush into raising retail fuel prices just yet, even though a falling rupee has increased cost of oil imports. "Depreciation of rupee has naturally created unprecedented problems. This will lead to under recoveries (revenue loss) of more than Rs 1,32,000 crore (in FY 2011)," he said in the Parliament House. "Having said that, we are...
02:32 PM, Nov 24, 2011
New Delhi: Oil Minister S Jaipal Reddy on Wednesday called for a meeting of the Empowered Group of Ministers (EGoM) to decide on revising the prices of diesel and LPG. "I have asked for a meeting of the Empowered Group of Ministers (EGoM)," Reddy told reporters after a meeting with Finance Minister Pranab Mukherjee, who heads the EGoM. State-owned oil firms are currently losing Rs 9.27 per litre of diesel,...
02:31 PM, Nov 02, 2011
New Delhi: India, the world's fourth largest oil consumer, may cut petrol prices if global crude oil eases further, Oil Minister S Jaipal Reddy said on Monday. "If prices globally come down sharply, and in a stable way, naturally the price of petrol will be adjusted downwards," Reddy told reporters. "The softening trend must be stable." India last year gave oil companies the freedom to fix petrol prices. In June,...
12:00 AM, Aug 09, 2011
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