Bhopal: Union Minister of State for Commerce and Industries, Jyotiraditya Scindia on Saturday said the BJP, which was strongly criticising recent hike in petrol prices, should not forget that the prices had gone up 35 times during the six years of NDA rule. When the BJP-led NDA was in power, a barrel of oil in the international markets used to cost only $ 12, Scindia said. The cost of an...
12:09 PM, May 26, 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: Succumbing to US pressure, India has decided to cut crude oil import from Iran by over 11 per cent this fiscal to 15.5 million tons. India, which imports 80 per cent of its crude oil and relies on Tehran for 12 per cent of those imports, shipped 18.50 million tons of oil from Iran in 2011-12, Minister of State for Petroleum and Natural Gas RPN Singh said in...
02:13 PM, May 15, 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: India's trade deficit is seen at $185 billion in the 2011/12 fiscal year on higher crude import bill, the trade minister said citing provisional data, which may worsen the country's current account balance and further weaken the rupee. Asia's third-largest economy imports nearly 80 per cent of its crude oil needs, leaving it vulnerable to the vagaries of the oil market. "The trade deficit is primarily because of...
02:47 AM, Apr 14, 2012
Tehran: Iran can manage its economy even without crude exports, President Mahmoud Ahmadinejad claimed on Tuesday as Tehran cut off oil sales to Greece, the third European nation to be hit by an Iranian retaliatory measure ahead of EU's oil embargo. Iran had warned in February that it might extend an earlier embargo imposed on Britain and France to other European countries, after the EU set a ban on Iranian...
04:37 PM, Apr 10, 2012
New Delhi: Finance Minister Pranab Mukherjee, while replying to the Union Budget in the Lok Sabha on Tuesday, said that the Gulf crisis has impacted prices and availability of oil and hinted that imports will become difficult if crude prices rise to $150-200 per barrel. He also informed the House that volatility in oil prices will have impact on inflation. The Finance Minister has also informed the House that a...
06:01 PM, Mar 27, 2012
New Delhi: Amid concerns over rising crude oil prices, Finance Minister Pranab Mukherjee on Saturday said the government would take and implement "some difficult decisions" in the coming months. "In meeting the targets under the (expenditure) roadmap, I am conscious of the fact that the government would need to take and implement some difficult decisions in the coming months," Mukherjee said at an event organised by FICCI. "We cannot go...
04:43 AM, Mar 25, 2012
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) on Friday said its profitability will be impacted by Rs 4,500 crore as Finance Minister Pranab Mukherjee raised cess on crude oil production. "The effect of increase in cess on crude oil (from Rs 2,500 per ton to Rs 4,500 per ton) is about Rs 4,500 crore annually," ONGC Chairman and Managing Director Sudhir Vasudeva said on sidelines of 7th Asia...
12:32 AM, Mar 24, 2012
New Delhi: Crude prices have spiked to their highest levels since 2008 on fears that the West's tensions with Iran have the potential to disrupt supplies through the Strait of Hormuz. The price of oil has risen 15 per cent since the start of the year. Analysts say that oil prices also face longer-term pressure due to increased demand from China and other emerging economies - a concern voiced by...
09:58 AM, Mar 03, 2012
Washington: The United States is having "very intense and very blunt" conversations with India, China and Turkey on reducing their dependence on Iranian oil, the Secretary of State Hillary Clinton has told lawmakers. Clinton, testifying before a Congressional committee on Tuesday, said the US is asking these countries to take specific measures that would reduce their dependence on Iranian oil adding. But, without naming one, she did acknowledge that this...
11:19 AM, Feb 29, 2012
Mumbai: If crude oil prices continue to rise, India will be impacted by not only higher inflation and trade deficit, but by subsidies, and any move towards easing monetary policy will have to take this into consideration, rating agency Care said on Tuesday. "The easing of monetary policy will have to be reviewed in case (oil) prices start going up. Our country in particular will be affected by just not...
08:52 PM, Feb 28, 2012
New Delhi: Describing the surge in crude oil prices a 'disturbing trend', Finance Minister Pranab Mukherjee on Tuesday said it is too early to say what its impact will be on the economy. "(Rise in prices of) crude, of course, is disturbing fact, no doubt. It will be too premature to say what would be the adverse impact on what sector...," he told reporters here. The crude oil prices in...
03:20 PM, Feb 28, 2012
New York: Oil prices rose to a nine-month high above $ 106 a barrel on Thursday, driven by market confidence in Germany and continued concerns about tensions over Iran's nuclear programme. Benchmark crude for April delivery rose 61 cents to $ 106.89 per barrel in after noon trading on the New York Mercantile Exchange. The contract rose 3 cents to settle at $ 106.28, the highest since May, yesterday. German...
02:52 AM, Feb 24, 2012
New Delhi: India has not asked its refiners to cut crude oil purchases from Iran, which is facing tough US and European sanctions over its nuclear programme, a top Oil Ministry official said on Tuesday. "There is no change in imports from Iran. We are not asking our companies to reduce imports from Iran," the official said amid reports that the Persian Gulf nation is offering extra crude supplies to...
11:26 PM, Feb 21, 2012
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.
Disclaimer: Network18 Media & Investments Limited is proposing, subject to market conditions and other considerations, an offer of its equity shares on rights basis and has filed a Draft Letter of Offer with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the websites of the Lead Managers at www.icicisecurities.com and www.rbs.in Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to "Risk Factors" in the Draft Letter of Offer. The Equity Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws in the United States and may not be offered or sold in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the US Securities Act) except in a transaction exempt from the registration requirements of the US Securities Act and in accordance with any applicable U.S. state securities laws.
Disclaimer: TV18 Broadcast Limited is proposing, subject to market conditions and other considerations, an offer of its equity shares on rights basis and has filed a Draft Letter of Offer with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the websites of the Lead Managers at www.icicisecurities.com and www.rbs.in Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to "Risk Factors" in the Draft Letter of Offer. The Equity Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws in the United States and may not be offered or sold in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the US Securities Act) except in a transaction exempt from the registration requirements of the US Securities Act and in accordance with any applicable U.S. state securities laws.
