Energy Sector

Govt.’s fuel subsidy order threatens ONGC’s profitability

Govt.’s fuel subsidy order threatens ONGC’s profitability

India's most-profitable state-owned firm Oil & Natural Gas Corp (ONGC) is facing risk of incurring losses as the government has ordered it to pay a record-high fuel subsidy of Rs 13,796 crore for the July-September quarter.

On Thursday, the petroleum ministry directed ONGC, Oil India Ltd (OIL) and GAIL to give fuel subsidies of Rs 16,729.74 crore.

Expert panel recommends price hikes in diesel, kerosene, LPG

Expert panel recommends price hikes in diesel, kerosene, LPG

A high-level government panel on Wednesday recommended immediate hikes in prices of diesel, kerosene and subsidized domestic LPG to slash massive subsidy bill.

The panel, headed by former Planning Commission member Kirit Parikh, recommended a price hike of Rs 5 per litre in diesel, Rs 4 per litre in kerosene, and Rs 250 in price of subsidized domestic LPG cylinder.

The panel also recommended that the government should slash the quota of subsidized LPG cylinders from 9 to 6 per household per year.

LPG cylinders to be available at petrol pumps

LPG cylinders to be available at petrol pumps

Consumers in five Indian metro cities will be able to purchase small cooking (LPG) cylinders direct from their near petrol pumps starting October 5.

The ministry of petroleum & natural gas has confirmed in statement that it has authorized oil marketing companies (OMCs) to sell 5kg LPG cylinders at their petrol pumps in Delhi, Mumbai, Kolkata, Chennai and Banglore.

These small LPG cylinders will be made available at market rate, but it will be of a great help to migratory population as such people will be able to buy cylinders and get them refilled at a time of their choice.

Reliance Power CEO resigns

Reliance Power CEO resigns

Reliance Power Ltd, a subsidiary of Anil Ambani group, has confirmed that its long-serving Chief Executive Officer (CEO) J P Chalasani has stepped down from the top post.

In a filing with the Bombay Stock Exchange (BSE), the company said Chalasani would leave the firm towards the end of this year to re-locate overseas and follow his entrepreneurial ambitions.

Oil ministry made no proposal for diesel price hike: Moily

Oil ministry made no proposal for diesel price hike: Moily

The oil ministry is concerned about state-owned oil companies' widening under-recoveries but it hasn't made any proposal to the Cabinet for hiking diesel prices beyond the ongoing 40-50 paise per litre monthly rise, Oil Minister M Veerappa Moily said.

Moily said the ministry would take a decision objectively, keeping the interest of consumers in mind. He said his ministry was working on other alternatives to cut oil companies' under-recoveries.

BJP slams PM for compromising on nuclear safety of Indians

BJP slams PM for compromising on nuclear safety of Indians

The Congress-led UPA government is compromising on crucial clauses in the Nuclear Liability Act to give a gift to American firms during Prime Minister Manmohan Singh’s upcoming visit to the U. S., main opposition party BJP alleged.

Ravi Shankar Prasad, deputy leader of BJP said in Rajya Sabha that Manmohan Singh was compromising on Section 17 (b) of the Nuclear Liability Act that specifically fixes the responsibilities as well as liabilities of the creators of nuclear reactors in the event of an accident due to a faulty design.

Petrol price rise by Rs 1.63 per litre on Friday

Petrol price rise by Rs 1.63 per litre on Friday

According to the latest reports, the petrol prices in India have risen by Rs 1.63 per litre in the country, recording its seventh increase since June.

The price is without local sales tax or VAT and will come into effect from midnight on Saturday, according to oil firms in the country. The price of petrol will rise by Rs 1.96 to Rs 76.06 per litre and it will cost Rs. 83.63 per litre in Mumbai. Data shows that the petrol prices have risen by a massive Rs. 10.80 per litre since June without taxes and Rs. 13.06 per litre inclusive of taxes in Delhi.

Petrol price increased by Rs 2.35 per litre

Petrol price increased by Rs 2.35 per litre

In another increase to the prices of fuel in the country, the petrol prices have been increased by Rs. 2.35 per litre recording its sixth rise in three months.

ONGC to acquire 10% stake in Anadarko gas block for $2.64bn

ONGC to acquire 10% stake in Anadarko gas block for $2.64bn

Oil & Natural Gas Corporation (ONGC), India's leading oil and gas explorer, has agreed to acquire 10 per cent stake in Anadarko Petroleum Corporation's offshore gas field in Mozambique for around $2.6 billion.

Sudhir Vasudeva, chairman of ONGC Videsh Ltd. (OVL) that has hit the deal, said that the strategically located Mozambique gas field would supply LNG (liquefied natural gas) to India at a competitive price.

Linde plans to acquire medical gas suppliers

Linde plans to acquire medical gas suppliers

Linde India, the Indian arm of German industrial gas producer Linde AG, has confirmed its plans to raise its share in the medical gas sector by making small acquisitions in the sector.

The industrial gas giant said it would acquire small firms that supply medical gas to hospitals.

Announcing the decision, the company said, "Acquisitions are something we are looking at. There will be consolidation in the market (of suppliers of medical gases) as there are about 150 small players and 5-10 regional players."