The revenue loss on the fuel is currently Rs 6.80 per litre and it is for the oil ministry to take a decision, an EC official said.
The arbitration was held in Malaysia, where the top court upheld Cairn’s position in 2011 after the initial verdict went in the government’s favour.
OVL is currently operating two blocks in the country, one is producing gas and the other is still at the exploratory phase.
Gas price announcement is pending since January 10, when the oil ministry notified new pricing formula, which was approved by the Cabinet on June 27.
GAIL India Executive Director Gajendra Singh complainS about Public Enterprises Selection Board of caste bias
GAIL Executive Director Gajendra Singh, who was recently interviewed for the position of Director-Business Development appealed to NCST about caste bias.
Despite model code, government concerned about legal fallout of not abiding by Cabinet decision
ONGC had earlier said that using RIL's infrastructure would speed up the development of its own field and cut costs by up to 40%, signaling bright prospects of cooperation between India's top two exploration firms.
Moily has decided to hold gas prices at the current level of $4.2 per unit until the end of June and not allow retrospective revision of rates.
DGH warns oil ministry against unilateral change in production sharing contracts with cos like BHP Billiton
DGH warned oil min against penalising cos such as BHP and Eni for not completing committed exploration works for want of defence and space clearances.
Supply of higher quality petrol and diesel will require big-ticket investments in upgradation of refineries that can be recovered by imposing a cess on auto fuels or by raising their retail prices, officials said.
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