The oil ministry's advisor has favored that the government should take its share as biddable percentage of output rather than sharing profit.
India has banned US-sanctioned Iranian ships from entering its water, impacting crude oil imports from the nation's fourth oil largest supplier.
The panel, headed by the secretary of the Department of Economic Affairs, however, agreed that the E&P sector meets other criteria, these officials said.
Essar Oil shifts from gas to coal; move likely to improve margin at Vadinar refinery by $1 per barrel
Essar Oil says its margin will improve by at least $1 per barrel by switching the fuel at its Vadinar refinery in Gujarat from gas to coal.
A cabinet minister and a senior official in the oil ministry said while the government is keen to raise the price of the three fuels under price control, such a decision is not imminent.
Cairn India has reported 40% jump in its net profit in the first quarter of current financial year because of higher output and currency gains.
Petrol in Delhi will cost Rs 68.48 per litre with effect from midnight as compared to Rs 67.78 a litre now, state-owned oil companies announced today.
The Federation of Indian Chambers of Commerce & Industry has termed the country's energy outlook as bleak and warned that it could impact growth if not addressed immediately.
The oil ministry has announced to reserve more than a quarter of new petrol pumps, a coveted money-spinning business, for Other Backward Class.
Govt wants to raise diesel prices by Rs 5 a litre, cooking gas by Rs 100 per cylinder and kerosene by Rs 2 a litre. Petrol prices are unlikely to be changed.
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