State-run Indian Oil Corp has reported 47% drop in its net profit at Rs 3,955 crore in 2011-12 because of Rs 8,157 crore disputed state tax payment, revenue losses on petrol and rising interest burden.
Oil India in talks to buy a controlling stake in Mukesh Ambani's Reliance Gas Transportation Infrastructure Ltd
Oil India in talks to buy a controlling stake in
Oil minister Jaipal Reddy said on Monday that the government does not have an immediate plan to raise diesel, kerosene and cooking gas prices.
The govt is about to launch a portal that will record deliveries of cooking gas cylinders to households, a move directed at restricting supply at subsidised rates.
Jaipal Reddy has assured that the government will take measures to soothe impact of steep hike in petrol prices ruling out any rollback.
State-run oil marketing companies, IOC, Hindustan Petroleum and Bharat Petroleum Corp ruled out any immediate rollback of recent hike in petrol prices.
The empowered group of ministers (EGoM) that would decide raising diesel, kerosene and cooking gas rates is unlikely to meet on Friday.
India signed an agreement with Turkmenistan that will secure 38 mn standard cubic meters per day gas supply from the Central Asian country.
RIL had been formally directed by the oil ministry's technical arm in 2006 to build an even bigger infrastructure despite uncertainty of output.
Oil minister Jaipal Reddy is visiting Turkmenistan on Tuesday to sign the gas sale purchase agreement (GAPA) this week, officials said.
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