Revenue losses to the government on sale of subsidised diesel are expected to shrink to a record low of around 10 paise per litre by August end, paving the way for the deregulation of the fuel as early as next month unless political considerations ahead of assembly elections in four states play spoilsport.
Revenue losses to the government on sale of subsidised diesel are expected to shrink to a record low of around 10 paise per litre by August end.
Govt sources said, Oil Minister Dharmendra Pradhan is deeply concerned about ONGC’s performance and has asked the company’s top brass pull up their socks.
Cairn India has been allowed to sell gas from its Rajasthan block at about $8.40 per unit to Gujarat based firms, including a fertilizer plant, since March 2013.
Cairn India, the operator of the block, holds 70% share. According to government and industry officials, ONGC is reluctant to approve Cairn’s development plan amounting to about Rs 1,800 crore.
The ministry proposes to terminate the contract in the case of a ?major default? such as knowingly submitting false statements to the government and selling of stakes in the block without prior approval of the government.
In the proposed new regime, it has also specified that the government would have the right to impose financial penalties on contractors for “minor" errors.
The OilMin took its first step towards the Narendra Modi government’s e-governance plan that the Cabinet approved on Wednesday.
The petroleum ministry, which has floated a tender for six cameras last month — each camera has 32 channels — has already received price quotes.
Indian consumers are shifting back to petrol-run passenger vehicles that are set to start outselling diesel variants again after two years.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon