IOC, BPCL and HPCL are supposed to be free to fix prices of petrol since June 2010, but company executives say oil ministry exercises informal control.
GSPC wants to sell gas at about $13 per unit. The current gas price for output from fields discovered under the new exploration licensing policy (Nelp) is $4.2 per unit.
The government plans to tweak the system of calculating fuel subsidies to make ONGC's public offer more attractive for investors.
The oil ministry, is of firm belief that without the duty protection state-run refineries would succumb to private competition.
The SC had named McHugh, former judge of the High Court of Australia, as the third arbitrator in the dispute over cost recovery in KG-D6 gas block.
The decision, which can significantly boost Indian shipping industry, was taken only after the government took a stern stance in the matter.
The government will hold directors of state firms accountable for accidents like the recent blast in a pipeline of GAIL IndiaBSE -1.69 % that killed 19 people at Tatipaka in Andhra Pradesh, official sources said. "An order to this effect is being issued as the government will not tolerate lapses in management and maintenance of oil and gas installations and top management of such companies will not go scot fee while junior executives are suspended," an official with direct knowledge of the matter said.
Action will be taken against the director on the board of the company, who is for safety and security of vital oil and gas installations.
GAIL is dithering on building a 2,050 km pipeline from Haldia to Jagdishpur, saying there are no customers or gas available to justify the project.
Government officials said the ambitious Iran-Pakistan-India (IPI) pipeline could be revived after Western sanctions against the country is eased.
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