Government officials have floated a proposal to curb the dominance of IndianOil Corp in petroleum fuel retailing, after a strike in January by employees of the government-run company led to a countrywide shortage.
The Planning Commission has criticised Gail India, the market leader in gas transportation, for shifting focus from its core activity of gas transmission to non-core activities.
Bharat Petroleum Corp (BPCL) has slashed prices of its branded premium petrol and diesel with immediate effect that may force other oil marketing firms to follow suit.
The new norms would also require LNG cos to get an approval from the regulator - Petroleum & Natural Gas Regulatory Board - before they set up projects in the country.
Pressure eases on govt for slashing diesel prices as OMCs losing 6 paise a litre on petrol.
After maintaining a positive profit margin for four months, the margin on retail sale of petrol has turned negative.
The country’s biggest oil and gas explorer, Oil & Natural Gas Corp (ONGC), has trimmed its crude oil output target by around 3.5% for the current financial year to end-March because of infrastructure shortages.
The government is exploring plans to cut diesel prices again - the third time in less than two months - with the political leadership of the Congress-led United Progressive Alliance favouring a further reduction ahead of the crucial parliamentary elections later this summer.
The government is looking to swap the lean natural gas from Reliance Industries’ (RIL) Krishna-Godavari (KG) basin in the east coast with the rich gas produced from the west coast fields to get maximum value, according to a top oil ministry official.
Government will send a team of experts to Nigeria to evaluate prospects of the two deepwater oil blocks offered by the Nigerian government for a payment of $291 million.
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