Mukesh Ambani-led Reliance Industries is unlikely to close the deal for 20 per cent stake in its oil to chemicals business to Saudi Aramco by March 31 this year, according to a senior company official.
State oil companies raised prices of subsidised cooking gas by nearly Rs 30 a cylinder in August and raised it by another Rs 32 in the five months that followed. The current hike appears steep compared to the total increase of Rs 82 in five years to mid-2019.
Indian refiners have been seeking crude oil from different parts of the globe to reduce their dependence on the conflict-prone Middle-East region that currently makes up about 60 percent of its imports.
The petroleum and natural gas ministry has begun interministerial consultations on its proposal to end the power sector's priority access to cheap domestic gas, setting up a gas trading platform and hiving off GAIL's pipeline business into a subsidiary.
Good news for consumers as fuel prices fell again on Monday, the second consecutive day after easing of tensions between the US and Iran. Price of petrol fell by 10 paise and that of diesel by 5 paise a litre across all major cities on Monday.
Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan said on January 11 that there is no dearth of crude oil in global market. "There's no dearth of crude oil in global market. We're taking it from OPEC, OPEC+, non-OPEC countries. Issue is - price. We're appealing to oil producing countries and responsible leaderships that there should be peace and stability in global economy," said the minister. "Due to geopolitical situation, conflict in Middle East there was a spike in price of crude oil. It's subdued in last 2 weeks. Let's wait and watch, let's not create panic. Things are under control. Government has kept a sharp eye on global development," he further added.
He told a press conference here that the rest Rs 3,706 crore shall be funded by five oil-sector public sector undertakings - IOCL, ONGC, GAIL, OIL and NRL. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi on January 8 had approved Viability Gap Funding/ Capital Grant of 60 per cent for the IGGL project.
Justice J R Midha issued notice to the central government on RIL's application and listed the matter for hearing on February 6. The application was filed in a pending petition of the government for execution of an arbitral award in its favour. RIL has sought recall of two previous orders of November 22 and December 20, 2019.
Union Petroleum Minister Dharmendra Pradhan spoke on Iran-US tensions and its after-effects on oil prices. He said, “India expects that there should be no tension in the world. The External Affairs Minister of India has been speaking to all the stakeholders.