Greenland

THE government has indefinitely deferred a hike in diesel rates despite soaring crude oil prices to prevent a further increase in prices, particularly of food items, Petroleum Minister Murli Deora said.

Oil marketing companies are demanding higher prices because crude oil has been trading at about $90 a barrel for a month, even as state-set diesel rates have not been changed since June.

The petroleum ministry on Thursday said the government is committed to adequately compensating state-owned oil marketing companies for the losses they incur on selling diesel and cooking fuel below cost.

Will enable advance commissioning of the project
The project involves Rs.8,000 crore investment
NEW DELHI: State-run Oil and Natural Gas Corporation (ONGC) on Friday announced that it's power subsidiary, ONGC Tripura Power Company (OTPC) has inked a memorandum of understanding (MoU) with Bangladesh to open up a new transport corridor for transporting heavy equipment for its plant in Triupra.

With no signs of a respite in oil prices and given India

Price hike to improve financial health of state-run oil marketing firms, but heat up inflation
Rajeev Jayaswal NEW DELHI

OIL companies plan to raise petrol and diesel prices by 2 a litre after a week as crude touched a two-year high of $90 a barrel on Tuesday, a move that will boost the finances of state-run firms but stoke inflation.

Price hike to improve financial health of state-run oil marketing firms, but heat up inflation

OIL companies plan to raise petrol and diesel prices by 2 a litre after a week as crude touched a two-year high of $90 a barrel on Tuesday, a move that will boost the finances of state-run firms but stoke inflation.

The Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia, has said that the uncertainty over deregulation of diesel price could impact the issue price of the oil companies.

He was responding to a specific query from Business Line on whether the deregulation issue could impact the forthcoming follow-on offers of Indian Oil Corporation and ONGC.

Speaking at sidelines of the Petrotech

NEW DELHI: Stating that the growing Indian economy would require tremendous amount of energy sources to maintain its pace, Prime Minister Manmohan Singh on Monday said India was encouraging its oil companies to acquire gas and oil assets abroad to meet the increasing demand that is likely to grow by 40 per cent in the next decade.

Delivering the inaugural address at the three-day Petrotech 2010