(ET) You may not have noticed it but the price of subsidised cooking gas rose by an average of just less than Rs 10 per cylinder per month in the July-June 2019-20 period, taking the price of common man’s fuel closer to market rates. What this has done is to stop consumers receiving any subsidy in their accounts for buying domestic LPG cylinders at market rates for the past three months, believing low oil prices in the market has eliminated the need for the subsidy. But had oil companies refrained from consistently raising the price of subsidised cooking gas as well, from a level of Rs 494.35…
Author: Aruna Sharma
(ET) Oil marketing companies decided to keep the pump prices of petroleum products petrol and diesel unchanged on Wednesday. Accordingly, diesel continues to be priced at Rs 81.64 per litre in the capital, while petrol has maintained steady levels at Rs 80.43 a litre. Oil companies had raised diesel prices marginally by 12 paisa on Monday while keeping petrol prices unchanged. On Tuesday as well there was no change in the retail price of the two petroleum products. Petrol prices had maintained the same level of Rs 80.43 a litre since June 29 when it’s pump price rose marginally by 5 paisa…
(MC) Oil marketing companies (OMCs) are inviting bids to onboard startups for the doorstep delivery of diesel via mobile petrol pumps. This could be the next big thing waiting to happen in the fuel retail segment in India. OMCs like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have sought expressions of interest from startups that want to deal in the doorstep delivery of high-speed diesel (HSD), Business Standard has reported. Only startups, to be referred to as FuelEnts (fuel entrepreneurs), registered with the Department of Promotion of Industry and Internal Trade (DPIIT) will be considered…
(LiveMint) New coronavirus cases in India rose 45,720 in past 24 hours, pushing the total Covid-19 tally in India over 12 lakh mark today, while the total number of recoveries crossed 7.82 lakh, according to the Union Health Ministry data. The death toll due to the disease rose to 29,861 with 1,129 fatalities reported in one day.
(HT) Three foreign experts were injured in an explosion which occurred near Oil India Limited (OIL)’s gas well number 5 at Baghjan, in Assam’s Tinsukia district on Wednesday. “The incident occurred when operations to douse the fire at Baghjan oil field was going on. The operation has been halted now,” news agency ANI quoted Tridip Hazarika, the spokesperson of Oil India Limited, as saying. “Three foreign experts who were at the site are injured. They have been rushed to hospital,” Hazarika said. The damaged gas well is spewing gas uncontrollably for 56 days since a blowout – an uncontrolled release of gas…
(LiveMint) The Reserve Bank of India (RBI) may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on 31 August, two people directly aware of the discussions said. The banking regulator has been conducting an impact assessment of sectors and borrower segments by collating data on repayments and cash flows of borrowers since the lockdown was announced in March to get a better understanding of the challenges faced by borrowers, the people aware of the talks between RBI and the banks said on condition of anonymity. “While…
Steel Authority of India Limited (SAIL), in a major technological breakthrough, has developed the capability to produce Super Duplex Stainless Steel in SS 32205 grade at its Salem Steel Plant (SSP). Currently, SAIL is among the few Indian steelmakers which has developed this grade of steel. This grade of stainless steel is mainly imported so far. The Super Duplex Stainless Steel has superior corrosion resistance with higher strength and formability. Due to these characteristics, it can be effectively used in various applications in corrosion prone areas, mainly in chemical processing equipment (transport and storage, pressure vessels, tanks, piping and heat…
(ET) Union Minister Dharmendra Pradhan held a meeting with Chief Economic Advisor (CEA) KV Subramanian, officials from Steel Ministry and Central Public Sector Enterprises (CPSEs). The roadmap for establishing an integrated steel hub in eastern India was discussed in the meeting, held through video conferencing, according to the Union Minister. “This will drive economic growth of the region, generate large scale employment for the youth and contribute to making of anAatmanirbhar Bharat,” he said.”Initiatives taken and deliberated on the future roadmap around enhancing exports, value addition, improving quality production, import data management and steel clusters,” Pradhan further said.
(ET) The current economic crisis being faced by India is a temporary phase and the country still remains the fastest growing economy in the world, and a favourable investment destination, Union minister for road transport and highways Nitin Gadkari said. India has its huge population and skilled manpower to its advantage, and countries should look at investing in micro, small and medium enterprises, (MSMEs), infrastructure sectors, which promise “very good returns, Gadkari, who who is also India’s MSME minister, said at the US India Business Council annual summit on Tuesday. Gadkari added that the government was determined to increase its exports and…
(DC) The Amarnath yatra has been cancelled this year in view of the COVID-19 pandemic. An official spokesman here the Shri Amarnathji Shrine Board (SASB) held an emergency video conference on Tuesday and decided to cancel the yatra “in the larger public interest”. The annual pilgrimage to the cave-shrine tucked away in the Kashmiri Himalayas at a height of 3,888 m was scheduled to begin on June 23 coinciding with Skandshasthi, an auspicious occasion in the Hindu calendar, and conclude on August 3, the day of Shravan Purnima or Raksha Bandhan. However, the COVID-19 pandemic forced the authorities to shorten the duration of…