Relief as export- parity price only from next fiscal

The Oil Ministry seems to have suggested to CAG that its audit of Reliance Industries' spending on the flagging KG-D6 gas block should be a financial scrutiny and not a performance audit.

Fearing oil companies will be hit hard by the Finance Ministry's move to cut subsidises by changing pricing of petrol and diesel, Oil Minister M Veerappa Moily has asked Finance Minister P Chidambaram to refer the issue to an expert committee.

Officials at the ministry of finance have revealed that as Yemen is facing an ever mounting deficit, which is threatening to bankrupt the country unless something drastic is done to improve Yemen's cashflow, the government is leaning toward putting ...

UKs BP plc has offered to surrender a KG basin block after restrictions imposed by the Defence Ministry made oil and gas exploration practically impossible in it. BP along with Reliance Industries had won the deep-sea KG-DWN-2005/2 or KG-D17 block in the ...

In a note for the Cabinet Committee on Economic Affairs (CCEA), the ministry has proposed raising gas price for state- run firms immediately and that for RIL from April 2014, sources privy to the development said.

The Prime Ministers Office (PMO) wants the Ministry for Petroleum & Natural Gas to obtain necessary Cabinet approvals for smooth roll out of LPG subsidy through the Direct Benefits Transfer (...

The Finance Ministry has decided not to push forward a proposal to increase a tax on crude oil production, Deputy Minister Sergei Shatalov said, after oil companies protested that higher taxes would lead to a drop in output. He also said the ...

New Delhi, Apr 19 (PTI) Oil Minister M Veerappa Moily has appointed Raghuram Rajan, the chief economic adviser in Finance Ministry as member to a panel headed by economist Vijay Kelkar which is preparing roadmap for enhancing domestic oil and gas ...

In 2013-2014, Finance Minister P Chidambaram said growth would be between 6.1% and 6.7%. In 2014-2015, India, he said, wants growth to be above 7%. Suman Guha Mozumder reports from New York. Finance Minister P Chidambaram believes India's current account deficit situation will be much better in the January-March quarter this year than it was in the last quarter. Speaking to the media in New York on Wednesday, Chidambaram said India's current account deficit in 2013 would will be around 5% or a ...