Oil & Gas articles

Crude oil reserve planned in Udupi

The Union Cabinet Wednesday gave an in-principle approval for building two strategic crude oil reserves including one at Padur (Udupi district) in Karnataka with 2.5-million tonne capacity. The move will insulate India from spike in global prices of crude oil, Finance Minister Piyush Goyal said.

Petrol, diesel may come under GST

Under attack on steeply rising petrol and diesel prices, the government is expected to discuss the feasibility of bringing the two fuels under the Goods and Services Tax ambit. The issue may be considered in the council’s next meeting, the date of which is yet to be decided.