NEW DELHI: The Centre’s move to reduce natural gas price will change the math for key producers such as ONGC. According to ONGC CMD DK Sarraf, every $1 rise in gas price increases the oil major’s revenues by Rs 4,000 crore and net profit by Rs 2,350 crore. Sarraf said ONGC will prep up for […]
Day: March 27, 2015
ONGC, Oil India may be exempt from paying subsidy in March quarter
NEW DELHI: Government is likely to exempt oil producers ONGC and Oil India Ltd from payment of fuel subsidy in the fourth quarter ending March 31, a senior Petroleum Ministry official said today. “We have a verbal assurance from the Finance Ministry that upstream companies will not have to bear any subsidy in the fourth […]
Natural gas price to be cut by 9% to $4.56 from Apr 1
New Delhi: In the first ever reduction in domestic natural gas prices, the rates will be slashed by 9 per cent to $4.56 per unit from April 1 to reflect the softening in international prices, benefiting users in the power and fertiliser sectors. The government had in October last year fixed natural gas price at […]
HPCL sells Vizag lot; price at over 2-year high
SINGAPORE: Hindustan Petroleum Corp Ltd (HPCL) has sold up to 30,000 tonnes of naphtha for loading over April 3-5 from the eastern port of Vizag to Japan’s Itochu at steep premiums of around $40 a tonne to Middle East quotes, traders said on Friday. This was the highest premium HPCL had got for a naphtha […]
PM Modi calls for cut in energy imports by 50% by 2030
New Delhi: Prime Minister Narendra Modi on Friday appealed to the nation to strive for reducing energy import dependence to 50% of total usage from more than 77% at present. “India’s energy import dependence should come down by 10 per cent when India celebrates 75 years of independence in 2022. Once this is achieved, it […]
Goyal says India can save $7 billion annually through energy efficiency
New Delhi: Power minister Piyush Goyal on Friday said India can save at least 10 per cent of its current power consumption without any major stress on the system. “We plan to replace all incandescent bulbs in this country with Light Emitting Diode (LED) lights within three years. This would bring down power demand by […]
Power Sector: Light at the end of the tunnel
Mumbai: The Street is gradually turning positive on the power sector after a long time. Several factors have come together to make the environment conducive for power companies. Lower coal prices, revival in power demand, easing transmission hurdles and possible improvement in the financials of distribution companies would give a fillip to power generators. Power […]
Govt may exempt ONGC, OIL from payment of fuel subsidy in Q4
New Delhi: Government is likely to exempt oil producers ONGC and Oil India Ltd from payment of fuel subsidy in the fourth quarter ending March 31, a senior Petroleum Ministry official said today. “We have a verbal assurance from the Finance Ministry that upstream companies will not have to bear any subsidy in the fourth […]
Govt lowers domestic gas price by 10% to $5.02
New Delhi/Mumbai: The government today lowered the price of domestically produced natural gas by over 10% to $5.02 per mmBtu from $5.6 per unit, the first ever reduction in the rates of the fuel. The new price will be effective from April 1. Natural gas price was raised from $4.2 per mmBtu to $5.61 per […]
Vistara flight cancellation rate highest in Feb
New Delhi : The newly-launched Tata-SIA joint venture carrier Vistara cancelled more flights than any other domestic carrier in February, says DGCA data. The third full service carrier after national airline Air India and Jet Airways, Vistara also operated over 40 per cent seats vacant in its aircraft during a period in which some of […]
SpiceJet running short of planes for scheduled flights
New Delhi: Low-cost carrier SpiceJet Ltd will have to cancel more than a fifth of its planned daily flights if it cannot reach an agreement with its lessors to bring in more aircraft by the end of this month, a company spokesman said. SpiceJet, which came close to collapsing in December after running out of […]
IndiGo heads towards $400 mn IPO as air travel booms
Mumbai/New Delhi: India’s biggest airline by market share, IndiGo, is preparing to file a draft prospectus by May for a stock listing to raise $300 million to $400 million, two people with knowledge of the plans said, aiming to cash in on a boom in budget air travel. While the draft prospectus is due to […]