Coal 2023: analysis and forecast to 2026
Latest IEA market report sees lower demand to 2026, based on current policies, but stronger actions are needed to drive a steeper decline towards meeting international climate goals. After reaching an
Fuel Pricing
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Ministry proposes to hike diesel prices by less than a rupee/month, reduce subsidy & raise cap on cylinders
The oil ministry has moved two separate cabinet notes - one to raise cap on supply of subsidised cooking gas cylinders and the other to increase fuel prices, particularly diesel, by less than a rupee per month to pair it with market rates and eventually deregulate it in next 15 months. The ministry has also proposed to reduce one-third subsidy on kerosene by 2014-15 and on cooking gas by a quarter in this year, government officials said. According to oil ministry's recent data, state oil firms are losing Rs 9 a litre on diesel, Rs 30.60 on kerosene and Rs 490 per cylinder on cooking gas. The proposals will substantially reduce government's subsidy burden on diesel, kerosene and liquefied petroleum gas (LPG), officials said. The estimated fuel subsidy for 2012-13 is about Rs 166,000 crore, out of which the finance ministry has sanctioned Rs 30,000 crore and released the first installment of Rs 10,000 crore to state oil marketing firms this week.
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Panel for linking domestic gas price to global average
The suggestions are now expected to be vetted by the oil ministry The Rangarajan Committee, looking into the Production Sharing Contracts (PSCs) in the oil and gas sector, has suggested an annual revision based on an average of international gas prices unlike the five-year cap currently in place for gas produced in Reliance Industries’ KG-D6 block. Currently, $4.2 per million british thermal units (mbtu) is the benchmark for domestic price.
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Panel recommends pricing domestic gas at global average
Natural gas prices in the economy are expected to rise as a panel led by the Prime Minister’s Economic Advisory Council chairman C Rangarajan has asked for linking domestic prices to an average of international hub prices and the cost of imported LNG. The report submitted to Prime Minister Manmohan Singh has also suggested scrapping the cost recovery clause in production sharing contracts (PSCs) the government signs with exploration companies in future. Instead it has suggested the share of the contractor should be determined through a competitive bid process. The recommendation is expected to avoid tussles like that of the oil ministry with Reliance Industries Ltd where the difference in cost recovery formula has almost led to arbitration.
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World economic situation and prospects 2013
World Economic Situation and Prospects 2013: presents a post-crisis world economy still struggling with continued weakening growth of 2.2 per cent in 2012; projects disappointing global growth of 2.4 per
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Auto industry body supports govt move to hike diesel prices
New Delhi: The Society of Indian Automobile Manufacturers (Siam) said that it supports any decision by the government to hike diesel prices in a phased manner, adding that there might be a short-term impact
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Five-year annual growth target of 8% 'ambitious', says PM
Prime Minister Manmohan Singh struck a downbeat note on the challenges facing the Indian economy on Thursday, dubbing a five-year plan for average growth of 8 percent "ambitious". India's GDP growth has languished below 6 percent for three straight quarters, a far cry from the near-double-digit pace of expansion before the 2008 global financial downturn.
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Rs 10/litre hike in diesel, kerosene if OilMin proposal okayed
Hike being mulled as govt scrambles to find ways to meet Rs 1,60,000 cr deficit expected this fiscal on selling diesel, LPG and kerosene below production cost Diesel prices may be hiked by Rs 10 per litre over a 10-month period and kerosene rates increased by same quantum over the next two years if a proposal being mulled in the Oil Ministry is accepted.
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Rangarajan proposal to bring relief to ONGC
The Rangarajan Committee’s proposal to double the domestic natural gas price will give major relief to ONGC, which has been hit by the policy of giving upstream firms a larger share of oil subsidies meant
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Essar Power commissions its 600MW Mahan I power project
Mahan I, in Madhya Pradesh, is Essar Power’s eighth operational power plant, taking its total generation capacity to 3,910 MW Essar Power has commissioned its 600 mega watt (MW) Mahan I power project. Essar Power, a subsidiary of Essar Energy Plc announced that the 600 megawatt (MW) unit is part of its 1,200 MW Mahan I power project. This 600 MW capacity is the largest size single unit commissioned in Madhya Pradesh.
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KPCL to procure LNG from GAIL on spot market for Bidadi project
State-owned power generator is setting up first block of 700 Mw combined cycle power plant The Karnataka government has approved the proposal of Karnataka Power Corporation Limited (KPCL), the state-owned power generator, to procure liquefied natural gas (LNG) for the first block of its proposed 700 Mw Bidadi Combined Cycle Power Plant (BCCP) through a 100 per cent on spot market basis from Gas Authority of India Limited (GAIL).