Oil India Ltd has objected before the National Green Tribunal to a preliminary report filed by a committee of experts on the fire incident in Assam's Baghjan oil well saying it is based on desk research and review of secondary data.
India's fuel demand may take 6 to 9 months to rebound to normal levels as several states impose lockdown to curb the spread of coronavirus, Indian Oil Corp (IOC) Director-Finance S K Gupta said on Tuesday.
Last year, the government had relaxed norms for retailing of auto fuels, allowing non-oil companies to venture into the business - a move that could help private and foreign firms to enter the world's fastest-growing market.
Sale of aviation turbine fuel (ATF) rose 3.8% in July from a month earlier but was down 65% from the July of 2019 due to the absence of international flights and limited domestic operations. Sales of liquefied petroleum gas, used mainly as cooking fuel in India, rose 10% month-on-month and were up 3.4% year-on-year.
Crude oil imports last month dropped about 19% from a year earlier to 13.68 million tonnes, down for a third straight month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.
Indian Oil Corp Chairman S. M. Vaidya said refinery runs have declined to about 75% from 93% in early July on low fuel demand. He said the operations are expected to remain at 70%-75% for the remainder of the fiscal year through March 2021.
Delhi Chief Minister Arvind Kejriwal on July 30 announced a drop in diesel prices in the national capital. He said, “Delhi Cabinet has decided to reduce VAT on diesel from 30% to 16.75%. This will reduce price of diesel in Delhi from Rs 82 to Rs 73.64 that is by Rs 8.36 per litre.” He further said, “Multiple requests were coming in from business men and common man that spike in diesel price has adversely affected the household budgets therefore I believe that this decision will help in giving a push to the economy of Delhi.”
In the Cabinet meeting chaired by chief minister Arvind Kejriwal, it was decided to reduce the VAT on diesel from 30% to 16.75%. The reduction will bring down diesel prices in Delhi to Rs 73.64 from Rs 82, the chief minister said.
Government has decided to extend the last date for submission of EOI for BPCL strategic disinvestment to 30th September 2020," Tuhin Kanta Pandey, secretary of the department of investment and public asset management (DIPAM) said on Twitter.