Subsidized LPG prices hiked by over Rs 2 per cylinder; non-subsidized LPG costly by Rs 37.5
The Oil Marketing Companies (OMCs) on Monday raised the prices of subsidized cooking gas or Liquefied Petroleum Gas (LPG) by over Rs 2 per cylinder to Rs 430.64, the sixth such hike in four months since July this year. Post the price revision, effective from 1 November, every 14.2 Kilogram cylinder of subsidized LPG will cost Rs 430.64 in Delhi as compared to the existing rate of Rs 428.59, according to Indian Oil Corporation (IOC), the nation’s largest fuel retailer. Also, the OMCs raised the prices of non-subsidized LPG – which consumers utilize after exhausting their subsidized quota of 12 cylinders — by 7.6 per cent or a steep Rs 37.5 to Rs 529.5 per cylinder. Each 14.2 Kg cylinder of non-subsidized LPG is currently priced at Rs 492. The government had recently decided to take the diesel route for eliminating subsidies on LPG and kerosene. Diesel price was deregulated in November 2014 after the previous United Progressive Alliance (UPA) government effected 50 paise hikes every month to eliminate subsidies. The three fuel retailers — Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum — revise non-subsidised LPG prices on the first day of every month, based on the average international price in the preceding month. Conor Timmins Jersey
Indonesia offers three unconventional oil and gas blocks – official
Indonesia is offering three new unconventional oil and gas blocks on the islands of Sumatra and Kalimantan to potential bidders, an energy ministry official said on Monday. The assets on offer are one shale gas block in East Kalimantan, with potential resources of 7 trillion cubic feet of gas and 21 million barrels of oil, as well as two coalbed methane blocks in South Sumatra. Bidders can propose a production split or make an upfront payment for the right to develop the block, Tunggal, an upstream director at the directorate-general of oil and gas who goes by one name, told reporters. Previously, any split in production was pre-determined by the Indonesian government. Eddie Giacomin Jersey
Private sector has big role in energy security: Dharmendra Pradhan
Oil minister Dharmendra Pradhan wants a big role for the private sector in energy security and sees no reason for acrimony between the government and companies. Pradhan inherited a ministry mired in bitter disputes with companies including RIL, but transparent pricing policies have eased matters. Cairn India also went to court over contract renewal, but this dispute is also on its way to policy-based resolution. Also Read: Corporates and govt should not have acrimonious ties, says Pradhan “Why should there be an acrimonious relationship between corporates and government? They are equal partners of this growth story. Private investment has a big role in energy security. The relationship is better when they are based on policies; when discretion is reduced, decision making in isolation ends,” he told ET in an interview. The government allowed higher gas prices for challenging fields if the operator does not have a legal dispute. Pradhan said field-level activity suggested companies are preparing to pump gas from such fields. Nazair Jones Womens Jersey