Buyers seek discounts from exporters
New Delhi: Global buyers have started putting pressure on Indian exporters to offer discounts of about 15 per cent on shipments in wake of the weakening rupee. Exporters said that buyers are asking to book new orders after factoring in the projected rupee value.
LPG portal launched to ensure transparency
New Delhi: The oil ministry has introduced a transparent LPG portal with the help of which consumers can now get their individual pattern of cylinder usage,booking status,number of cylinders consume among others.
EGoM on spectrum pricing expected next week
New Delhi: The Empowered Group of Ministers on telecom may meet next week to discuss on crucial issue of spectrum price and related issues for auction which is due before August 31.
Welspun Corp bags R1,738 cr orders
New Delhi: B K Goenka-promoted Welspun Corp on Friday said it has bagged orders worth Rs 1,738 crore,mostly from the Middle East,for supplying 2.13 lakh tonnes pipes to oil and gas companies. This is the second big-ticket order bagged by the company in less than a month.
Oil Min to seek explanation from RGTIL
New Delhi: The Oil Ministry will seek an explanation from Reliance Gas Transportation Infrastructure Ltd before accepting the Petroleum and Natural Gas Regulatory Boards recommendation of cancelling the firms licence to lay four gas pipelines,due to project delays.
FMs meet with captains of India Inc postponed
New Delhi: Finance Minister Pranab Mukherjee’s meeting with the captains of India Inc next week to take stock of slowdown and arrest declining growth has been postponed.
Volatile Re doesnt allow cut in petrol price
New Delhi: Petrol prices should have been cut by Rs 2.20-2.30 a litre as global rates have fallen to 18- month low but oil companies will not reduce prices as they watch the volatile rupee that is making imports costlier.
The oil companies are fully cognisant of facts. They are watching the volatility (in rupee and global oil prices). Very soon they will take a decision, Oil Minister S Jaipal Reddy said. State-owned oil firms,have also skipped changing rates on June 16.
There is lot of volatility in prices of crude oil and value of rupee, Reddy said. We are relieved at the fact that price of crude oil have eased. But this has been upset by decrease in value of rupee. Ministry officials said the gasoline cracks or the difference between cost of crude oil and the price of petrol had narrowed to just $3 per barrel.
Buy half the needed dollars from PSU banks: RBI to oil marketing companies
New delhi: With rupee touching all-time low of Rs 57.32 to a US dollar,the Reserve Bank has directed state-owned oil firms to buy half of their dollar requirement for oil imports from a single public sector bank. RBI feels that oil firms seeking a single quote for their dollar requirement,instead of present practice of floating enquiring with several public and private sector banks,would help check volatility and arrest the free-fall of the rupee.
RBI letter (asking companies to buy US currency from a single public sector bank) has come to the government. We are in correspondence with the oil companies to make sure they comply with the directive, Oil Secretary GC Chaturvedi told reporters.