Heads of 40 oil and gas companies to meet Modi today

Galtero Lara
Octubre 15, 2018

Meanwhile, official sources said that Modi will meet the chief executives of major global and Indian oil and gas companies as the United States sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile.

PM Modi will meet oil minister Dharmendra Pradhan, ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

The meeting would also look at measures to attract investments and steps for making it easier to do business in India.

Amid a continuous rise in petrol and diesel prices after the central government cut down excise duty and asked government-controlled oil marketing companies to take a Re 1 cut, Prime Minister Narendra Modi is scheduled to meet chiefs of oil companies today.

The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, official sources said. The first interaction was held on January 5, 2016.

In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned companies. But the plan could not go through in view of strong opposition from ONGC.

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It is expected that the discussion will be on investment in oil and gas exploration, emerging energy scenario, with ripples from USA sanctions on Iran and volatile oil prices threatening growth.

In the national capital, petrol was priced at Rs 82.72 per litre, up from Rs 82.66 on Saturday, data on the Indian Oil Corporation website showed, reported IANS.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday - to Rs 88.18 in Mumbai, Rs 84.54 in Kolkata and Rs 85.99 per litre in Chennai. Delhi has the lowest tax rate among the four metro cities. While the Opposition has blamed the Union government for not taking enough measures to keep a tab on prices, the latter has maintained that global crude oil prices and other worldwide factors are causing a hike in prices of fuel. India consumes over 2 billion barrels of oil and gas annually, out of which 85% is imported.

Meanwhile, the prices of diesel went up by nearly 10 paise across metro cities today. While Delhi and Kolkata saw a hike of 8 paise, a litre of diesel has increased by 9 paise in Mumbai and Chennai.

Diesel was selling in Mumbai at Rs 79.02, up from Rs 78.82 on Saturday.

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