Essar Oil, India's second biggest private refiner, said on Wednesday it had completed delisting from local bourses in return for a Rs 3,745 crore payout to minority shareholders
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The government had asked well-off people to voluntarily give up using subsidised LPG and instead buy cooking fuel at market price, Oil Ministry said in a statement
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Ever since the NDA government came to power in June last year, the price of petrol has been reduced more than 20 times and of diesel 16 times, resulting in net reduction in price of both fuels by Rs 13 each
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Cheaper oil enabled the government to control its subsidy burden and increase excise collection on oil products
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Justifying the hike in excise duty on petrol and diesel, Jaitley said for the first time fiscal deficit target will be met without budgetary cuts, as Opposition charged the government with "profiteering" from the fall in global oil prices
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Since Narendra Modi-led National Democratic Alliance government assumed the office at Raisina Hills, global crude oil prices have steadily declined. From about $110 per barrel then, prices of different varieties of crude oil have dropped to between $35-37 per barrel
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Brent, the global benchmark, was at $37.74 at 0440 GMT, down 18 cents from its last settlement after rising slightly earlier on Tuesday; US crude was at $36.23, down 8 cents
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India, a large energy consumer, is in a strong bargaining position, well poised to sign long-term gas supply agreements at today’s low rates, writes Amit Bhandari
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Crude prices have fallen every day since the Organization of the Petroleum Exporting Countries (OPEC) on 4 December abandoned its output ceiling
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Essar Oil has decided to delist from local stock exchanges by buying out the non-promoter shareholding of 28.54 per cent to give its promoters greater flexibility
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