Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.
There may not be much relief in sight for consumers with petrol and diesel prices remaining high, driven by market forces, indicated Hindustan Petroleum Corporation (HPCL) Chairman and Managing Director, M K Surana. Speaking at a press interaction after announcing the third quarter earnings for fiscal 2020-2021, Surana said, “The increase in crude oil price is because of the mismatch or the anticipated mismatch between the pick-up in demand and the capacity to ramp up the production immediately…On a long term or medium-term basis, we do not expect crude oil prices to go substantially high and we anticipate it to remain between $50 and $60 a barrel. To that extent, the fuel prices do factor in that type of range of crude prices.”
Govt hikes petrol price by Rs2.70
Published On 31 January,2021 09:12 pm
The new prices are to be effective from February 1, 2021 for the next 15 days.
ISLAMABAD (Dunya News) – The federal government on Sunday announced an increase in the prices of petroleum products with Rs2.70 per litre increase in the price of petrol.
The government has decided to revise the existing prices of petroleum products in view of the rising oil prices trend in the global market.
According to the notification, the price of petrol has been increased by Rs2.70 to Rs 111.90 per litre from its previous level of Rs109.20 per litre.
Price of High Speed Diesel (HSD) has been increased by Rs2.88 to Rs115.83 per litre, from its previous level of Rs112.95 per litre.
OGRA recommends increase in petroleum prices by up to Rs12
Published On
OGRA has proposed hike in the price of petrol by Rs12 per liter.
ISLAMABAD (Dunya News) – The Oil and Gas Regulatory Authority (OGRA) has on Friday recommended an increase in the price of petroleum products by up to Rs12 per liter from February 1.
In a summary, OGRA has proposed hike in the price of petrol by Rs12, High Speed Diesel (HSD) by Rs10, Superior Kerosene Oil (KSO) by Rs7 and Light Diesel Oil (LDO) by Rs5 per liter.
The summary has been sent to the petroleum division. The new prices – fixed for 15 days – will be announced after Prime Minister Imran Khan approves them.
OGRA Suggests Another Increase in Petrol Price by Rs. 12
In a recent media report, it has been revealed that the prices of fuel are likely to go up once again for the second time within a month’s time. The Oil and Gas Regulatory Authority (OGRA) has reportedly shared a summary with the government which suggests an increase of Rs. 12 per liter in the price of petrol and an increase of Rs. 10 per liter in the price of High-Speed Diesel (HSD).
The report adds that the Ministry of Finance headed by Dr. Abdul Hafeez Shaikh, under the consultancy of Prime Minister Imran Khan, will issue the final decision regarding the matter after having reviewed the summary in detail.