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No Fears Over Price Cap Proposal From West: Petroleum Minister

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At around half of Russian oil is transported by ships registered in the EU and a price cap may reduce access to these. Initially, the West had pressed India along with other countries to stop purchasing Russian oil. The scenario, however, has now changed the tactics as keeping Russian oil off the global market can push up already high prices

The petroleum minister of India, Hardeep Singh Puri said that India does not fear the proposal on price cap from the west as it may constrain shipping and delay in the flow of Russian oil, on 16 November.

While responding to a query on whether he feared the price cap proposal on Russian oil could leave fewer tankers available in order to carry oil from Russia, Puri said that he I has no anxiety on that. The market will deal efficiently with that, he added.

At around half of Russian oil is transported by ships registered in the EU and a price cap may reduce access to these.

Ever since the Russia-Ukraine war began, the import of Russian oil has gone up severely. It went up from being under 1 per cent of India’s imports from the previous year to nearly 20 per cent. During October, the Russia became the major supplier to India.

Initially, the West had pressed India along with other countries to stop purchasing Russian oil. The scenario, however, has now changed the tactics as keeping Russian oil off the global market can push up already high prices. The West, now expect other countries to purchase Russian oil within a cap that would be finalised. In order to reduce Moscow’s energy revenue.

The Gas Authority of India Limited (GAIL) and Russia’s Gazprom are discussing the problems relating to liquefied natural gas supply disruption, said the minster. Although Gazprom hasn’t supplied for months, it has a long-term supply pact with GAIL.

nirmala sitharaman

Finance Minister Asks Ministries To Meet Asset Monetisation Targets

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The government aims at raising Rs 1.62 lakh crore from asset monetisation, in the current fiscal year. The ministry of petroleum and natural gas and railways had missed theor targets in last fiscal year

The finance minister of India Nirmala Sitharaman highlighted the progress achieved by ministries and departments on the National Monetisation Pipeline on 14 November. She asked the ministries to pace up with asset monetisation in line with their set targets.

According to a government official, whereas the government will “more or less” achieve the current year’s target, some ministries may not achieve their monetisation goals.

The government aims at raising Rs 1.62 lakh crore from asset monetisation, in the current fiscal year. Reportedly, transactions worth Rs 96,000 crore were completed last fiscal year, surpassing the target of Rs 88,000 crore.

Sitharaman has asked ministries of petroleum and natural gas and railways to rework their strategies and come up with a fresh plan within a week, in order to hasten monetisation, according to the official aware of the review meeting.

The top officials from the finance ministry, Niti Aayog and key infrastructure ministries, attended the meeting.

The centre is initiating preparations for the upcoming union budget which makes the review meeting crucial in the same regards. Achieving the target become critical in order boost more capital expenditure, while sticking to the fiscal path at the same time.

The auctions of mines, road assets and power sector assets has majorly been driven by asset monetisation. The ministry of petroleum and natural gas and railways had missed theor targets in last fiscal year.