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India has 5.33 million tonnes of crude oil stored in subterranean chambers at three places along the east and west coastlines. This was the first time India had consented to release stockpiles for such a purpose.
The Indian government had ambitious strategies to auction its entire 53% stake in BPCL to private players in 2021-22, but holdups have moved this mark to 2022-23.
Sanctioned clearances and authorisations for ONGC need to be optimised, and procedural features rejigged to support the firm take faster decisions.
In the 16th hike this month, petrol and diesel have reached a new high, going up 29 paise per litre and 26 paise a litre respectively.
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