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India's Oil Minister Speaks on OMCs, Green Hydrogen, and GST
Key Ideas
  • Oil Minister Hardeep Singh Puri stated the government's stance on divesting stakes in oil marketing companies and efforts to bring petrol, diesel, and natural gas under GST.
  • The minister discussed advancements in oil production, ethanol blending targets, and the stalled BPCL divestment process, including the withdrawal of bidders due to market conditions.
  • Puri highlighted India's progress in green hydrogen, with plans for green hydrogen plants and refineries across various regions, positioning the country as a leader in green technology adoption.
  • Efforts to include petrol and diesel under GST were emphasized, with mentions of the necessity for state cooperation and previous statements from Finance Minister Nirmala Sitharaman on the matter.
Oil Minister Hardeep Singh Puri shared insights on various key aspects of India's energy sector during his assumption of charge in the new cabinet. The government expressed reluctance towards divesting stakes in oil marketing companies and discussed plans to integrate petrol, diesel, and natural gas into the GST framework for streamlined taxation. Puri also addressed developments in oil production, highlighting an increase in production from the 98/2 well and progress towards achieving ethanol blending targets. The discussion touched upon the stalled divestment process of Bharat Petroleum Corporation Ltd (BPCL) due to bidder withdrawals amid global energy market challenges. Moreover, the minister shed light on India's strides in green hydrogen, showcasing plans for green hydrogen plants and refineries in various cities. Notably, India has initiated the use of green hydrogen buses, unveiling a green hydrogen station in Kochi and outlining upcoming installations in Panipat, Mathura, and Paradip. The article also delved into the topic of bringing petrol and diesel under the ambit of GST, with Puri and Finance Minister Nirmala Sitharaman advocating for the move. While emphasizing the benefits of such a shift, the need for consensus among states due to fuel's significant revenue contribution was highlighted. Overall, the article captures the multifaceted approach of the Indian government towards enhancing the energy landscape, encompassing divestment strategies, green technology promotion, and taxation reforms to propel the sector forward.
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