The price of crude oil in the Indian energy basket has increased from $39.9 in April 2016 to $52.7 in December 2016. New Delhi: Finance minister Arun Jaitley on Wednesday announced plans to create a state-run behemoth by merging various public sector firms in the oil and gas sector. “We propose to create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies,” said Jaitley in his budget speech. The price of crude oil in the Indian energy basket has increased from $39.9 in April 2016 to $52.7 in December 2016. India imports around 80% of its crude oil and 18% of its natural gas requirements.

Source: Mint February 01, 2017 10:07 UTC