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Budget proposals 2015-16 for Petroleum & Natural Gas sector

Dated:- 3-3-2015 - Various proposals have been made in the Budget 2015-16 which would lead to greater stability, clarity and continuity in the economy and the petroleum and natural gas sector. Subsidies will continue so that there is no adverse impact on the general public. As stated by the Finance Minister, the Government is committed to the process of rationalizing subsidies and cut leakages, not cut subsidies. Adequate funds have been provided for LPG and kerosene subsidies. Finance Minister .....

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, the effective rates of additional excise duty levied on petrol and diesel is proposed to be increased from ₹ 2 per litre to ₹ 6 per litre to fund investment in roads and other infrastructure to the extent of ₹ 40,000 crore. In order to ensure energy security in the country, strategic crude oil underground storage reserves of 5.33 MMT are being set up by Indian Strategic Petroleum Reserves Limited (ISPRL) at Visakhapatnam, Padur and Mangalore. An amount of ₹ 2,400 crore .....

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