The third annual meeting between PM Modi and CEOs of top global and Indian oil and gas companies would also deliberate on ways to revive investment in oil and gas exploration and production.

The Indian oil refiners buy Iranian crude at $3-5 a barrel discount to the other crude grades in the Middle East. The benefits include the $2-4 discount for a barrel of crude; $1 a barrel freight subsidies; and the extended payment facilities.

The refinery officials' plan to cut imports illustrates that rising crude prices and emerging market currency weakness may start causing oil demand to decline in a number of markets that have so far seen healthy crude consumption.

The decision to cut imports illustrates that rising crude prices and emerging market currency weakness may start causing oil demand to decline in a number of markets that have so far seen healthy crude consumption.

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The company plans to raise capacity to turn crude oil into fuels like petrol and diesel to 150 million tonnes per annum by 2030 from the current 80.7 million tonnes.

Sentiment got a boost after global crude oil prices dropped by over 4 per cent yesterday owing to oversupply fears, helping the rupee to strengthen against the dollar, brokers said.

The three state-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26 before which it was on a steady decline.

Moody's said Oil and Natural Gas Corp and Oil India face increasing risk that govt will require them to share in fuel-subsidy burden, as oil prices rise. Firms have not contributed to fuel subsidies since June 2015, but had paid for over 40 percent  of the annual subsidy bill in previous years, Moody's said.

Last November, the Union Minister for Petroleum and Natural Gas Dharmendra Pradhan had sent alarm bells ringing when he said that India's annual petrol consumption could jump from 30 billion litres now to 50 billion litres by 2030.

ONGC Videsh Ltd and its partners have acquired a 10 per cent in a large offshore oilfield in Abu Dhabi for $600 million, the first time any Indian company has set foot in oil-rich Emirates.

After his success at Indian Oil, B. Ashok takes on the challenge of building a mega refinery.

The market has given a big thumbs up to IOC's plans to rework its energy mix and stay ahead of competition.

The nation's largest energy driller ONGC hopes to complete the acquisition of the state-run oil marketer Hindustan Petroleum Corporation by March, chairman and managing director Shashi Shanker said.

The main theme of the meeting, sources said, was to seek investment in exploration and production, processing, transportation and distribution network in oil and gas.