Crude prices have risen more than 50 per cent this year as the six-month conflict between the US and Iran has disrupted shipments of crude oil and refined petroleum products from the Middle East
The scheme, which will come into effect from 1 September, was approved on Tuesday, according to the Ministry of Petroleum and Natural Gas
The project is also expected to complement the recently commissioned Dergaon-Dimapur Pipeline, which has connected Nagaland to the North East Gas Grid and the National Gas Grid
The assessment comes as energy markets contend with disruption around the Strait of Hormuz and the possibility of continued instability in the Red Sea
Parliament reply shows excise and other levies on petroleum products remained a key source of Union revenues between FY22 and FY26
Proposal is under review by the petroleum ministry and will require finance ministry and Union Cabinet approval before implementation
