Modi government expects cargo traffic at its ports to jump by two-thirds by 2021 as India ramps up exports of goods including cars and other machinery.
While India is catching China in motorbike sales, it lags far behind in cars, which use more petrol per journey.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
India has already pipped Japan as the world's third-largest oil consumer.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
Iran has complained of irregular shipments
Tehran plans to lift exports by 500,000 barrels per day
The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.
India's fuel demand in September rose at the fastest pace in more than a decade.
The fields have reserves of about 89 million tonnes
IOC, the key importer of petrol, has sought almost 700,000 tonnes for March-September delivery.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
The rupee fell 1.87 percent against the dollar this week, its biggest fall since late April.
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
The United States wants India to wait for a final nuclear deal between Tehran and world powers before actively engaging with Tehran.
New Delhi has missed its target for partial privatisations for the past five years
Locally produced gas in India will now cost at least 8 per cent less.
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