From Power to Petroleum and Natural Gas should not be that tough for the New Petroleum Minister, M. Veerappa Moily, as he took charge today.

Giving the desired boost to the country's oil and gas exploration business is a big challenge before Moily.

"It is a challenging Ministry. I will deal with issues cautiously," he said soon after taking charge.

Domestic gas output continued its declining trend for the 22nd straight month in September year-on-year, even as the oil output saw a dip during the month. This means higher dependence on imports.

Corridor whispers said his predecessor S. Jaipal Reddy was shifted to Science & Technology for being slow in decision making and too cautious which had a negative impact on the country’s hydrocarbons business. Reddy was just following what his earlier colleague was doing, those observing the sector said.

Reddy's movement saw Reliance Industries stock prices get a leg up in the morning. Reliance was at the receiving end for the period Reddy held fort at the Petroleum Ministry. The stock was up 1.01 per cent or Rs 8.10 in early trade at Rs 807.10 on the BSE.

Besides the issue of increasing output, another sensitive issue which his Ministry faces is pricing of gas and petroleum products. For petroleum product pricing, the Minister could always find himself in the line of firing, as any upward revision would attract criticism. And if no decision is taken the losers are public sector oil marketing companies.

Not to forget, the new Minister also has to remember CAG is watching.

Media glare not new to Jaipal Reddy

Media glare is not something new for S. Jaipal Reddy, who on the face of it, is one of the few Cabinet Ministers who is seeing a climb down from his earlier position in UPA-II Government after Sunday's reshuffle. Feelers from the corridors of power suggest that Reddy is upset because of the shift to Science & Technology and Earth Sciences Ministry.

While no comments were avaliable from Reddy, an official communication from the Press Information Bureau said that he will take charge in his new capacity at 5 p.m.

Asked about the alleged corporate influence in the reshuffle, BJP spokesperson Syed Shahnawas Hussain said the Prime Minister owes an explanation to the people. "He should explain the criteria he adopted to promote, change and appoint ministers."

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