The Centre on Thursday cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. The additional excise duty on ATF was also cut to Rs 1.5 per litre from Rs 6 per litre earlier. Further, the government also slashed tax on export of diesel to […]
Category: Oil & Gas
India’s imports from Russia goes up by 384% in April-Jan: Commerce Ministry
India’s imports from Russia has jumped about five times to USD 37.31 billion during April-January this fiscal on account of increasing inbound shipments of crude oil from that country, according to the commerce ministry data. In 2021-22, Russia was India’s 18th largest import partner, accounting for USD 9.86 billion of imports. Russia has become India’s […]
Fossil fuel related items contributed 20% to annual inflation rate of India
Fossil-fuel related items — transport and household energy — contributed about 20 per cent to India’s annual rate of inflation between April and May 2022, said a report by Cambridge Econometrics. At that time, India’s annual inflation rate (CPI) was between seven and eight per cent. The report highlights that between January 2021 and August […]
NSE, CME Group tie up to launch Nymex crude, natural gas derivatives
In a move to expand its commodity segment offerings, the National Stock Exchange (NSE) on Wednesday announced a data licensing agreement with the world’s leading derivatives marketplace CME Group for NYMEX WTI Crude Oil and Natural Gas (Henry Hub) derivatives contracts. The agreement will allow NSE to list, trade and settle rupee-denominated derivative contracts in […]
FAME: Electric 2-wheeler manufacturers deny allegations of non-compliance
Electric two-wheeler manufacturing companies have denied allegations of any wrongdoing in claiming benefits of subsidies provided under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. Manufacturers clarified that all their compliance related certificates for fulfilling localisation requirements are in place and that they had received regular extensions from government testing agencies as reported […]
Russia price caps spur India interest in naphtha, fuel oil, but not diesel
NEW DELHI (Reuters) -More Indian firms are attracted to buying Russian naphtha as low-cost feedstock for their refineries and petrochemical plants after price caps imposed by Western nations, six refining sources said. Prices for refined products such as naphtha and fuel oil are capped at $45 a barrel by the Group of Seven nations, the […]
Oil falls in early trade after data points to jump in US crude stocks
(Reuters) – Oil prices slipped in early Asian trade on Wednesday after falling by more than $1 a barrel in the previous session as industry data pointed to a much bigger-than-expected surge in U.S. crude inventories. Brent crude futures lost 20 cents to $85.38 per barrel by 0111 GMT, while U.S. West Texas Intermediate (WTI) […]
ONGC’s Q3 net profit rises 26% to Rs 11,045 crore on high gas prices
State-run ONGC’s net profit increased 26 per cent year-on-year to Rs 11,045 crore in the December quarter (Q3FY23) owing to higher prices of gas under the administered price mechanism (APM). Net profit was, however, 13.88 per cent lower than Rs 12,826 crore India’s largest oil and gas producer reported in the preceding September quarter. Gross […]
ONGC Dec quarter consolidated profit jumps 26% on higher oil, gas prices
State-owned Oil and Natural Gas Corporation (ONGC) reported a 26 per cent jump in its third quarter net profit on the back of a rise in oil and natural gas prices. Net profit of Rs 11,044.73 crore, or Rs 8.78 per share, in October-December compared with Rs 8,763.72 crore, or Rs 6.97 per share, in […]
ONGC Videsh to increase spending by 65% in FY24 to push overseas operations
ONGC Videsh (OVL) will increase spending by around 65 per cent to Rs 5,000 crore in the next financial year (FY24) from the current financial year to ramp up overseas operations as Russia’s Sakhalin-1 field emerges from force majeure and the chances of finding more oil in Colombia brighten, a top company official said. OVL […]
Castrol India reports PAT at Rs 193 crore in October-December 2022
Lubes maker Castrol India on Monday reported its profit after tax at Rs 193 crore in the October-December quarter of 2022. The company had reported a PAT (profit after tax) of Rs 189 crore in the corresponding quarter of the preceding year. The company follows calendar year (January-December) for financial reporting. The revenue from operations […]
India’s soaring Russian oil imports making rupee payment mechanism futile
India’s love for discounted Russia oil is widening its trade deficit with Moscow and the casualty is their much-touted rupee trade plan. The gap between their exports and imports is rising and that’s making the local currency payment mechanism futile, people familiar with the matter said, asking not to be identified as the discussions are […]