Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper […]
Category: Oil & Gas
Diesel price hiked again. Check latest petrol, diesel rates in top cities
NEW DELHI : While the price of petrol has been left unchanged for about a fortnight, diesel touched new highs today in Delhi after another rate hike. Diesel price went up by 11 paise a litre today while petrol price remained the same. Yesterday, diesel price was increased by 16 paise per litre, after a […]
Oil dips, heading for weekly loss as virus cases rise
Oil prices dipped on Friday after steep falls in the previous session and were set for a weekly decline on worries renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere will suppress fuel demand. Brent crude was down by 7 cents, or 0.2%, at $42.28 a barrel by 0114 GMT […]
GAIL India gains 5% after LIC raises stake in company
MUMBAI: Shares of GAIL India rose 4.6% on Thursday following news of Life Insurance Corporation of India (LIC) buying an additional 2.014% stake in the state-run energy major. At 0120 pm, shares of GAIL India traded at ₹106.4, up 3.6% from previous close, while the benchmark Sensex was up 0.7% at 36584.78. LIC bought 203.71 […]
Oil prices idle as coronavirus spike fears offset signs of recovery
Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in U.S. gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States. U.S. West Texas Intermediate (WTI) crude futures were unchanged at $40.90 a barrel at 0035 GMT, after rising 0.7% […]
Ujjwala beneficiaries can get free domestic cooking gas cylinder till September
NEW DELHI : The Union cabinet on Wednesday approved an extension till end September for availing free cooking gas cylinders under the marque Pradhan Mantri Ujjwala Yojana (PMUY). The earlier announced Pradhan Mantri Garib Kalyan Yojana (PMGKY) package included providing women of 83 million below poverty line (BPL) families with free cooking gas cylinders for […]
IOC resumes work on ₹1.04 lakh cr worth of projects
New Delhi, Jul 8 (PTI) Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth ₹1.04 lakh crore which will help address future energy demand as well as kickstart the economy. IOC said it is on track to achieve its planned […]
Why city gas distribution stocks are feeling low on energy
City gas distribution stocks are feeling the heat this week. Shares of Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd have declined in the range of 6-8% since Friday. Concerns over competition and the resultant adverse impact on profitability have weighed on investor sentiment. In a conference call with investors and […]
Drop in petrol, diesel price gap to fuel customers towards petrol, CNG cars
NEW DELHI : Declining price gap between petrol and diesel is likely to accelerate shift towards petrol and CNG cars in the domestic passenger vehicle (PV) segment in the coming years, rating agency ICRA said on Wednesday. According to an analysis by ICRA, diesel PV’s share is expected to decline to 15-18 per cent in […]
Oil stuck below $41 with signs US crude stockpiles swelled
Oil was anchored near $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections. The American Petroleum Institute reported inventories rose by 2.05 million barrels last week, with Cushing supplies expanding for the first time since early May, […]
Himachal first state where everyone has an LPG connection: CM
Himachal Pradesh has become the first state in the country where all households have LPG gas connections, Chief Minister Jai Ram Thakur has announced. Pointing out that as many as 1.36 lakh families of the state have been benefitted under the Pradhan Mantri Ujjawala Yojna, he said collecting fuelwood and cooking food on traditional gas […]
Petronet to set up 1,350 LNG dispensing stations across major highways
Mumbai: Petronet LNG Ltd, the country’s biggest liquefied natural gas infrastructure company, will adopt a three-pronged strategy to expand its business in the country after the government last month allowed marketing and distribution of LNG by any entity. As part of this strategy, the company will set up 1,350 LNG dispensing stations across major national […]