While India’s dwindling domestic oil and gas production is a concern — as it leads to increased dependence on imports — the decision by Opec and its allies to cut oil production by 1.2 million barrels per day starting January can potentially increase prices and adds to the country’s woes, petroleum minister Dharmendra Pradhan said…
The net profit of Indian Oil Corp (IOC) for the second quarter of the current fiscal dropped 12 per cent to Rs 3,247 crore, compared with Rs 3,696 crore, owing to lower margins and foreign exchange losses, a factor which also affected the other two state-owned oil marketing companies —BPCL and HPCL — in the…
Cash-crunched Punjab is deferring decision on reducing its value-added tax (VAT) on petrol and diesel stating that out of Rs 2.50 cut on every litre of petrol and diesel by the Centre, Punjab would have to bear a loss of about Rs 1.37 on every litre.
The US is going extra lengths to find substitute for Iranian oil for countries like India and Iraq, the White House has said, as the Trump administration prepares to impose sanctions on nations defying its directive to bring their oil imports from the Gulf nation to zero by November 4.
Gujarat High Court on Friday dismissed a petition moved by Adani Gas Ltd of Gautam Adani-led Adani Group related to “development of city gas distribution networks and supply of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) in the areas of Sanand, Bavla and Dholka of Ahmedabad district.”
State-owned Oil and Natural Gas Corp (ONGC) has made oil and gas discoveries in Madhya Pradesh and West Bengal that may potentially open up two new sedimentary basins in the country, the firm’s director for exploration has said.
Diesel prices Friday hit a fresh record high of Rs 70.21/litre after witnessing an increase of Rs 0.28 per litre in New Delhi. Prices increase Rs 0.30/litre in Mumbai, taking the price to Rs 74.54. Petrol, meanwhile, is being sold in New Delhi at a price of Rs 78.52/litre after witnessing an increase of Rs…
The fire at the Bharat Petroleum Corporation Limited (BPCL) refinery at Mahul in Chembur, that followed a blast at a hydro-cracker unit in the plant, was doused around 1.30 am on Thursday.
After lukewarm response in earlier rounds, the petroleum ministry’s ninth auction for issuing retail licences for natural gas distribution in 86 geographical locations saw more than 400 bids with Adani Group emerging as the top bidder even while the Reliance-BP combine stayed away from the bidding.
Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles. U.S. crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday’s 3-1/2-year high of over $75. Brent crude futures lost 85 cents to settle at $77.39 a barrel.