A robust recovery in domestic demand for fuel and other petroleum products amid flat domestic crude output has led to India’s dependency on imported crude rising to 87 per cent in April-January from 85.3 per cent in the year-ago period, latest data released by the Petroleum Planning & Analysis Cell (PPAC) showed. The data suggests […]
Category: Oil & Gas
Centre cuts windfall tax on crude oil, aviation fuel and diesel
The Union government Thursday cut the windfall tax on domestically produced crude oil to Rs Rs 4,350 per tonne from Rs 5,050 per tonne, the Ministry of Finance notified in an official order. The government also slashed tax on the export of diesel to Rs 2.50 per litre from Rs 7.50 per litre, and excise […]
Petroleum products can be included in GST framework once states agree, says FM Nirmala Sitharaman
Finance minister Nirmala Sitharaman on Wednesday said that petroleum products can be included in the Goods and Services Tax (GST) framework once an agreement in this regard is reached among states. Sitharaman also said that the effort of the government over the years has been to increase public expenditure with a view to promote growth. […]
India’s imports from Russia up 384% in April-Jan on back of rise in oil trade
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 […]
NSE signs data licensing pact with CME Group for WTI crude oil, natural gas derivatives contracts
Leading stock exchange NSE on Wednesday said it has entered into a data licensing agreement with derivatives marketplace CME Group for WTI crude oil and natural gas contracts. The pact will allow National Stock Exchange (NSE) to list, trade and settle rupee denominated Nymex WTI crude oil and natural gas derivatives contracts for Indian market […]
India’s soaring Russian oil imports render rupee trade 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 […]
Energy leaders need to strive towards higher levels of efficiency…to lower the overall carbon intensity: Rahul Jain
India, the third-largest energy consumer in the world, has rising energy needs. With the launch of the CMG Collaboration Centre, Computer Modelling Group (CMG) is now keen to participate in India’s energy future through digitalization. To accelerate digitalization, the industry must break down the silos, derive insights from data, share decision-making, and fast-track technology adoption. […]
2 children, including newborn, killed in gas cylinder explosion in Noida slum
A massive fire broke out in a slum in Noida on the intervening night of Saturday and Sunday, killing an 8-year-old boy and a 12-day-old newborn girl, said the police. The cause of the fire appears to be a domestic gas cylinder leakage, according to fire service officials. “We received information at about 2.52 am […]
Former GAIL manager jumps to death in front of Delhi Metro
A former senior manager at GAIL allegedly committed suicide by jumping in front of a moving train at Mayur Vihar metro station Sunday afternoon. Police said the deceased has been identified as Ajay Kumar Pakhale (34). As per the Metro police, Pakhale went to the station around 12-1 pm and allegedly jumped in front of […]
Despite price cap, enough tankers to supply Russian crude to India
Despite the imposition of a price cap by the Group of Seven (G7) countries on seaborne exports of Russian oil, there appears to be no dearth of shippers willing to supply Russian crude to Indian refiners. According to industry watchers, though a few older Europe-based shippers have exited the Russian oil export market, there are […]
Biden’s oil comments spark debate over energy production
President Joe Biden sparked a firestorm in energy circles when he said in Tuesday’s State of the Union address that the United States will need oil “for at least another decade”. Republicans in the House chamber laughed in derision at Biden’s off-the-cuff remark, which was not in his scripted speech. GOP lawmakers accused the Democratic […]
High oil prices accelerate transition to green energy: Union Minister Hardeep Singh Puri
High global crude oil prices could be detrimental to major oil producers in the long run as the transition to green energy tends to accelerate during bouts of price surge, Petroleum Minister Hardeep Singh Puri said Wednesday. “If producers push it (oil price) in a certain direction, there will be consequences—intended and unintended. When prices […]