Category: Oil & Gas

Industry body Assocham demanded to bring petrol and diesel under the GST to ensure uniformity in automobile fuel in the country. The statement comes on a day when petrol price in the national Capital was hiked by Rs 1.67 a litre and diesel by a steep Rs 7.10 per litre after Delhi Govern-ment raised local […]

Unidentified miscreants attacked an employee of an LPG agency and looted Rs 10.8 lakh from him at Jhirapur under the Tihidi police station in Bhadrak district on Monday. The victim was identified as Pramod Bhanja. As per the FIR lodged by Bhanja, he was on the way to the Tihidi branch of UCO Bank with […]

Petrol price in the national capital was hiked by Rs 1.67 a litre on Tuesday and diesel by a steep Rs 7.10 per litre after the Delhi government raised local sales tax or value-added tax (VAT) on the two fuels. Petrol in Delhi now costs Rs 71.26 a litre as against Rs 69.59 previously, oil […]

Non-subsidised LPG or market-priced cooking gas prices were cut by a record Rs 162.50 per cylinder on Friday, in line with the slump in benchmark international rates. This is the third straight monthly reduction in rates of non-subsidised LPG, which users who have given up subsidy buy. Also, this is the gas that domestic household […]

With coronavirus lockdown hitting businesses hard, India’s largest company Reliance Industries has decided to cut the salary of most of its employees by 10 to 50 per cent with firm’s chairman and richest Indian Mukesh Ambani agreeing to forgo all his remuneration. Also, the oil-to-technology conglomerate has deferred annual cash bonus and performance-linked incentives that […]

Oil-to-telecom conglomerate Reliance Industries on Thursday posted its biggest drop in quarterly net profit, even as it announced India’s largest rights issue and said the Saudi Aramco deal was on track and more strategic investors have evinced interest in buying a stake in its digital platform. Net profit in January-March slipped 37 per cent to […]

Reliance Industries on Thursday reported a 38.7 per cent drop in fourth quarter net profit at Rs 6,348 crore on weak energy and petrochemical business The company had posted a net profit of Rs 10,362 crore in January-March 2019. Reliance announced a rights issue of Rs 53,125 crore, which it said was the biggest in […]

Stock markets turned higher Tuesday after a mixed session in Asia as governments inch toward letting businesses reopen and central banks step in with still more support for ailing economies. The price of oil, however, extended its losses. From Rome, Georgia, to Rome, Italy, companies are watching as politicians detail plans to ease up on […]

Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects. Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies afloat. The historic crash in oil prices […]

Indian Oil Corp and Bharat Petroleum Corp Ltd (BPCL) are among the state-owned oil PSUs which on Tuesday resumed work on select projects after the government allowed partial relaxation in the nationwide lockdown. In separate statements, Indian Oil Corp (IOC) and BPCL said they have resumed stalled activities on projects while maintaining strict cronovirus-related health […]

State-owned oil firms will resume as many as 511 projects involving over Rs 42,000 crore of investment with immediate effect as the country partially exited from an unprecedented nationwide lockdown on Monday. Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC), GAIL, Oil India Ltd and six other public sector firms identified projects that […]

The nation is struggling amidst a complete lockdown for the past fifteen days that has confined everyone to their homes. With most people at home, there has been a surge in the demand for LPG. On April 9th, the Hindu Business Line released an article stating that the Indian Oil Corporation has increased its LPG […]