The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and brought back a tax on jet fuel exports, but slashed the levy on domestically produced crude oil in line with softening rates. At the third fortnightly review, the government raised the windfall profit tax on […]
Category: Oil & Gas
Monsoon rains dampen India’s August fuel demand
Diesel demand in India fell for the second month in a row as the onset of monsoon chipped away consumption in key sectors like agriculture, preliminary industry data showed Tuesday. Petrol and diesel demand had fallen month-on-month in July. While petrol consumption is almost flat in the first half of August, diesel – the most […]
BPCL to invest Rs 1.4 trillion
State-owned Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 1.4 lakh crore (trillion) in petrochemicals, city gas and clean energy in the next five years as it looks to non-fuel businesses for growth. BPCL, the nation’s second-biggest oil refining and fuel marketing company, is “recalibrating its strategies to leverage emerging opportunities while mitigating risks,” its […]
AP gas leak: Condition of 95 workers in hospital now stable
Workers of an apparel manufacturing unit in the Brandix Special Economic Zone at Atchutapuram in Andhra Pradesh, who fell sick on August 2 night due to what was suspected to be a mysterious gas leak, were stable as they were being treated in different hospitals. With the state government yet to issue a statement on […]
IOC loss at Rs 1992 crore
The Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992.53 crore for the June quarter as it sold fuel at a discount in the domestic market while its costs jumped. The net loss in April-June compared with a net profit of Rs 5,941.37 crore in the same period a year ago, […]
Fuel sales top levels in FY20
Sales of petrol and diesel in the first quarter of this fiscal have surpassed the pre-Covid level in Bengal. Data obtained from the oil industry, which includes both public and private sector retailers,established that sales of diesel have gone up by 3.4 per cent while petrol sales were up by 17 per cent during April-June […]
ONGC, Greenko JV to invest $6 billion
India’s top oil explorer ONGC and its partners will invest $6.2 billion (Rs 50,000 crore) in green energy projects to produce carbon-free hydrogen and green ammonia as part of an ambitious decarbonisation drive, officials said. Oil and Natural Gas Corporation (ONGC) has signed a pact with Greenko, one of India’s largest renewable energy companies, to […]
10 more CNG stations in Greater Kolkata by March 2023
The greater Kolkata region will have another 10 CNG stations by end of the current fiscal, while in West Bengal as a whole, there will be 32 new such facilities, an official said on Tuesday. The additional stations across the state will commence operations by end of March 2023, the official stated. P.K. Biswas, head […]
European Union to cut natural gas use
EU energy ministers on Tuesday hammered out a deal to curb their natural gas consumption to avert an energy meltdown as Russia toys with its supply to the bloc. The agreement reached by the 27 EU ministers provided exemptions to a handful of nations that face particular energy problems. But it still calls on all […]
Russia to cut Nord Stream 1 gas flow to 20% of capacity
Russian gas giant Gazprom said Monday it was cutting daily gas deliveries via the Nord Stream 1 pipeline to 33 million cubic metres starting Wednesday. That would correspond to 20% of the pipeline’s capacity. The current flow of gas into Germany is only at 40%. Nord Steam 1 begins north of Saint Petersburg in Russia […]
ONGC inks gas sale agreements in North Tripura
The ONGC has inked gas sale agreements with GAIL and Assam Gas Company Ltd (AGCL) to monetise its upcoming field at Khubal in North Tripura district, an official said on Saturday. Under the agreement, GAIL and AGCL will receive 50,000 standard cubic metres of gas each from Khubal Gas Gathering Station (GGS).
O2C sizzles, Reliance net leaps 46 per cent
Reliance Industries Ltd (RIL) on Friday delivered a blowout performance in its core oil-to-chemical (02C) business — but analysts were expecting much more in a booming export market for transportation fuels. The oil-to-telecom conglomerate saw its consolidated net profits rising 46.30 per cent to Rs 17,955 crore during the first quarter ended June 30 compared […]