Opposition parties protested in Lok Sabha on Tuesday against the increase in prices of fuel and cooking gas and staged a walkout demanding a rollback. Raising the issue after Question Hour, Congress leader Adhir Ranjan Chowdhury said the Opposition parties had been claiming that the prices of diesel and petrol would increase after the election […]
Category: Oil & Gas
NCP, Congress criticise Centre for fuel price hike
The NCP and Congress hit out at the central government on Tuesday over the latest fuel price hike, and questioned the need for increasing the rates at a time when crude oil was imported at highly discounted rates” from Russia. The petrol and diesel prices were on Tuesday hiked by 80 paise a litre, while […]
Oil firms may inflict more pain, say analysts
Monday night’s rapier moves by the PSU refiners to raise fuel prices are simply not enough to shield their margins, analysts said. They said the 80-paise hike was insufficient. With crude likely to remain alleviated, the refiners may have to raise retail prices by Rs 15-20 a litre. The PSU refiners finally bit the bullet […]
Indian bulk diesel buyers invade pumps
Indian bulk diesel buyers are snapping up diesel from retail stations as pump prices are Rs 25 ($0.33) a litre cheaper than their bulk contract prices, a spokesperson for a fuel retail joint venture of Reliance Industries and energy major BP said. Indian state-run fuel retailers, who dominate local fuel sales, have not raised pump […]
Vedanta plans semiconductor plant in India by 2024
Diversified business conglomerate Vedanta could set up its proposed semiconductor plant in India in the next two years. The company in February announced its partnership with global electronics manufacturing firm Hon Hai Technology group (Foxconn) to manufacture semiconductors in India. As part of the memorandum of understanding, a joint venture will be formed between the […]
European Union sanction threat fires up crude price
Oil prices jumped more than $6 on Monday, with Brent crude climbing above $114 a barrel, as European Union nations considered joining the US in a Russian oil embargo and after a weekend attack on Saudi oil facilities. Brent crude futures were up $6.80, or 6.3 per cent, at $114.73 a barrel by 15:30GMT adding […]
Petrol, diesel price hiked 80 paise a litre; LPG up Rs 50
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel rates […]
Calcutta port used to ferry LPG to Bangladesh
Bangladesh has started using the Calcutta port to import cooking gas from West Asia, opening a new chapter of co-operation between two countries. A very large gas carrier (VLGC) is now anchored at the Sandheads, 145km south of Haldia on the high seas to carry out ship-to-ship (STS) transfer of cargo. LPG will be transferred […]
Crude moves above $100
Oil prices were set for a second straight weekly loss, but found a floor above $100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply. Brent crude futures fell 27 cents, or 0.3 per cent, to $106.37 a […]
Gautam Adani weighs alliance with Saudi Aramco
Gautam Adani, the second richest Asian, is reportedly looking to stitch a partnership with Saudi Aramco, months after rival Reliance Industries led by Mukesh Ambani scrapped a mega deal in the oil-to-chemicals (O2C) business. A Bloomberg report quoting sources said on Friday that the conglomerate which has market capitalisation of almost $159 billion, is exploring […]
US mounts pressure on India over Russia’s discounted crude oil offer
The US has said it is unlikely the Indian government would be in violation of sanctions on Russia if New Delhi chooses to take up the Russian offer of discounted crude oil, asserting, however, that it could place India on the wrong side of history. Amid reports that Russia has offered discounted crude oil to […]
Crude oil dips on rising Covid cases in China
Global crude oil prices have started to cool after flaring briefly 10 days ago to above $139 per barrel. Brent crude has now settled below $100 per barrel — as the market has been rattled by a resurgence of virus cases in China, the world’s biggest crude importer, and is also awaiting the outcome of […]