While it remains without a charter, or a permanent secretariat, the Global Biofuel Alliance (GBA) has adopted a work plan focused on assessing country landscapes, drafting policy frameworks, and conducting biofuel workshops, petroleum and natural gas ministry officials said. These were adopted as immediate goals at a key meeting of the body held on the […]
Category: Oil & Gas
US approves Exxon-Pioneer deal, alleges shale founder colluded with Opec
U.S. regulators gave the go-ahead on Thursday to Exxon Mobil’s $60 billion purchase of Pioneer Natural Resources, but barred Pioneer’s former CEO from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices. Former Pioneer CEO Scott Sheffield coordinated efforts with U.S. shale oil producers to constrain their output and raise […]
Indian Oil resumes buying Russian crude oil delivered on Sovcomflot ships
Indian Oil Corp. resumed buying Russian crude oil delivered on a tanker owned by Sovcomflot PJSC this week, paving the way for a restoration of oil flows between Russia and India, after tightened US penalties had disrupted shipments. Suezmax tanker Vladimir Tikhonov discharged around 1 million barrels of Russian flagship Urals crude at Paradip port, […]
HPCL, BPCL, IOC stocks rally up to 4% as oil dips on ME ceasefire hopes
Shares of oil marketing companies (OMCs) gained up to 4 per cent on the BSE in Thursday’s intra-day trade as crude oil prices fell for a third day on Wednesday amid increasing hopes of a ceasefire agreement in the Middle East (ME). That apart, rising crude inventories and production in the US, the world’s biggest […]
Tripura government imposes restrictions on sale of petrol and diesel
The Tripura government has imposed restrictions on sale of petrol and diesel from Wednesday. Why are restrictions imposed? A massive landslide in Assam’s Jatinga region has disrupted the goods train movement to Tripura, leading to the fuel shortage. Passenger train movement started on April 26 after restoration work. However, train service through Jatinga still remains […]
Indian Oil resumes buying Russian crude oil delivered on Sovcomflot ships
Indian Oil Corp. resumed buying Russian crude oil delivered on a tanker owned by Sovcomflot PJSC this week, paving the way for a restoration of oil flows between Russia and India, after tightened US penalties had disrupted shipments. Suezmax tanker Vladimir Tikhonov discharged around 1 million barrels of Russian flagship Urals crude at Paradip port, […]
Adani Total Gas consolidated net profit rises 71.55% in the March 2024 quarter
Sales rise 4.68% to Rs 1166.95 crore Net profit of Adani Total Gas rose 71.55% to Rs 167.96 crore in the quarter ended March 2024 as against Rs 97.91 crore during the previous quarter ended March 2023. Sales rose 4.68% to Rs 1166.95 crore in the quarter ended March 2024 as against Rs 1114.78 crore […]
Petrol sales up 12.3%, diesel sales continues to decline in April
India’s petrol consumption soared 12.3 per cent in April, but diesel sales continued to slide despite the country entering into hectic electioneering for general elections, preliminary data of state-owned firms showed on Wednesday. Petrol sales of three state-owned firms, which control 90 per cent of the fuel market, rose to 2.97 million tonnes in April […]
Commercial LPG cylinder price reduced by Rs 19; Here are the revised rates
Oil marketing companies cut prices of commercial LPG gas cylinders by Rs 19 with immediate effect from May 1. With this, Delhi retail sales price of 19 kg commercial LPG cylinder stood at Rs 1,745.50. This follows similar reductions in other metro cities across India. State-backed oil marketing companies (OMCs) slashed the prices of commercial […]
Oil prices decline for third day as US crude production, inventories swell
Oil prices fell for a third day on Wednesday on rising crude inventories and production in the US, the world’s biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5 per cent, at $85.86 a barrel by 0005 GMT. US […]
Govt cuts windfall tax on petroleum crude to Rs 8,400 per MT from May 1
India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday. The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel. The government had on April 16 raised […]
Indian Oil Q4FY24 results: Net profit shrinks 50% to Rs 5,149 crore
During the fourth quarter of FY24 (January-March 2024), state-run Indian Oil Corporation (IOCL) saw its consolidated net profit fall 49.3 percent to Rs 5,149 crore from Rs 10,290 crore in Q4 of FY23. On a sequential basis, net profit slipped 43 per cent from Rs 9,030 crore. The sharp fall in net profit during Q4 […]