People in Pakistan woke up on Thursday to the shock of a historic price hike in the prices of petrol and gas as the government tried to appease the IMF for unlocking the critical loan tranche for the cash-strapped country. The petrol bomb as the price hike is termed these days, was dropped around Wednesday […]
Category: Oil & Gas
Indian Oil clarifies on Adani Gas deal after public scrutiny: Report
Indian Oil Corp. has taken to Twitter in an unusual move to clarify its involvement in an Adani Group company gas import terminal. The state-run refiner sent a series of tweets late Wednesday to detail a deal with Adani Ports & Special Economic Zone Ltd. involving a proposed liquefied petroleum gas terminal on the nation’s […]
Shares of ONGC, Oil India fire up as govt slashes windfall tax sharply
Shares of upstream oil companies mainly Oil & Natural Gas Corporation (ONGC) and Oil India gained up to 4 per cent on the BSE in Thursday’s intra-day trade after the government cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. The additional excise duty […]
Oil prices drop as US crude inventories jump, fuel demand worries
Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and anticipation of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession. Brent crude futures slid $1.08, or 1.3%, to $84.48 per barrel by 0729 GMT, while U.S. West Texas Intermediate (WTI) […]
Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350
The Centre on Thursday cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. The additional excise duty on ATF was also cut to Rs 1.5 per litre from Rs 6 per litre earlier. Further, the government also slashed tax on export of diesel to […]
India’s imports from Russia goes up by 384% in April-Jan: Commerce Ministry
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 […]
Fossil fuel related items contributed 20% to annual inflation rate of India
Fossil-fuel related items — transport and household energy — contributed about 20 per cent to India’s annual rate of inflation between April and May 2022, said a report by Cambridge Econometrics. At that time, India’s annual inflation rate (CPI) was between seven and eight per cent. The report highlights that between January 2021 and August […]
NSE, CME Group tie up to launch Nymex crude, natural gas derivatives
In a move to expand its commodity segment offerings, the National Stock Exchange (NSE) on Wednesday announced a data licensing agreement with the world’s leading derivatives marketplace CME Group for NYMEX WTI Crude Oil and Natural Gas (Henry Hub) derivatives contracts. The agreement will allow NSE to list, trade and settle rupee-denominated derivative contracts in […]
FAME: Electric 2-wheeler manufacturers deny allegations of non-compliance
Electric two-wheeler manufacturing companies have denied allegations of any wrongdoing in claiming benefits of subsidies provided under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. Manufacturers clarified that all their compliance related certificates for fulfilling localisation requirements are in place and that they had received regular extensions from government testing agencies as reported […]
Russia price caps spur India interest in naphtha, fuel oil, but not diesel
NEW DELHI (Reuters) -More Indian firms are attracted to buying Russian naphtha as low-cost feedstock for their refineries and petrochemical plants after price caps imposed by Western nations, six refining sources said. Prices for refined products such as naphtha and fuel oil are capped at $45 a barrel by the Group of Seven nations, the […]
Oil falls in early trade after data points to jump in US crude stocks
(Reuters) – Oil prices slipped in early Asian trade on Wednesday after falling by more than $1 a barrel in the previous session as industry data pointed to a much bigger-than-expected surge in U.S. crude inventories. Brent crude futures lost 20 cents to $85.38 per barrel by 0111 GMT, while U.S. West Texas Intermediate (WTI) […]
ONGC’s Q3 net profit rises 26% to Rs 11,045 crore on high gas prices
State-run ONGC’s net profit increased 26 per cent year-on-year to Rs 11,045 crore in the December quarter (Q3FY23) owing to higher prices of gas under the administered price mechanism (APM). Net profit was, however, 13.88 per cent lower than Rs 12,826 crore India’s largest oil and gas producer reported in the preceding September quarter. Gross […]