Lanka IOC (LIOC), the subsidiary of Indian Oil Corporation in Sri Lanka, has hiked the retail prices of both petrol and diesel by Rs 5 per litre in the wake of the rising global oil prices. The hike came into effect from Thursday midnight, the company said. Accordingly, a litre of petrol now costs Rs […]
Category: Oil & Gas
Inflation, high oil prices temporary; economy opening up: Officials
Inflation driven by high crude oil prices is a temporary phenomenon and the economy is gradually opening with both public and private investments picking up, senior government officials said on Friday. The tourism and travel sector, which has been the worst hit, is also recovering gradually with international travel with some of the countries opening […]
Petrol, diesel prices at an all-time high after hike for third straight day
Petrol and diesel prices on Friday touched an all-time high across the country after rates were hiked for the third consecutive day by 35 paise per litre each. The price of petrol in Delhi rose to its highest-ever level of Rs 106.89 a litre and Rs 112.78 per litre in Mumbai, according to a price […]
India seeks compensation for climate damages caused by rich nations
India is seeking payment for the losses caused by climate disasters, its environment ministry said while laying out the country’s positions on critical issues that will be negotiated at the United Nations’ COP26 climate summit in the coming weeks. “Our ask is this: there should be a compensation for expenses incurred, and it should be […]
RIL Q2 net profit jumps 43% to Rs 13,680 crore, beats estimates
Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year, on improved performance across key businesses even as finance cost fell 37 per cent on a year-on-year basis. Consolidated revenues, PBIDT (profit before interest, […]
RIL Q2 net profit jumps 43% to Rs 13,680 cr as it fires on all cylinders
Billionaire Mukesh Ambani’s Reliance Industries on Friday reported a 43 per cent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis. Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 […]
RIL Q2 results: Consolidated net profit jumps 43% to Rs 13,680 cr
Oil-to-telecom conglomerate Reliance Industries Limited (RIL) on Friday reported a 43% rise in its consolidated net profit for the second quarter (Q2) ended September 2021. This, as higher demand for oil products boosted RIL’s mainstay oil-to-chemicals business. The company posted a net profit of Rs 13,680 crore in Q2 as against a profit of Rs […]
ExxonMobil and ONGC to extend partnership to Andaman offshore
India is doubling up efforts to bring in private participation across the value chain of the oil and gas sector. According to a top oil ministry official, global oil and gas major ExxonMobil is in talks with public sector undertaking (PSU) Oil and Natural Gas Corporation (ONGC) for a large domestic oil and gas exploration […]
IOC expects 100% refinery run within a quarter as fuel demand returns
Indian Oil Corp (IOC), the nation’s largest oil firm, expects refinery run to reach 100 per cent within a quarter as fuel demand returns, its chairman SM Vaidya said. Speaking at India Energy Forum by CERAWeek, he said petrol and cooking gas LPG demand is already above pe-COVID levels and diesel – the most consumed […]
UBS increases its Brent forecast to $90 a barrel in December-March
UBS increased its Brent forecast to $90/bbl in December-March, with the oil market to remain tight and Opec+ likely to add supplies “only gradually,” according to a note from the bank. Brent prices may level off to $85/bbl through rest of 2022, said UBS strategists Giovanni Staunovo and Wayne Gordon. Inventories in OECD countries are […]
Oil hits multi-year high above $86 due to tight supply, then pulls back
Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched. Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and […]
Govt playing cruel joke on public: Rahul Gandhi on fuel price hike
Congress leader Rahul Gandhi on Thursday hit out at the Centre over rising prices of petrol and diesel and said the government is playing a “cruel joke” on the public. Petrol and diesel prices on Thursday were hiked by 35 paise per litre each, the second consecutive day of increase that took pump rates across […]