The rates of petrol and diesel in Delhi increased by 80 paise a litre, while in Mumbai, fuel became costlier by 84 paise on Thursday. This is the ninth increase in fuel rates in 10 days, the total hike now amounts to Rs 6.40. Petrol is now selling at Rs 101.81 per litre in Delhi […]
Category: Oil & Gas
Petrol, diesel prices hiked again, fourth time in five days
New Delhi: Petrol and diesel prices were hiked by 80 paise a litre each on Saturday, the fourth increase in five days as oil firms passed on to consumers the spike in cost of raw material. Petrol in Delhi will now cost Rs 98.61 per litre as against Rs 97.81 previously while diesel rates have […]
Kerala HC declines to stay OMCs’ decision to hike price of bulk diesel purchase
Kochi: The Kerala High Court on Tuesday declined to stay the state-owned oil companies’ (OMCs) decision to hike price of bulk diesel purchases or restrict them from further increasing the rates, but asked them to explain the manner in which their pricing mechanism worked. The order of the high court came on a plea by […]
Fuel price hiked 80 paise a litre after 4 months; LPG up Rs 50
New Delhi: 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.
Move to privatise PSUs opposed
HYDERABAD: Demanding that the BJP-led government at the Centre withdraw its decision to privatise public sector undertakings (PSUs) such as the Life Insurance Corporation of India, Bharat Petroleum Corporation Limited and others, TS Planning Board vice chairman B. Vinod Kumar on Sunday said protests would be intensified in association with trade unions against the move. […]
India defends oil deal with Russia
HYDERABAD: India on Friday defended its decision to buy discounted crude oil from Russia and insisted that legitimate energy transactions should not be politicised. Reports suggested that India’s state-owned refiner Hindustan Petroleum Corp Ltd bought two million barrels of crude oil from Russia. A few days back, Indian Oil Corp had reportedly bought three million […]
Oil prices surge over 7% as global crude reserve release disappoints
Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia’s invasion of Ukraine. Members of the International Energy Agency (IEA), which includes the United States and Japan, agreed to release 60 million barrels of crude from […]
Oil rises on concerns global political risks could tighten supplies
Oil prices rose over 2% on Tuesday on concerns supplies could become tight due to Ukraine-Russia tensions, threats to infrastructure in the United Arab Emirates and struggles by OPEC+ to hit its targeted monthly output increase. Analysts noted that oil prices rose despite a drop in equities markets and the possibility of an interest rate […]
IOCL acquires 4.93 per cent equity stake in Indian Gas Exchange
Mumbai: Indian Oil Corporation Limited (IOCL) said on Tuesday it has acquired a 4.93 per cent equity share in Indian Gas Exchange Limited, the country’s first automated national level gas exchange. The Board of Directors of Indian Oil approved the deal at its meeting held on December 20, Indian Oil said in a regulatory filing […]
Centre collects Rs 3.72 L cr as excise on fuel in FY21
Chennai: The Centre collected Rs 3.72 lakh crore as excise duty from petrol and diesel in 2020-21. Of this, around Rs 20,000 crore has gone to the states. A total of Rs 3,71,908 crore was collected as central excise duty, including cesses, in the last fiscal. The collection was 108.5 per cent higher than Rs […]
Petrol, diesel price to fall only on sustained drop in international oil prices
New Delhi: Petrol and diesel prices will be reduced only if the current drop in international oil prices is sustained for a few more days, as domestic retail prices are fixed on a 15-day rolling average, official sources said. Global benchmark Brent crude oil prices remained largely range bound at around USD 80 to 82 […]
Petrol price further cut by Rs 8, diesel by Rs 9 in BJP-ruled states
New Delhi: Petrol price has been further reduced by as much as Rs 8.7 per litre and diesel by Rs 9.52 in BJP ruled states and UTs – from Ladakh to Puducherry – as they matched the central government’s announcement of a cut in excise duty with slashing of local sales tax (VAT) rates. Buckling […]