New Delhi: Petrol prices in Mumbai rose to Rs 107.54 per litre on Thursday, touching another record high figure after fuel rates were hiked again. The price of diesel in Mumbai was Rs 97.45 per litre.
Category: Oil & Gas
Middle East’s share of India’s oil imports hits 25-month low
New Delhi: The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government’s call to diversify supplies. India, the world’s third biggest oil importer, in March directed refiners to diversify crude sources after […]
Petrol crosses Rs 100 in Bengaluru – 3rd metro after Mumbai and Hyderabad
New Delhi: Bengaluru on Friday became the third metro city in the country to see petrol price cross Rs 100 per litre mark after fuel prices were raised yet again. Petrol price was hiked by 27 paise per litre and diesel by 28 paise, according to a price notification of state-owned fuel retailers.
Petrol price at all-time high, diesel crosses Rs 81 in Mumbai
New Delhi: Petrol price on Thursday scaled to an all-time high of Rs 84.20 per litre in the national capital after state-owned fuel retailers hiked rates for the second day in a row. Petrol price on Thursday was hiked by 23 paise per litre and diesel by 26 paise a litre, according to a price […]
OPEC reaches consensus to extend oil cuts by three months, says Algeria
DUBAI/LONDON/MOSCOW (Reuters) – OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, Algeria’s minister said on Monday. Algerian Energy Minister Abdelmadjid Attar, holder of OPEC’s rotating presidency, […]
India’s crude oil futures decline on low demand
Crude oil futures on Wednesday fell by 0.47 per cent to Rs 2,944 per barrel as participants reduced their positions on low demand. On the Multi Commodity Exchange, crude oil for October delivery eased by Rs 14, or 0.47 per cent, to Rs 2,944 per barrel with a business volume of 3,534 lots. Crude oil […]
Anil Agarwal’s Vedanta wins case for $499-million arbitration award claim
Anil Agarwal-led Vedanta got a relief when the Supreme Court on Wednesday rejected the government plea challenging an arbitration award allowing the company to recover $499 million instead of $198 million it (government) had capped for developing the Ravva oil and gas fields. The dispute pertains to the interpretation of the production-sharing contract (PSC) entered […]
A quarter of US energy output offline as Hurricane Sally advances
HOUSTON (Reuters) – More than a quarter of U.S. offshore oil and gas production was shut and export ports were closed on Tuesday as Hurricane Sally stalled just off the U.S. Gulf Coast, pelting the region with heavy rains. Sally weakened on Tuesday to a Category One hurricane with sustained winds of 80 miles per […]
Fuel consumption in August witnesses biggest monthly dip since April
India’s fuel consumption fell again in August and saw massive demand erosion since April, as rise in coronavirus cases continue to hit economic activity and travel, government data showed. Refined fuel sales slipped to 14.39 million tonnes in August, about 16% lower compared with the consumption in the same month a year ago. It also […]
50% of state-run fuel stations will be solar powered in five years: Oil minister
NEW DELHI: India aims for 50% of fuel stations owned by public sector oil companies to be operated by solar power within five years under the government’s green energy drive, its oil minister said on Tuesday. Dharmendra Pradhan said India’s three state-backed fuel retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum, which operate […]
Reliance reveals detailed plan to spin off oil to chemical business
New Delhi: Reliance Industries Ltd’s new oil-to-chemical business unit will hold its oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business, the firm said detailing hiving-off plans. RIL has started work on hiving off the oil-to-chemical (O2C) business into a separate […]
Oil prices tumble $1 per barrel after Saudi price cuts
SINGAPORE: Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $41.75 a barrel, down 91 cents or 2.1% by […]