New Delhi: Diesel price on Thursday was cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre. Diesel now costs Rs 73.40 per litre in the national capital, as against Rs 73.56 a litre previously, according to a price notification of state-owned […]
Category: Oil & Gas
Diesel price slashed for first time in nearly 6 months, petrol price unchanged
New Delhi: Diesel price on Thursday was cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre. Diesel now costs Rs 73.40 per litre in the national capital, as against Rs 73.56 a litre previously, according to a price notification of state-owned […]
Petrol prices at Rs 81.94 per litre in 11th hike in 13 days, diesel holds
Petrol price has maintained its rise with the fuel price increasing again on Friday, while diesel is holding on to its price line that it has maintained since July 30. In the international market, crude price has also remained firm with benchmark Brent crude hovering close to $ 46 a barrel. State-owned oil marketing companies […]
India’s crude imports drop to decade low in July
India’s crude oil imports fell in July to their lowest since March 2010 as fuel demand slowed amid renewed coronavirus-induced lockdowns and closures of refinery units for maintenance, government data showed on Thursday. Crude oil imports last month slumped about 36.4% from a year earlier to 12.34 million tonnes, or 2.92 million barrels per day, […]
RIL-Aramco deal: Still working on deal to invest in Reliance, says Aramco CEO
Saudi Aramco Chief Executive Amin Nasser has said the company is ‘still working on the deal to invest in Reliance Industries’, Bloomberg reported, clearing the air on the agreement between the two companies. The statement from the Aramco CEO comes after RIL Chairman Mukesh Ambani, at the company’s annual general meeting in July, said that […]
Fuel demand in July falls due to high prices, fresh lockdowns
NEW DELHI: India’s refined fuel consumption in July slipped from June, according to preliminary industry data, indicating slower industrial activity as high retail prices, floods and renewed coronavirus lockdowns in parts of the country dented demand. Local fuel sales – a proxy for oil demand – plunged to historic lows in April when India imposed […]
Oil prices bounce back from 3-week lows
TOKYO: Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer. Brent crude was up by 40 cents, or 0.9%, at $43.34 a barrel by 0204 GMT. On Thursday, Brent […]
Indian refineries face shutdowns as fuel demand drops
NEW DELHI: Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand in Asia’s third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of […]
Oil prices inch higher after sharp drop in US crude inventories
TOKYO: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude LCOc1 was up by 24 cents, or 0.6%, at $43.46 a barrel by 0041 GMT, after […]
Oil prices edge higher on expected US stimulus, weak dollar
MELBOURNE: Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers. Brent crude futures climbed 35 cents, or 0.8%, to $43.76 a barrel at […]
Oil ticks up, but gains capped by demand destruction
SINGAPORE: Oil prices ticked higher on Thursday, although gains were limited by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hit fuel consumption. U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp rise in […]
Oil ticks up, but gains capped by demand destruction
SINGAPORE: Oil prices ticked higher on Thursday, although gains were limited by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hit fuel consumption. U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp rise in […]