New Delhi: The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 […]
Category: Oil & Gas
Winter travel propel India’s jet fuel demand past pre-pandemic levels
New Delhi: India’s demand for jet fuel in February surged past pre-pandemic levels as increased air travel boosted consumption, preliminary data of state-owned firms showed on Friday. Aviation turbine fuel sales by three state-owned fuel retailers soared 7.1 per cent to 6,32,600 tonnes in February when compared with the year-ago period. This was 55.2 per […]
IOC, GAIL, ONGC fined for third straight quarter for failure to appoint directors
New Delhi: State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) have been slapped fines for the third straight quarter for failing to meet listing norm requirements of having the requisite number of directors on their board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil […]
Kia recalls 4,358 units of Seltos to replace electronic oil pump controller
New Delhi: Kia India on Friday said that it is voluntarily recalling 4,358 units of a petrol variant of its mid-sized sports utility vehicle Seltos to replace the electronic oil pump controller. The company is recalling Smartstream G1.5 Petrol Seltos with IVT transmission, manufactured between February 28 and July 13, 2023, the South Korean automaker […]
India’s January oil imports hit record high on Red Sea delays, trade data shows
New Delhi: India’s crude oil imports rose to a monthly record in January after the Red Sea shipping crisis delayed the December arrival of cargoes from the Americas, data from trade sources showed. The world’s third largest oil importer and consumer also received in January its first cargo of Venezuelan oil after a gap of […]
Petrol pumps shut down in Manipur over ‘donation demands’ by various organisations
Imphal: Fuel outlets operating in the valley districts of Manipur have decided to shut down for three days starting Friday due to alleged ‘financial crisis’ and ‘donation demands by various organisations’. Representatives of the retail outlets made this announcement after an emergency meeting on Thursday, stating that any additional pressure during this time will result […]
Government hikes windfall tax on crude petroleum, diesel
New Delhi: The government on Thursday hiked windfall tax on domestically produced crude oil to Rs 3,300 per tonne from Rs 3,200 per tonne with effect from Friday. The tax is levied in the form of a Special Additional Excise Duty (SAED). According to an official notification, SAED on the export of diesel too has […]
Reliance becomes first Indian company to hit Rs 20 lakh crore valuation
New Delhi: Reliance Industries Limited (RIL) on Tuesday became the first Indian company to surpass Rs 20 lakh crore in market capitalisation as share price of Mukesh Ambani-led firm hit record high on the bourses. This was enabled as the share price of RIL hit a record high of Rs 2,957.80 at the BSE in […]
India wants multi-year oil purchase deal with Guyana, says Guyanese minister at India Energy Week
Quitol (Goa): India wants to sign a multi-year oil purchase deal with Guyana and acquire stakes in the South American nation’s exploration areas, the Guyanese minister for natural resources said on Thursday.”We will make a decision at some point in time” on crude oil sales to India in a long-term deal, Vickram Bharrat told reporters […]
Gas tanker overturns after colliding with vehicles in Kerala
Kannur: A tanker carrying Liquefied Petroleum Gas, which was reportedly on its way from Mangaluru in Karnataka, overturned after colliding with three vehicles in Kannur district in the wee hours of Wednesday. As many as nine persons including the driver of the tanker suffered minor injuries and were rushed to nearby hospitals. The driver of […]
India to overtake China as oil demand growth centre in 2027: IEA
Betul (Goa): India will overtake China as the biggest driver of global oil demand in 2027 as transportation and industry consumption in the world’s fastest-growing major economy will drive growth despite a big push for clean energy and electrification, the International Energy Agency said on Wednesday. The Paris-based agency in a special Indian Oil Market […]
India to lease out space in strategic oil storages
Betul (Goa): After dropping a Rs 5,000 crore plan to fill parts of strategic oil storages, the government will lease out space in the underground rock caverns to domestic and international firms to store oil, a top executive said on Tuesday. India Strategic Petroleum Reserve Ltd has built underground storages at Visakhapatnam in Andhra Pradesh […]