Pradhan speaks to US Energy Secretary on slump in fuel demand due to COVID-19

Oil Minister Dharmendra Pradhan on Sunday spoke to US Energy Secretary Dan Brouillette on the volatility in international oil markets and the slump in demand following Covid-19 pandemic. Since the outbreak of coronavirus, countries across the globe have placed restrictions and announced lockdowns, which have shut businesses and stopped both air as well as road […]

Crude oil price barrels ahead as OPEC flags meeting with non-members

The price of crude oil surged again Friday after OPEC said it would talk to non-members, notably Russia, giving investors hope that they will stop a price war which has created market chaos along with crushed demand because of the coronavirus. Global stock markets fell following another set of devastating American employment numbers, gloomy eurozone […]

Amid panic buying during coronavirus lockdown, LPG delivery boys left in the lurch

Even as people are panic-buying LPG cylinders during the lockdown, the services of the delivery personnel, who are risking their lives to ensure undisturbed supply, go unacknowledged. About 500 cooking gas distributors from three oil companies cater to the LPG demand of Bengalureans. Each of them employs about 10 to 25 delivery boys. With the […]

Reliance Industries to raise Rs 25,000 cr via non-convertible debentures

Reliance Industries on Thursday said it will raise Rs 25,000 crore through non-convertible debentures to fund its operations. The company in a regulatory filing said the company board of directors approved “the proposal for raising of funds through the issuance of non-convertible debentures (NCDs) up to Rs 25,000 crore in tranches from time to time, […]

China’s top refiners to hike output by 10% in April as fuel demand on the mend: Sources

China’s top fuel producers are set to raise April crude throughput by a combined 755,000 barrels per day (bpd), or 10% from March, as domestic fuel demand is recovering from the coronavirus outbreak, Reuters’ calculations based on interviews with six industry sources showed. Sinopec, Asia’s top refiner, is expected to raise throughput by at least […]

LPG prices reduced by over Rs 60 per cylinder, no major change in petrol, diesel rates

Oil marketing companies on Wednesday reduced domestic cooking gas (14.2 kg) LPG prices by over Rs 60 per cylinder. The move comes after a significant reduction in global crude oil prices. According to the state-owned Indian Oil Corporation Limited (IOC), the price of a 14.2 kg non-subsidised LPG cylinder in Delhi will be slashed by […]