Category: Oil & Gas

Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears. Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. […]

The government has extended the last date of bidding for the 11 oil and gas blocks on offer in the fifth bid round, and decided to merge the next two rounds into one in view of the COVID-19 lockdown in the country. The fifth bid round under Open Acreage Licensing Policy (OALP) opened in January […]

The price of petrol and diesel will go up by Rs 1.60 and Rs 1.59 per litre, respectively, from Wednesday. This is in line with Chief Minister B S Yediyurappa’s decision to hike the rate of tax on petrol from 32% to 35% and diesel from 21% to 24%. He had announced this in his […]

As officials stepped up efforts to contain Covid-19 by getting more number of peronnel on ground, the government on Tuesday issued an advisory to fuel stations to reserve petrol and diesel for emergency vehicles. The Food and Civil Supplies Department has written to the state-level coordinator for oil retailers to ensure that bunks reserve 2,000 […]

Natural gas prices on Tuesday were cut by a steep 26 per cent to its lowest rate since the pricing was made formula-driven in 2014, a move that is likely to translate into lower CNG and piped cooking gas prices but also make a huge dent in revenues of producers such as ONGC. Oil Ministry’s […]

Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy. US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel. […]

India’s liquefied petroleum gas (LPG) imports are set to surge in the June quarter as a move to provide free cooking gas coincides with lower crude processing by refiners hit by collapsing local fuel demand, company officials said. Indian refiners are processing less crude oil into fuels like LPG as industries close during a 21-day […]

Oil fell below $22 as the collapse in global consumption as a result of the coronavirus outbreak showed no sign of abating, pressuring refiners and producers globally. Futures in New York fell as much as 4.5%. While global stocks staged a partial recovery this week as policy makers sought to cushion the blow from the […]

Indian Oil Corporation has announced an ex-gratia of Rs 5 lakh if any of the personnel from its distributor team dies due to COVID-19 infection. “As the threat of the COVID-19 pandemic is applicable to all key personnel of distributors, it has been decided that, as a one-time special measure, in case of their death […]

Minister for Municipal Administration, Horticulture and Sericulture KC Narayana Gowda said that the consumers need not visit the shops to get LPG cylinder refills and ration. The government has taken measures to send the goods to the consumers doorsteps to avoid overcrowding, to contain Covid-19. The minister held a meeting with the officials in Pandavapura […]

Crude oil prices on Friday rose Rs 17 to Rs 1,804 per barrel as participants widened their positions in line with a positive trend overseas. On the Multi Commodity Exchange, crude oil for delivery in April traded higher by Rs 17, or 0.95 per cent, to Rs 1,804 per barrel in 37,183 lots. Crude oil […]

At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources. Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output, forcing LNG tankers in several […]