Oil companies may reduce petrol and diesel prices next month after releasing their Q3 results which would show their net profits cross Rs 75,000 crore, according to a report by Hindustan Times. Officials said that a review of the pricing will take place with the companies that are sitting on margins of Rs 10 per […]
Category: Oil & Gas
Russian crude faces delivery hurdles in India as sanctions bite
Russian crude oil tankers are facing some issues in delivering cargoes at Indian ports due to the enforcement of the price cap by the Group of Seven nations and challenges with shipping, the South Asian country’s Oil Minister Hardeep Puri said Tuesday. “In the Russian case, it is a question of price cap, and it […]
Startup IPM to set up 100 fuel outlets; to start from Assam
Guwahati: Startup fuel retail firm Indo Petroleum Marketing (IPM) on Thursday said it will set up 100 fuel stations across the country within the next five years while starting its business from Assam. The Delhi-based company has already generated a net worth of Rs 250 crore to roll out its network to sell different types […]
India shelves $600 million oil reserve top-up plan
India’s finance ministry has scrapped a $602 million plan to top up the nation’s strategic crude oil reserves, given market volatility and the prospect of a further decline in prices. Instead of buying at current levels — Brent crude has already slumped about a fifth from a September peak, and could fall further if supply […]
ONGC starts oil production from delayed $5 billion deep-water project
New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it has started oil production from its much-delayed flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help reverse years of decline in output. The ‘first oil’ from the deep-water KG-DWN-98/2 block in Bay of Bengal has flowed on […]
GAIL signs deal to import LNG from Swiss-based trader Vitol
New Delhi: India’s biggest gas firm GAIL on Friday said it has signed a deal to buy about 1 million tonne per annum of LNG from Dutch energy trader Vitol for 10 years starting 2026. “Under this deal, Vitol will deliver liquefied natural gas (LNG) from its global LNG portfolio to GAIL in India on […]
No plan to cut petrol, diesel prices: Puri
New Delhi: Terming the reports about the possible cut in prices of petrol and diesel as ‘speculative’ and ‘mischievous’, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Wednesday said the government has no such proposal as the situation in international markets remained volatile. “We are in a very turbulent situation right now […]
ONGC grabs 7 oil and gas blocks in latest bidding round, Reliance wins 1
New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) won seven areas for exploration of oil and gas while a consortium of Reliance Industries Ltd and BP Plc walked away with one in the latest bid round. Oil Minister Hardeep Singh Puri said 10 blocks for exploration and production of oil and gas were offered […]
Truckers’ protest: Supply hit, Chandigarh administration orders fuel rationing
Chandigarh: The Chandigarh administration on Tuesday ordered rationing of fuel to two- and four-wheelers because of restricted supply of petrol and diesel with truckers keeping off the roads to protest stricter punishments in the new law on hit-and-run cases.The move comes as motorists queued up at fuel stations in the city over fears that stocks […]
Truckers’ protest: Fuel pumps in Punjab see panic buying over fears of stocks running out
Chandigarh: Motorists queued up at fuel stations at many places in Punjab and Haryana on Tuesday over fears that stocks would run dry soon with truckers keeping off the roads to protest stricter punishments in the new law on hit-and-run cases. In Haryana, private bus operators and some auto-rickshaw unions have also joined the protest […]
Fuel stations turn away motorists as truckers’ strike hits supplies in HP
Shimla (HP): Fuel pumps at many places in Himachal Pradesh on Tuesday were turning away motorists, saying they have run out of stock as petrol and diesel were not being transported because of the truckers’ strike. Truckers in several states on Monday launched an agitation to protest stricter punishments in the new law on hit-and-run […]
Government begins talks as truckers’ protest leads to panic buying of fuel
New Delhi: Protests were held in many states on the second day of the strike by some truckers’ associations against stricter punishments in the new law on hit-and-run cases, even as the government began talks on Tuesday with the agitating groups to end the stir that threatened to impact the supply of essentials and led […]