Category: Oil & Gas

Despite spiralling crude oil prices, state-run oil marketing companies have refrained from hiking the price of petrol and diesel during the last 15 days. Fuel prices were last increased on January 22 and after remaining constant for about a week, the price graph has only moved down. The price of petrol was decreased by 15 […]

Bengaluru: State-owned gas distribution company GAIL (India) Ltd on Tuesday reported a 33.2% jump in third-quarter profit, beating market estimate, buoyed by a surge in revenue from its natural gas marketing segment.

NEW DELHI: Hindustan Petroleum Corp Ltd (HPCL) Tuesday reported an ‎87% drop in net profit to ₹248 crore in the December 2018 quarter, owing to inventory losses and lower refinery margins.

NEW DELHI: The government has asked Hindustan Petroleum Corp Ltd (HPCL) to add ONGC as its co-promoter but the oil refining company has sought further clarifications before adhering to the direction, a top company official said.

The Union Budget 2019-20 has expectedly shown a slip in the fiscal deficit, at an estimated 3.4% for the current, as well as the next fiscal year. The breach in the reported deficit numbers has, however, been lower than what many had feared, partly owing to optimistic revenue assumptions.

NEW DELHI: State run-ONGC Videsh Ltd (OVL) is exploring the transfer of its stake in Imperial Energy Corp. Plc’s Siberian deposits to a Russian firm to reduce potential losses from the $2.1-billion acquisition, said a person aware of the development.

AHMEDABAD: Bharat Petroleum Corp Ltd (BPCL) today sought the liquidation of the assets of Essar Steel India Ltd at a bankruptcy court. The public sector oil company objected to ArcelorMittal’s resolution plan, which, it said, sidestepped dues to operational creditors like BPCL.

With crude oil rates rebounding on OPEC-led supply cuts, petrol and diesel prices have shot up by ₹2 and ₹3, respectively, since the beginning of this year. Amid volatile trading in crude oil, the price of petrol was cut by 15 paise and that of diesel by 10 paise today by state-run oil firms.

LONDON: Oil hit a two-month high close to $64 a barrel on Monday as OPEC-led supply cuts and US sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown.

Dubai: Bond investors rattled by Bahrain’s fiscal woes last year are bracing for the next potential crisis in the Gulf region: Oman.

New York: Oil’s rally is driving doubters out of the market, with hedge funds abandoning more than half of their short-selling bets in just four weeks.

State-owned oil and gas companies in India are set for their lowest spending in the last four financial years with the interim budget proposing a capital outlay of ₹93,639 crore for 2019-20 .