New Delhi: Petrol price in the national capital on Friday crossed Rs 80 per litre mark, for the first time in more than two years, as oil companies continue to raise petrol and diesel prices in line with costs. Oil companies hiked petrol price by 21 paise per litre and diesel by 17 paise a […]
Category: Oil & Gas
Oil prices rise on demand recovery, despite surge in virus cases
MELBOURNE: Oil prices rose on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 42 cents, or 1.1%, to $39.14 at 0150 […]
Indian Oil reports first quarterly loss in 4 years after surge in inventory losses
BENGALURU: Indian Oil Corp Ltd, the country’s top refiner, on Wednesday reported its first quarterly loss in more than four years in the March quarter, after a surge in inventory losses following a sharp fall in crude oil prices. Chairman Sanjiv Singh said the fall in global prices impacted the group’s financial performance for the […]
Oil prices higher on tighter supply, but demand concerns resurface
SINGAPORE: Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. Brent crude rose 9 cents, or 0.2%, to $42.28 a barrel by 0009 GMT, while U.S. crude was at $39.76 a barrel, up […]
In 16 days, petrol price hiked by Rs 8.3 per litre and diesel by Rs 9.46
New Delhi: Petrol price on Monday was hiked by 33 paise per litre and diesel by 58 paise to take retail rates to record high as the oil companies increased prices for the 16th day in a row. In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs […]
Fuel rates hiked for 15th day; Diesel price hits record high, petrol up 35 paise
New Delhi: Diesel price on Sunday hit a fresh record high after rates were hiked by 60 paise per litre while petrol price was up 35 paise, taking the cumulative increase in rates in 15 days to Rs 8.88 a litre and Rs 7.97 respectively. Petrol price in Delhi was hiked to Rs 79.23 per […]
Reliance Industries becomes first Indian firm to hit Rs 11.44 lakh crore market cap
New Delhi: Reliance Industries on Monday became the first Indian firm to hit a market valuation of USD 150 billion helped by a continuous rally in its share price. In morning trade, the company’s market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore (USD 150 billion) on the BSE. The heavyweight stock surged 2.53 […]
India’s May crude oil imports post biggest decline since at least 2005
India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis Cell data […]
ONGC may rationalise capex after COVID-19 impacts project execution
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has warned that the COVID-19 pandemic will impact the speed of execution of its projects and the company is identifying opportunities for optimisation of capital and operating expenditure. While about 9 per cent of the company’s natural gas output was impacted by inability of customers to […]
Oil jumps above $14 a barrel after massive sell-off
SINGAPORE: US oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns. West Texas Intermediate, the US benchmark, for June delivery jumped 14.5 percent to $14.13 a barrel in Asian morning trade. It had plunged by […]
Oil prices slide as world runs low on storage capacity
Melbourne: Oil fell on Tuesday, adding to huge declines in the previous session, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased. US West Texas Intermediate (WTI) crude futures dropped by as much as 7.1 percent and were off […]
India’s crude crash as coronavirus chokes fuel demand
New Delhi: India’s crude processing in March fell 5.7% from a year earlier, its biggest drop since September, as the coronavirus crisis and travel restrictions to curb its spread dented fuel demand and forced refineries to cut output. Refiners processed about 21.20 million tonnes, or 5.01 million barrels per day (bpd), of oil last month, […]