Category: Oil & Gas

Share price of Indian Oil Corporation Ltd. dropped 7.18 per cent to Rs 158.2 at 02:10PM (IST) in Friday’s trade. The counter hit a high of Rs 168.6 and low of Rs 153.6 so far during the session. The stock had closed at Rs 170.45 in the previous session. The counter had a total traded […]

The government on Thursday moved the Delhi High Court, challenging a foreign arbitration award won by Vedanta against the former’s demand for a higher payout from its Rajasthan oil and gas fields. The dispute between the Directorate of Hydrocarbons and Vedanta – Cairn arose due to incorrect cost recovery and non-allocation of common costs that […]

The government has raised its windfall tax on petroleum crude to 4,900 rupees ($59.15) a tonne from 4,600 rupees with effect from March 16, according to a government notification released on Friday. The tax is levied in the form of Special Additional Excise Duty (SAED). According to an official notification, SAED on export of diesel, […]

Private players are grabbing a larger share of India’s growing aviation fuel business as they expand their supply networks and stitch more deals with airlines. Reliance-BP and Shell-MRPL, the two private sector joint ventures, expanded their market share to 9% in February from 5.5% in the same month last year. Their share was 6% in […]

The Petroleum Ministry announced on Thursday that prices of petrol and diesel in the country would be reduced, starting Friday, March 15, after oil marketing companies (OMCs) decided to revise prices across the country. Petrol in Mumbai will cost Rs 104.21 a litre from Friday, Rs 103.94 in Kolkata and Rs 100.75 in Chennai. A […]

Reliance Ethane Holding Pte Ltd. (REHPL) a wholly owned subsidiary of oil-to-telecom conglomerate Reliance Industries has invested Rs 284 crore each in three of its subsidiaries–Ethane Coral LLC, Ethane Diamond LLC, and Ethane Jade LLC– aggregating to Rs 852.8 crore ($102.90 million). Ethane LLCs have entered into ship-building contracts (SBCs) to purchase Very Large Ethane […]

Private players are grabbing a larger share of India’s growing aviation fuel business as they expand their supply networks and stitch more deals with airlines.] Reliance-BP and Shell-MRPL, the two private sector joint ventures, expanded their market share to 9% in February from 5.5% in the same month last year. Their share was 6% in […]

Most of the tankers loaded with fuel from Reliance Industries refineries in western India are sailing via the Cape of Good Hope to avoid the Red Sea due to the heightened risk of attacks by Yemen’s Houthi group, according to shipping sources and ship tracking data. Globally fuel producers are avoiding the Red Sea and […]

The United States is trying to help India negotiate lower prices for Russian oil as it deepens sanctions on tankers carrying the petroleum above Western price caps, President Joe Biden’s energy envoy said on Tuesday. Washington imposed sanctions late last month on Russia’s leading tanker group Sovcomflot on the two-year anniversary of Moscow’s full scale […]

Indian Oil Corp (IOCL), the country’s biggest fuel retailer, is yet to secure state approval to complete the the acquisition of oil and gas company Mercator Petroleum more than four months after the National Company Law Tribunal allowed the sale of the distressed asset. IOC is awaiting the go-ahead from the Department of Investment and […]

Oil prices extended last week’s losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. Brent futures fell 48 cents, or 0.6%, to $81.60 a barrel at 0129 GMT, while U.S. West Texas Intermediate (WTI) dropped 50 cents, or 0.6%, to $77.51.

Saudi Arabia’s state-owned oil giant Aramco said on Sunday it boosted its dividends last year despite net profit falling to $121.3 billion (down 25% YoY) from a record $161.1 billion in 2022 on lower oil prices. The profit was still the company’s second-highest on record, it said. Aramco boosted total dividends for the year by […]