Category: Oil & Gas

Private sector refiners Reliance Industries Limited (RIL) and Rosneft-backed Nayara Energy have captured a quarter of the country’s bulk diesel sales business. RIL had 14.8% share in direct or bulk sales of diesel in March, up from 13.3% a year ago and 9.3% in the corresponding month of 2021, according to industry data.

New Delhi: Iran’s attack on Israel is expected to send global crude oil prices higher as war premium gets built in but retail fuel prices in India will likely stay unchanged due to general elections starting later this week, industry executives said. Brent, the international crude benchmark, has sprinted to $90 per barrel from $80 […]

The Delhi High Court on Thursday upheld the Appellate Tribunal for Electricity’s (Aptel) order that allowed Reliance Industries to be made a party in a case related to designation of a pipeline, commissioned by oil companies BPCL and HPCL, as a common/contract carrier for transportation of petroleum and petroleum products by other entities as well.

NEW DELHI: India’s diesel exports to Asia slumped 63% month-on-month in March as increased competition from Chinese and South Korean suppliers eroded margins. Indian refiners exported 61,000 barrels per day (bpd) of diesel in March to customers in Asia, down from 163,000 bpd in February, according to energy cargo tracker Vortexa. Exports to Europe, however, […]

NEW DELHI: India is no longer the largest buyer of seaborne Russian oil as it has been forced to reject certain cargoes due to sanctions, allowing China to lap up the commodity at deeply discounted prices. China imported 1.82 million barrels a day (mb/d) of Russian crude by sea in March, a third more than […]

Washington: Two senior US treasury officials are in India to urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets. Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling […]

The government on Wednesday increased the windfall tax on domestically produced crude to Rs 6,800 per tonne from Rs 4,900 per tonne, with effect from April 4. The tax is levied in the form of Special Additional Excise Duty (SAED).

India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30, granting the operator the freedom to trade all of the stored oil, the chief executive of Indian Strategic Petroleum Reserves Ltd (ISPRL) said. Allowing a fully commercial SPR mirrors the model adopted by countries such as Japan and South Korea, which […]

India, the world’s third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in […]

Crude oil’s climb towards $90 per barrel is a matter of anxiety for India, oil secretary Pankaj Jain has said. “Whenever prices go up, it does cause anxiety, cause concern,” Jain said. Brent, the international crude benchmark, has risen to $89 per barrel, adding $15 in about four months. “Does it stop at $90? That’s […]

The Chatterjee Group (TCG) is in talks with local and global companies to partner with its majority-owned petrochemical firm Haldia Petrochemicals Ltd (HPL) to build a more than $10 billion project in southern India, HPL’s chief executive said. The private equity firm plans to build the oil-to-chemical project, capable of producing 3.5 million metric tons […]

Shares of Indian Oil Corporation Ltd. rose 0.98 per cent to Rs 169.4 in Monday’s trade. It hit an intraday high of Rs 171.25 and low of Rs 169.05, respectively, during the day. The stock quoted a 52-week high price of Rs 196.8 and low of Rs 76.66. As of 12:23PM (IST), the counter saw […]