Category: Oil & Gas

Oil prices fell on Monday for a second session on concerns that risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential interest rate hike by the U.S. Federal Reserve this week. Brent crude futures for May settlement slid 68 cents, or 0.9%, […]

India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said. The extension of rules may discourage some Indian refiners, mainly private companies, from buying […]

The central government late on Monday slashed the windfall tax on domestic crude oil to Rs 3,500 per tonne from Rs 4,400 per tonne. Meanwhile, the government increased the export duty on diesel to Re 1 per litre from Rs 0.50. The revised rates come into effect from March 21, Tuesday. The Centre has scrapped […]

A major lapse by the Bengaluru Water Supply and Sewerage Board (BWSSB) in Bengaluru led to a series of blasts at three different houses and injured three persons. According to officials, the blasts were triggered after a gas pipeline of GAIL (India) Ltd got damaged while carrying out manhole work in Bengaluru’s HSR Layout’s 7th […]

India’s fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia’s third biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, […]

The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said on Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. London-based Shell paid Ben van Beurden a total of 9.7 million pounds (USD 11.5 million) […]

Compressed natural gas (CNG) buses will soon ply on the roads of Greater Noida as Greater Noida Industrial Development Authority (GNIDA) Chief Executive Officer (CEO) Ritu Maheshwari approved the six proposed routes after a meeting with Noida Metro Rail Corporation (NMRC) Thursday. The GNIDA said it would recover the expenses for running the CNG buses […]

Principal Advisor to the Gujarat Chief Minister Hasmukh Adhia on Saturday said high revenue and high demand fuels like CNG should be brought under GST regime. Adhia, who is also the Chairman of Bank of Baroda said, was speaking at the valedictory function of the two-day International Conference on Business, Law and Public Policy at […]

A leak in the pipeline of a refinery that caused an oil spill in Nagore Pattinacherry coast in the district here has been contained and steps are on to ensure a lasting solution to the issue, a senior official said on Saturday. However, the unrelenting fishermen from the village, who noticed the oil spill on […]

The Gujarat government told the state legislative assembly Saturday that there were a total of 447 firms – including private, state, and Central PSUs – that are yet to pay Value Added Tax (VAT) dues worth Rs 10 crore or more to the state government as on January 31, 2023. Adani Bunkering Pvt Ltd, a […]

India’s imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a fifth […]

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation […]