NEW DELHI: India has saved around $13 billion by importing discounted crude oil from Russia in the past two years, according to a study by ICRA, the rating agency. However, the rating agency’s report also highlights a decreasing trend in the discount on crude year-on-year. India, being one of the largest energy consumers globally, has […]
Category: Oil & Gas
Centre cuts windfall tax on crude petroleum
NEW DELHI: The government has cut windfall tax on domestically produced crude oil to Rs 8,400 per tonne from Rs 9,600 per tonne with effect from Wednesday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been […]
NE Gas Grid to be expanded to other countries
NEW DELHI: As part of India’s larger energy diplomacy, the government is planning to extend the North Eastern Gas Grid (NEGG) to neighboring countries such as Bangladesh, Nepal and Bhutan after its completion in the next two months. According to officials of the petroleum ministry, work on the NEGG, which aims to create a natural […]
Family of five burnt alive in Jaipur after LPG gas leak causes fire in house
JAIPUR: A young couple and their three children were burnt alive when a fire broke out due to an LPG gas leak in their house while changing cylinders here on Thursday, police said. The fire engulfed their rented room in Vishwakarma police station area of Jaipur and none of them could escape, they said. The […]
Oil companies cut petrol, diesel prices by Rs 2 per litre across nation
NEW DELHI: Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule is announced. The revised price will be applicable from 6 am on Friday, March 15, the oil ministry said on Thursday evening. […]
‘World oil output to fall in Q1; OPEC+ to continue with supply cut in 2024’
NEW DELHI: The world oil production is projected to fall by 870 kb/d (thousand barrel per day) in the first quarter of 2024 compared to the fourth quarter of 2023 on account of heavy weather-related shut-ins and new curbs from OPEC+, according to the International Energy Agency (IEA) oil marketing report. The report also noted […]
‘Petrol, diesel prices cut not to impact IOCL’s bottom line’
NEW DELHI: A day after announcing a reduction in petrol and diesel by Rs 2, the Indian Oil Corporation (IOC) said these cuts are not going to significantly affect the company’s bottom line. Indian Oil Corporation (IOC) Chairman Shrikant Madhav Vaidya, on the sidelines of launching E100 (100% Ethanol blending in petrol) petrol pumps in […]
Cochin Shipyard to deliver green hydrogen vessels to the Netherlands
KOCHI: The Cochin Shipyard on Friday started building two zero emission hydrogen powered feeder container vessels worth Rs 550 crore for Samskip, a leading logistics firm in the Netherlands. The steel-cutting ceremony of the first vessel, held on the Cochin Shipyard premises, coincided with the sustainability day celebrations of Samskip held at its headquarters in […]
Three migrant kids burnt to death in TN in suspected LPG leak
CHENNAI: Tragedy struck a migrant family in Chengalpattu when three children, including a girl and a toddler, were charred to death in a fire caused by a suspected LPG leak in their house late on Thursday. The children’s mother is critical with 60% burn injuries and is under treatment at the Kilpauk government hospital. The […]
Centre hikes windfall tax on crude petroleum, cuts levy on diesel
NEW DELHI: The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 […]
Tangedco mulls use of R-LNG to fuel power station
CHENNAI: TANGEDCO is evaluating the feasibility of laying a pipeline to transport Regasified-Liquefied Natural Gas (R-LNG) from Indian Oil Corporation at Ennore to Basin Bridge Gas Turbine Power Station with the assistance of a private consultant. The power station, which has four units with each unit capable of generating 30 MW, was operated using naphtha […]
Petroleum minister hints at possible reduction in domestic fuel prices
NEW DELHI: Petroleum minister Hardeep Singh Puri on Friday hinted at a possible reduction in fuel prices in the country if the oil marketing companies (OMCs) turned out to be in profit in the fourth quarter. The minister, speaking on the sidelines of UN Global Compact Network India’s (UNGCNI’s) 18th National Convention, also mentioned that […]