WASHINGTON: US President Joe Biden promised “consequences” for Saudi Arabia after a Riyadh-led coalition of oil-producing nations sided with Russia to slash output.
Category: Oil & Gas
LCNG station opens, piped gas soon in Tamil Nadu
CHENNAI: In a significant development paving the way to offer piped gas supply to domestic households, commercial establishments and industries, Tamil Nadu’s first Liquified Compressed Natural Gas (LCNG) station in Ranipet district was inaugurated by Chief Minister MK Stalin virtually on Monday.
India in for another oil price shocker
We are in for another global oil price shocker. Last week, major oil-producing nations favoured price over stability and announced production cuts next month. This, coupled with the European energy sanctions on Russia kicking in December, the anticipated surge in crude prices is likely to be hell on wheels amid persistent inflation and recessionary fears.
Output cut by OPEC+ countries may push up India’s oil import bill
NEW DELHI: Cut in oil production by OPEC+ countries will increase India’s oil import bill, and eventually will increase the cost of transport fuel in the country. The industry experts also noted that the inflated price of crude in the global market is likely to increase the under-recoveries of Indian Oil Marketing Companies (OMCs).
Rupee may breach 83/USD level this week on rising oil prices, hawkish Fed stance
NEW DELHI: Indian rupee is soon expected to breach the 83 per US dollar mark on account of rising oil prices and the US Federal Reserve’s hawkish stance on future key interest rate hikes. “The rupee hit fresh record lows on rising oil prices, if the oil again jumps above USD 100 per barrel it […]
OPEC+ makes big oil cut to boost prices
FRANKFURT: The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections.
OPEC+ tipped to make big cut down in oil output amid inflation, soaring prices
LONDON: Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the Covid pandemic in efforts to buttress prices.
CNG price shoots up by Rs 6 to Rs 86/kg; PNG up by Rs 4 to Rs 52
MUMBAI: City gas utility Mahanagar Gas has increased the retail price of compressed natural gas (CNG) and piped natural gas (PNG) by Rs 6/kg and by Rs 4/ SCM respectively in and around the megapolis from Monday midnight.
Filling fuel in odd figures to escape fraud? It’s just a myth, says metrology dept
THIRUVANANTHAPURAM: Are you in the habit of filling fuel for an odd amount to escape from ‘tweaked’ meters at fuel stations? There is no scientific ground for this “precaution” and the propagators of this theory are clueless on the dispensing system at a pump, according to the legal metrology department. According to the department, each […]
Gas prices hiked 40 per cent; CNG, PNG to cost more
NEW DELHI: Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates.
Govt increases natural gas price by 40 per cent; CNG, PNG prices may go up
NEW DELHI: The government on Friday raised the price of natural gas by 40%. Natural gas is used to generate electricity or fertiliser and turned into compressed natural gas (CNG). This is the third increase in rates since April 2019 and the reason, the government said, is strengthening of energy prices in the global market.
Rs 2/ltr additional excise duty on petrol, diesel put off by one month
NEW DELHI: The government has put off by one month the levy of an additional Rs 2 per litre excise duty on petrol and diesel that is not doped with ethanol and bio-diesel in a bid to give the industry more time to implement the measure.