BANGKOK: Oil prices surged nearly 5% and stock prices dropped after Russian President Vladimir Putin ordered forces into separatist regions of eastern Ukraine, bringing a long-feared invasion a step closer. Russia is a major energy producer and the tensions over Ukraine have brought wide swings in volatile energy prices, on top of the inevitable risks […]
Category: Oil & Gas
APSRTC to buy diesel from retail outlets
VIJAYAWADA: The Andhra Pradesh State Road Transport Corporation (APSRTC) has decided to buy high-speed diesel from retail outlets from March 1, instead of going for bulk purchases. Addressing a press conference at the RTC House here on Tuesday, APSRTC vice-chairman and managing director Ch Dwaraka Tirumala Rao said the Corporation used to procure HSD for […]
Ukraine situation, crude prices posing challenge to financial stability: FM Sitharaman
MUMBAI: Finance Minister Nirmala Sitharaman on Tuesday said the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India. The two issues were discussed at the meeting of Financial Stability Development Council (FSDC), which comprises all the financial sector regulators, Sitharaman told reporters here.
Hike in fuel prices imminent after polls as crude nears USD100 per barrel
NEW DELHI: Even as the retail fuel prices in India have been unchanged since more than three months, oil price in the international market is soon to touch USD 100 per barrel. In the domestic market, the price of fuel has not been revised for a record 110 days. Many believe the hike is imminent […]
Oil nears USD 100 per barrel: Petrol, diesel price to hike after elections
NEW DELHI: International oil prices surged close to USD 100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine, but petrol and diesel prices in India continue to be on freeze and are expected to rise once assembly elections in states like Uttar Pradesh end. Amid fears of supplies being disrupted […]
Sri Lanka out of cash to buy oil, fuel shortages could get worse: Minister
COLOMBO: Sri Lanka’s state-run petroleum company has run out of cash to buy oil, and fuel shortages across the country could get worse, the energy minister said Friday. Udaya Gammanpila said the loss-making Ceylon Petroleum Corporation (CPC) continued to haemorrhage cash and was out of money to procure supplies from abroad.
Pak PM Imran Khan to visit Russia soon, 2 mega gas pipeline projects on agenda
ISLAMABAD: Pakistan Prime Minister Imran Khan will take up the agenda of two mega gas pipeline projects during his planned first visit to Russia this month for a key meeting with President Vladimir Putin, a media report said on Thursday. Quoting diplomatic sources, The Express Tribune newspaper reported that Pakistan and Russia are expected to […]
Saudi Arabia gives 4 per cent of Aramco worth USD 80 billion to fund
DUBAI: Saudi Arabia said Sunday it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, an infusion valued at nearly $80 billion as the kingdom tries to overhaul its energy-dependent economy. The announcement on the state-run Saudi Press Agency comes as the oil firm is valued at […]
ONGC logs multifold jump in Q3 profit on spike in oil, gas prices
NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported nearly seven-fold jump in third quarter net profit after higher oil and gas prices offset a drop in production. Net profit of Rs 8,764 crore in October-December 2021 rose 596.7 per cent over Rs 1,258 crore net profit in the same period a […]
Lurking danger: Autos continue to ply with old CNG, LPG kits in Hyderabad
HYDERABAD: Though the Union Ministry for Road Transport and Highways is contemplating to allow retrofitting of Compressed Natural Gas (CNG) and Liquified Petroleum Gas (LPG) kits for Bharat Stage VI (BS6) vehicles, thousands of auto-rickshaws plying in the city don’t adhere to the Centre’s norms. While the drivers are not bothered about replacing or recalibrating […]
India exports $21,406 million worth petroleum products in ’20-21
NEW DELHI: India exported around 56,769 TMT (thousand metric tonnes) petroleum products worth $21,406 million in 2020-21 to countries like the United Arab Emirates, Singapore, and China. The minister of state for petroleum and natural gas Rameswar Teli in a written reply to a question in the Rajya Sabha on Monday said that the oil […]
Centre to bring ATF inclusion in GST for discussion in next Council meet: FM Nirmala Sitharaman
NEW DELHI: The Centre will move the issue of bringing aviation turbine fuel (ATF) under the GST net for discussion in the next meeting of the GST Council, Finance Minister Nirmala Sitharaman said on Sunday, while noting that rising global fuel prices are a “concern”. When the GST was introduced on July 1, 2017, amalgamating […]