NEW DELHI: State-run Oil and Natural Gas Corporation (ONGC) on Thursday reported a nearly 65 per cent jump in net profit for the quarter ended December 31 compared to the same period of the previous year, with higher oil prices offsetting a fall in production. The company recorded a net profit of Rs 8,262.70 crore […]
Category: Oil & Gas
GAIL India given operational creditor status in Alok Industries
Gas-sector giant state-run GAIL India has been given operational creditor status by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Wednesday with regards to the resolution process of textiles player Alok Industries. However, the adjudicating authority Justice Harihar Prakash Chaturvedi noted that while GAIL India will be treated as an OC on […]
Government likely to raise natural gas price by 10 percent
NEW DELHI: In a boost to firms like ONGC and Reliance Industries, the government is likely to raise the price of domestically produced natural gas by over 10 percent to over USD 3.72 per million British thermal unit with effect from April 1, sources in know of the development said. The price of gas produced […]
Jet fuel tax cut to let loose flights over Kerala’s skies
THIRUVANANTHAPURAM: Yielding to pressure from various quarters, the state government decision to cut the jet fuel tax from 28.75 per cent to five per cent at three airports — Thiruvananathapuram, Cochin and Kozhikode — even while keeping it at one per cent for Kannur International Airport, brought cheers to the aviation sector, although the move […]
Ujjwala scheme takes India to second rank in LPG imports
MUMBAI: The Pradhan Mantri Ujjwala Yojana (PMUY) has so far provided over 6.31 crore free LPG connections since its launch, and now the target has been upped to 8 crore connections by March 2020. This has helped the country achieve a LPG coverage of close to 90 per cent, but this has also led to […]
Inventory losses pull down HPCL profit by 82 per cent
NEW DELHI: State-run oil major Hindustan Petroleum Corporation Ltd., (HPCL) has posted an 87.2 per cent drop in net profit during the quarter ended December 31 compared to the same period last year. The decline in earnings was primarily due to a Rs 3,465 crore inventory loss arising from falling crude oil prices, combined with […]
Opposition flags ATF tax relief for Karipur, stages walkout
THIRUVANANTHAPURAM: The main Opposition UDF on Monday accused the state government of adopting a step-motherly attitude towards Karipur International Airport in Kozhikode. Raising the issue in the Assembly, the Congress-led alliance demanded that in line with the decision for the newly-opened Kannur International Airport (KIAL), Aviation Turbine Fuel(ATF) tax at Karipur should be slashed to […]
‘IOC’s Puthuvype storage terminal construction soon’
KOCHI: Putting an end to the uncertainty that loomed over the construction of Rs 715 crore LPG import terminal project implemented by the Indian Oil Corporation at Puthuvype, District Collector K Mohammed Y Safirulla on Monday informed that the construction work of the plant, which had been stopped following protests since February 2017, would restart […]
Oil Exports from Venezuela drop sharply against background of US sanctions: Reports
MOSCOW: The export of oil from Venezuela has been significantly decreasing against the background of US sanctions on the Venezuelan PDVSA state energy giant as well as the growing political crisis in the country, media reported, citing sources familiar with the matter.
LPG price reduced: Subsidised cylinder rate down by Rs 1.46, non-subsidised by Rs 30
NEW DELHI: Domestic cooking gas (LPG) price was cut by Rs 1.46 per cylinder on Thursday, the third straight reduction in a month’s time due to tax impact on the reduced market rate of the fuel.