Category: Oil & Gas

To avoid energy shortages that would stall economic growth and leave households cold in the winter as Russia weaponises its gas exports, European countries should immediately start rationing use of the fuel, the European Commission said on Wednesday and cut their use 15 per cent until next spring. If the bloc’s 27 member countries agree […]

The Narendra Modi government has slashed the so-called windfall tax on domestic crude oil producers and refiners and withdrawn the Rs 6 per litre levy on petrol exports, less than three weeks after unveiling plans to gouge the petroleum industry’s fortunes and fatten its parlous coffers. The rollback of the levies was designed to head […]

The queues are ubiquitous — and orderly. To get five litres of gasoline, auto-rickshaw drivers wait calmly in line for as long as five days. People have been queuing up for cooking gas, milk powder, and meals at soup kitchens, without fights or friction. Each day, essential workers, in hospitals, sanitation, post offices and banks, […]

Maharashtra government has decided to reduce value added tax (VAT) on petrol and diesel by Rs 5 and Rs 3 per litre respectively, Chief Minister Eknath Shinde said here on Thursday. Shinde informed reporters after a cabinet meeting at Mantralaya that the decision would entail a burden of Rs 6,000 crore on the state exchequer.

The price of a 14.2kg domestic LPG cylinder was around Rs 840 a year ago. Now, it costs around Rs 1,080 in Kolkata, after the latest hike of Rs 50. People already reeling from inflation said the latest hike only sprinkled salt on the wounds already inflicted on them. The inflation hurts more because of […]

Crude oil prices could crash to $65 a barrel by the end of this year and $45 by the end of 2023 if a recession hits the world economy, analysts at Citi said in a report. The benchmark Brent crude is trading at $101.9 per barrel at present, after shooting up to $128 in early […]

The price of cooking gas was hiked by Rs 50 per cylinder on Wednesday, the eighth increase in rates in the last one year that took the cumulative rise to Rs 244 per cylinder or 30 per cent. Non-subsidised LPG now costs Rs 1,053 per 14.2-kg cylinder in the national capital, up from Rs 1,003 […]

Sri Lankan President Gotabaya Rajapaksa on Wednesday said he had a “very productive” conversation with his Russian counterpart Vladimir Putin to negotiate a credit line for purchasing discounted oil from Moscow to “defeat” the worst economic challenges faced by the island nation. During their conversation, Rajapaksa also urged Putin to restart the services of the […]

Bengal’s ruling party Trinamul Congress has targeted Prime Minister Narendra Modi for a hike in domestic cooking gas, saying that people continue to suffer but he does not care. Cooking gas price on Wednesday was hiked by Rs 50 per cylinder, the third increase in rates since May on firming international energy prices. “Domestic 14.2 […]

The gross refining margins (GRMs) of Reliance Industries Ltd will be adversely impacted by $6-7 per barrel, while ONGC and Oil India could see their earnings for 2022-23 getting affected by 36 per cent and 24 per cent, respectively, by the fussilade of oil levies last week. According to Morgan Stanley Research, the higher cess […]

The taxes imposed by the government on domestic crude oil producers and fuel exports are having a soothing effect on bond yields. On Monday, the yields on the benchmark 10-year paper fell to their lowest level since May 27 as the Centre’s move is likely to see its kitty rising by Rs 1 lakh crore. […]

The Centre has tried to head off an avalanche of criticism over its windfall tax on crude oil refiners, which was announced last week, by holding out the possibility of a rollback. The trouble was that it linked the reversal of its sudden executive decision to a near impossible conditionality in the current scenario: that […]