Category: Oil & Gas

State-owned gas transporter GAIL is scouting for oil and gas assets in Russia, shunned by western companies following the sanctions on Moscow for triggering the war in Ukraine. “Why would anyone say no (to Russian assets) if it makes commercial sense,” company chairman Manoj Jain told reporters at a post earnings press conference. Jain said […]

ONGC will invest Rs 31,000 crore over the next three years to explore the Indian sedimentary basin for fuel reserves. “The company has drawn up a comprehensive roadmap to further intensify its exploration campaign, allocating a capital expenditure of about Rs 31,000 crore in the next three fiscal years. This is 150 per cent of […]

Sri Lanka increased fuel and transport prices on Tuesday, a long-flagged move to combat its debilitating economic crisis, but the hikes are bound to exacerbate galloping inflation, at least in the short-term. Power and energy minister Kanchana Wijesekera said in a message on Twitter that petrol prices would increase by 20 per cent-24 per cent […]

The Sri Lankan Cabinet has approved seeking a 500 million dollar loan from the Exim Bank of India for the purchase of petroleum products amid a severe foreign exchange crisis in the island nation. Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces […]

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves. With the second fuel price hike since April 19, now the most-used Octane 92 petrol would […]

Long queues snaked around gas stations in Sri Lanka’s commercial capital and its outskirts on Monday even though the island nation’s government was scrambling to deliver fuel supplies and douse any unrest as it battles a devastating economic crisis. Kanchana Wijesekera, Sri Lanka’s minister for power and energy, said supplies of 95-octane petrol, mostly used […]

Brokerages remain hawkish on the interest rate trajectory with analysts forecasting the Reserve Bank of India (RBI) will front-load hikes — inspite of the expected moderation in prices following the fuel duty cuts last week. With inflation at an elevated level, analysts at the present are more concerned on the extent of rate hikes. A […]

Bond yields may resume their upward journey after the Centre on Saturday slashed excise duties on petrol and diesel. The government reduced the excise duties on petrol by Rs 8 per litre and diesel Rs 6, which it said would reduce revenues by Rs 1 lakh crore. On Sunday, a Bloomberg report said the Centre […]

Under pressure, the government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battering under high fuel prices that has also pushed inflation to a multi-year high. The excise duty cut will translate into a reduction […]

The Narendra Modi government has slashed the excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre in a desperate bid to quell the rising public anger at the surging inflation that has torched kitchen budgets this year. Fuel rates in major cities after excise, VAT cuts Petrol in […]

Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the government’s decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high. On Saturday, the government had announced a […]

The Congress on Sunday asked the Narendra Modi government to stop “fooling” people by projecting what it described as a token reduction in fuel prices as “relief” while petroleum products sold at double the 2014 rates. Congress spokesperson Gourav Vallabh underlined that the price of petrol had been increased gradually over a small period by […]