Berger Paints India Ltd, the country’s second-largest paint manufacturer, does not foresee any significant impact on its profit margins despite the recent surge in crude oil prices, according to a senior company official. Production of paint heavily depends on crude-based derivatives which are used as raw materials. Berger said the current pain is mostly covered […]
Category: Oil & Gas
Brent crude prices hit $97 a barrel as low US crude stock add to supply concerns
Brent crude oil prices have continued their upward surge on Thursday reaching $97 per barrel in morning trade. This represents a 3 per cent increase overnight and a significant 30 per cent rise throughout the third quarter of this year. If this trend continues, it could make the current quarter the most profitable for crude […]
ONGC signs term agreement with HPCL for sale of crude oil from Mumbai offshore fields
State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL — the second such agreement in as many months, as India’s top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly […]
Rising crude oil prices, monsoon cast cloud on economy, says finance ministry report
Rising crude oil prices and deficient monsoon are evolving risks to the economy, a finance ministry report has said. While the oil prices are hovering around $94 per barrel, deficient rainfall has resulted in less acreage sowing of pulses and reservoir levels are low, which would impact the next Rabi crop too. Flagging certain risks […]
Call to impose retaliatory customs duties in bid to fight European Union’s carbon tax
With less than 10 days for the European Union’s carbon tax compliance process to start, trade experts have suggested the country should consider imposing retaliatory customs duties in a calibrated manner on certain EU goods. The government has held industry consultations on the carbon tax but has not indicated the measures to deal with the […]
Russia hits Ukrainian Kremenchuk oil refinery in drone attack, says governor
Russia struck the Kremenchuk oil refinery in the central Poltava region of Ukraine in an overnight drone attack, causing a fire, governor Dmytro Lunin said on Wednesday. Refinery operations have been temporarily stopped, he said on the Telegram messaging app, adding that there was no information about casualties. “Last night, Russians repeatedly attacked the Poltava […]
Brent crude price surges past USD 95 due to production cuts by Saudi Arabia, Russia
Oil prices jumped more than $1 on Tuesday, signalling a fourth consecutive session of gains as weak US shale output compounded supply concerns from extended production cuts by Saudi Arabia and Russia. Global benchmark Brent crude futures were up $1.24, or 1.31 per cent, to $95.67 a barrel by 1308GMT. US West Texas Intermediate crude […]
Fuel prices in Pakistan smash records after caretaker government announce another hike
Pakistan’s caretaker government has announced yet another hike in the prices of petrol and diesel, taking them to a historic high – over Rs 330 per litre – amidst double-digit inflation in the cash-strapped country. The Ministry of Finance on Friday night announced the price hike of petrol by Rs 26.02 and diesel by Rs […]
Nitin Gadkari talks of 10 per cent more tax on diesel vehicles, later clarifies no proposal under govt consideration
Road Transport and Highways Minister Nitin Gadkari on Tuesday spoke of the need to levy an additional 10 per cent tax on diesel-run vehicles to help cut emissions, but later clarified that there was no proposal under government consideration to impose such a tax. Speaking at the annual convention of automobile manufacturers body SIAM, Gadkari […]
State-owned Oil and Natural Gas Corporation to infuse Rs 15,000 crore in OPaL
State-owned Oil and Natural Gas Corporation (ONGC) will infuse about Rs 15,000 crore in OPaL as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm. ONGC currently holds a 49.36 per cent stake in ONGC Petro-additions Ltd (OPaL), which operates a mega petrochemical plant at […]
Narendra Modi government saddles with imported inflation as Brent crude zooms to 10-month high
Bedevilled by high food prices, the Modi-government is now saddled with imported inflation as Brent crude zoomed to a 10-month high of $90.21 a barrel after Saudi Arabia and Russia extended their voluntary supply cuts till December. Analysts said any populist move to cut fuel excise duties before the assembly elections later in the year […]
PM Modi to inaugurate Rs 50,000 crore BPCL refinery expansion project in Madhya Pradesh
Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery at an estimated cost of Rs 50,000 crore in Sagar district in Madhya Pradesh on September 14, a senior official said on Thursday. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and […]