Category: Oil & Gas

India’s import of cheap Russian oil plunged to lowest in seven months in August as monsoon rains dampened demand, industry data showed. The world’s third largest oil consumer reduced imports from Russia for a third consecutive month in August. It took 1.46 million barrels a day from Russia in August, down from 1.91 million barrels […]

The government has cut the windfall profit tax on crude oil produced in the country to Rs 6,700 per tonne from Rs 7,100 a tonne, a finance ministry notification said. The tax, levied in the form of special additional excise duty or SAED, on the export of diesel was increased to Rs 6 per litre […]

India’s import of cheap Russian oil plunged to its lowest in seven months in August as monsoon rains dampened demand, industry data showed. The world’s third-largest oil consumer reduced imports from Russia for a third consecutive month in August. It took 1.46 million barrels a day from Russia in August, down from 1.91 million barrels […]

Trinamul Congress national general secretary Abhishek Banerjee on Saturday urged people not to vote for the BJP in next year’s Lok Sabha polls, claiming that the cost of one LPG cylinder will rise to Rs 3,000 if the saffron party wins. Banerjee asserted that if the opposition bloc INDIA comes to power in 2024, a […]

India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production, International Energy Agency (IEA) chief Fatih Birol said Wednesday. A swelling population, which has likely already surpassed that of China, is driving demand in the world’s third-largest […]

The driver of a tractor-trailer hauling gasoline lost control on an off-ramp and flipped the tanker truck on its side in a wreck that set it afire and destroyed a section of the East Coast’s main north-south highway, Pennsylvania’s top transportation official said Monday. In the first official accounting of a wreck that threw hundreds […]

Petrol and diesel prices could be cut marginally after more than a year following profits reported by oil marketing companies (OMCs) in the fourth quarter of FY23 as the global crude prices softened. However, motorists would wait to see the first quarterly performance of the current fiscal before they pass on the benefits. The state-owned […]

For most of the last six years, the leaders of Russia and Saudi Arabia worked with each other to control the global oil market during times of war, pandemic and dizzying price gyrations. But their alliance appears to be straining in ways that could help the Biden administration, which was eager to head off another […]

Vedanta Resources, the Anil Agarwal led firm, has repaid $400 million of loans, thereby lowering its gross debt to $6.4 billion. The company said in a statement that it has paid all its maturing loans and bonds due in May and June 2023. According to the company, this has resulted in its gross debt declining […]

Price of commercial LPG, which is used by business establishments like hotels and restaurants, on Thursday was cut by Rs 83.5 per 19-kg cylinder — the third straight monthly reduction, while rates of jet fuel (ATF) were slashed by 7 per cent on softening international oil prices. A 19-kg commercial LPG now costs Rs 1,773 […]

Private refiners are selling petrol and diesel at rates lower than their PSU peers, benefiting from soft crude oil prices and imports of cheap Russian crude. Rosneft-backed Nayara Energy, with more than 6,000 pumps in the country, has reportedly started selling petrol and diesel at Re 1 less than the state-owned retailers — following another […]

India’s top oil and gas producer ONGC will invest Rs 1 lakh crore (trillion) by 2030 on energy transition projects as it targets net zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Monday. The firm joins fellow state-owned oil and gas firms Indian Oil (IOC), Hindustan Petroleum (HPCL), GAIL and Bharat […]