Category: Oil & Gas

The government has brought forward the target date for achieving 20 per cent ethanol-blending with petrol by two years to 2023 to help reduce India’s dependence on costly oil imports, according to an official notification. Last year, the government had set a target of reaching 10 per cent ethanol-blending in petrol (10 per cent of […]

Oil prices rose on Tuesday, with Brent hitting $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the US. Prices were also boosted by Chinese data showing that the country’s factory activity grew at its fastest this year in May. Brent crude futures for […]

Petrol price on Saturday crossed the Rs 100-a-litre mark in Mumbai after the 15th increase in fuel prices this month. Petrol price was increased by 26 paise per litre and diesel by 28 paise a litre, according to a price notification of state-owned fuel retailers. The increase — 15th this month — took petrol and […]

A day after holding back a hike, the oil marketing companies (OMCs) on Tuesday increased the pump price of petrol and diesel across the country with global oil showing signs of firming amidst reports that Iranian oil may not hit the markets soon. Accordingly, petrol prices increased by 23 paise per litre to Rs 93.44 […]

Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday reported a better-than-expected net profit of Rs 8,781.30 crore in the March quarter, helped by a surge in refining margins as higher crude prices boosted the inventory value. Standalone net profit in January-March was at Rs 8,781.30 crore, or Rs 9.56 a share, compared […]

Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and US economies offset concern over spreading coronavirus cases in Asia. The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. — Reuters

Petrol price on Tuesday crossed Rs 99 a litre mark in Mumbai after oil companies raised petrol and diesel rates on surge in international oil prices. Petrol price was increased by 27 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. The hike – the tenth this […]

India on Monday lost the ONGC Videsh Ltd (OVL)-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. “The National Iranian Oil Company has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in […]

UK’s Cairn Energy has identified $70 billion of Indian assets overseas for potential seizure to collect $1.72 billion due from the government, a move if successful will put India in league with Pakistan and Venezuela that faced similar enforcement action over failure to pay arbitration awards.

Petrol price on Sunday was increased by 24 paise per litre and diesel by 27 paise, pushing rates across the country to record highs and that of petrol in Mumbai to near Rs 99 a litre. This is the ninth increase in prices since May 4 when the state-owned oil firms ended an 18-week hiatus […]

Petrol price on Sunday was increased by 24 paise per litre and diesel by 27 paise, pushing rates across the country to record highs. The increase led to rates in Delhi climbing to Rs 92.58 per litre and diesel to Rs 83.22, according to a price notification of state-owned fuel retailers. In Mumbai, petrol cost […]

As many as 14 users across sectors slugged it on a third party electronic platform for seven-and-half hours to secure natural gas supplies from the eastern offshore KG-D6 block before the oil-to-chemical (O2C) unit of Reliance Industries Ltd bagged most of the supplies, sources said.