Category: Oil & Gas

A fire broke out at the Guru Gobind Singh Refinery in Bathinda district on Friday morning. It led to panic amongst residents of nearby villages as smoke engulfed the sky over the refinery but the fire was soon brought under control by the refinery’s firefighting department. No casualties or injuries were reported as per refinery’s […]

In a bid to go for additional resource mobilisation, the Punjab Government has decided to impose an additional duty of Rs 0.90 per litre on Value Added Tax (VAT) for both petrol and diesel, making retail fuels expensive for the common man.

Adani Group’s market losses swelled to more than $100 billion and sparking worries about their potential systemic impact on Thursday a day after its flagship company abandoned a $2.5-billion stock offering.

Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Brent crude fell $1.05 to $78.30 a barrel by 1020 GMT. — Reuters

The European Union tentatively agreed to a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. After a last-minute flurry of negotiations, the EU presidency, held by the Czech […]

The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel. The tax on crude oil produced by firms such as ONGC has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne. The government also cut […]

India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs, a top official said ahead of EU restrictions on Russian oil kicking in.

The growth rate in the production of eight key sectors slowed down to a 20-month low of 0.1 per cent in October on account of contraction in the output of crude oil, natural gas, refinery products and cement, according to the official data released on Wednesday.

GAIL (India) Ltd on Friday reported a 46% drop in its September quarter net profit as supply disruptions from Russian’s Gazprom hurt business. Net profit stood at Rs 1,537.07 crore compared to Rs 2,862.95 crore in the same period a year ago.

The government on Wednesday hiked the price of ethanol used for blending in petrol as it looked to raise the doping quantity to cut India’s reliance on imported oil. The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, raised the price of ethanol from all three varieties, Oil Minister Hardeep Singh […]

The government on Saturday hiked windfall tax on domestically produced crude oil by more than a third while doubling the rate on export of diesel and re-introducing the levy on overseas shipment of jet fuel (ATF) in line with rise in international oil prices. The tax on crude oil produced by firms such as state-owned […]

Aiming to compensate for under-recovery made by the public sector oil marketing companies (OMCs) on account of the sale of LPG, the government today sanctioned a one-time grant of Rs 22,000 crore to them. Briefing media about the decisions of the Union cabinet, which was chaired by Prime Minister Narendra Modi, Information & Broadcasting Minister […]