Oil prices fell on Tuesday amid concerns that a possible rise in COVID-19 cases following the U.S. Labor Day long weekend, which also marks the end of the peak U.S. driving season, could squeeze demand for fuel. Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed, on the holiday weekend […]
Category: Oil & Gas
Oil & Gas
Diesel prices now falling, petrol holds steady across the country
The auto fuel seems to have switched sides over revision in rates with diesel prices now beginning to fall while petrol holding steady. The oil marketing companies (OMCs) on Saturday reduced the pump price of diesel across the country, the second such downward revision this week. In the national capital, diesel prices have fallen by […]
BPCL to offer its employees stock options at a third of market price
State-owned Bharat Petroleum Corp Ltd (BPCL) has offered its employees stock options at one-third of the market price as the company looks to reward staff ahead of its privatisation. The board of BPCL on Friday “approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval […]
Adani Gas hits new high after ICRA upgrades Co’s rating with stable outlook
Shares of Adani Gas hit an all-time high of Rs 201 on the BSE in intra-day trade on Friday after the company said rating agency ICRA has upgraded its long-term rating and re-affirmed the short-term rating with a stable outlook. The stock of Adani Group bounced back 9 per cent from its early morning low […]
Indian Oil Corp’s VLCC catches fire off Colombo, according to sources
A fully loaded oil tanker has caught fire off the east coast of Sri Lanka, which has dispatched an aircraft and two navy ships to help in the rescue, a Sri Lankan navy spokesman said on Thursday. The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), was heading to […]
Diesel demand falls 12% in August as local lockdowns stall economic recovery
Diesel demand dropped 12% in August over the previous month as local lockdowns, high prices and slower economic growth stalled the recovery. Petrol sales, however, grew 5.5% month on month but both fuels remained much lower than the last year’s levels. This is the second straight month of decline – diesel sales dropped 12.5% in […]
BPCL will commission Bokaro LPG bottling plant in December
The Bokaro LPG bottling of Bharat Petroleum Corporation Limited (BPCL) will be commissioned in December this year, a senior company official said. The Bokaro plant will be the first state of art LPG bottling plant in Jharkhand and will have a capacity of over four million cylinders annually, Chief General Manager (Sales) Vijay Tilak said. […]
Petrol price rise for sixth consecutive day, crude oil prices also rise
Petrol prices have been on the rise for the sixth consecutive day on Tuesday, while diesel held on to its price line that it has maintained since July 30. In the international market, crude price has also remained firm hovering over $ 45 a barrel. State-owned oil marketing companies increased the price of petrol by […]
A $91 billion asset manager dumps Exxon Mobile, Chevron over climate policy
Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal. The move by the Oslo-listed company, which has about $91 billion under management, is another illustration of how investors are adjusting to the risks of […]
Petrol prices hiked six times in a week, costs Rs 81.35 a litre in Delhi
State-run oil marketing companies increased the price of petrol for the third consecutive day on Saturday with this it was sixth time that the fuel price was raised in seven days. Petrol prices were raised by 16 paise in Delhi to Rs 81.35 a litre; in Mumbai, it stands at Rs 88.02 a litre. Diesel […]
Oil India logs 2nd quarterly loss in history on slump in oil prices
Oil India Ltd, the nation’s second largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than cost of production. OIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs […]
Petronet net profit slips 7% in Q1 at Rs 520.23 crore, revenue falls 43%
Petronet LNG Ltd, the nation’s largest liquid gas importer, reported a better than expected profitability in the June quarter as its operations had a modest impact of lockdown because of a quick recovery in later part of the quarter. The standalone net profit at Rs 520.23 crore, or Rs 3.47 per share, was 7.1 per […]