Category: Oil & Gas

Singapore: Indian Oil Corp is seeking up to 48,000 tonne of oil products for delivery over April to May, to plug short-term supply gaps as its Koyali refinery in Gujarat undergoes maintenance, traders said. The state-owned company is seeking 14,000 to 16,000 tonne of 91.5 octane gasoline for delivery into Vizag and Paradeep over April […]

New Delhi: After two consecutive hikes, petrol prices were today cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates. The reduction in rates will be effective from midnight tonight. Prices of petrol in Delhi will be Rs 60 a litre from tomorrow as against the current […]

Locally produced gas in India will cost 8 per cent less during April-September, the government said in a statement on Tuesday, due to a decline in global prices. India in November introduced a new gas-pricing formula and raised the local prices by a third. The formula links the prices of locally produced gas with those […]

TOKYO: Asian purchases of Iranian crude fell by a quarter in February from a year ago, led by big drops in India and South Korea, although the future of Tehran’s oil exports remains murky as it and six world powers race to reach a preliminary nuclear deal. Imports by Iran’s four biggest buyers – China, […]

New Delhi: India halted oil imports from Iran for the first time in at least a decade in March as New Delhi responded to US pressure to keep its shipments from Tehran within sanction limits during the last month of negotiations on a preliminary nuclear deal. Iran and six world powers have ramped up the […]

SINGAPORE: Lanka IOC, the Sri Lankan arm of Indian Oil Corp, is seeking 30,000 tonnes of gasoil and gasoline for delivery in April, a tender document showed on Tuesday. The company is seeking 19,000 tonnes of 0.25 per cent sulphur gasoil, 9,000 tonnes of 92-octane gasoline and 2,000 tonnes of E-3 gasoline, which is an […]

New Delhi: The government has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market in Asia’s No. 3 economy, saying it did not meet the conditions necessary, a source with direct knowledge of the decision told Reuters. Consumption of aviation fuel is set to rise in […]

NEW DELHI: The Centre’s move to reduce natural gas price will change the math for key producers such as ONGC. According to ONGC CMD DK Sarraf, every $1 rise in gas price increases the oil major’s revenues by Rs 4,000 crore and net profit by Rs 2,350 crore. Sarraf said ONGC will prep up for […]

NEW DELHI: Government is likely to exempt oil producers ONGC and Oil India Ltd from payment of fuel subsidy in the fourth quarter ending March 31, a senior Petroleum Ministry official said today. “We have a verbal assurance from the Finance Ministry that upstream companies will not have to bear any subsidy in the fourth […]

New Delhi: In the first ever reduction in domestic natural gas prices, the rates will be slashed by 9 per cent to $4.56 per unit from April 1 to reflect the softening in international prices, benefiting users in the power and fertiliser sectors. The government had in October last year fixed natural gas price at […]

SINGAPORE: Hindustan Petroleum Corp Ltd (HPCL) has sold up to 30,000 tonnes of naphtha for loading over April 3-5 from the eastern port of Vizag to Japan’s Itochu at steep premiums of around $40 a tonne to Middle East quotes, traders said on Friday. This was the highest premium HPCL had got for a naphtha […]

New Delhi: Government is likely to exempt oil producers ONGC and Oil India Ltd from payment of fuel subsidy in the fourth quarter ending March 31, a senior Petroleum Ministry official said today. “We have a verbal assurance from the Finance Ministry that upstream companies will not have to bear any subsidy in the fourth […]