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Union Minister of State for Petroleum and Natural Gas Suresh Gopi on Sunday said fuel prices would be reviewed based on the availability of crude oil supplies. Replying to reporters' questions on a possible revision in fuel prices, Gopi said the situation would be assessed based on crude oil supplies. "Let us see the supply of crude oil. We have the minister concerned, Hardeep Singh Puri. Let it come," he said. He also asked reporters whether they had the role of a supervisory ministry. Fuel prices, including petrol, diesel and LPG, have witnessed hikes in recent weeks. The increase followed disruptions in crude oil and natural gas supplies linked to the ongoing conflict in West Asia. PTI TBA.
As India battles soaring energy import costs and a weakening rupee amid global oil turmoil, a Monaco-based fuel technology company says it may have found an answer hiding in plain sight: water. FOWE Eco Solutions, through its patented Cavitech fuel emulsion technology, claims industries can slash fuel consumption by up to 10 per cent, reduce harmful emissions dramatically, and improve equipment performance - all without modifying engines or shutting plants down. The pitch comes at a critical time for India. The country imports nearly 88 per cent of its crude oil needs, while state-run oil firms are reportedly bleeding Rs 1,000 crore a day to shield consumers from global price shocks. Prime Minister Narendra Modi has also publicly urged industries to conserve fuel as a national economic priority. Now, FOWE says its technology can do exactly that. At the heart of the system is a fuel-oil-water emulsion created using Controlled Cavitation Technology (CCT), which disperses microscopic
Oil Minister Hardeep Singh Puri On Tuesday assured that there is no fuel supply issue and said the government has ramped up LPG production from 35,000-36,000 tonnes/day to 54,000 tonnes amid West Asia conflict. Speaking at the CII Annual Business Summit, Puri said there is no LPG supply issue and the country has 69 days of crude oil, LNG stock and 45 days of LPG stock. "LPG production has been ramped up from 35,000-36,000 tonnes/day to 54,000 tonnes amid West Asia conflict," he said. The Oil Minister said PM Narendra Modi's austerity appeal should be taken as a wake up call and urged to start thinking of "measures" to lessen fiscal strain from West Asia conflict. "PM Narendra Modi's austerity appeal is a wake up call to start thinking of measures to lessen fiscal strain from West Asia conflict," Puri said at the summit. Modi on Sunday called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy. Addressing a
About Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks. That's the cost that state-owned oil firms incur for insulating Indian consumers from the global energy shock but ever-widening losses are now raising questions on how long they can continue bearing the cost without financially capitulating. Since the war broke out in the Middle East 10 weeks ago, state-owned oil marketing companies (OMCs) have ensured uninterrupted supplies of petrol, diesel and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases. This has resulted in the three OMCs - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - running record high under-recoveries (the difference between cost and retail selling price), two sources with direct knowledge of the matter said. The combined under-recovery on petrol, diesel and cooking gas LPG is Rs 1,6