Petroleum

The court upheld the Centre's refusal to extend Vedanta's production sharing contract, citing unilateral deductions from the government's share of profit petroleum

Bharat Petroleum Corporation Ltd (BPCL) on Wednesday reported a net loss of Rs 3,962 crore in the June quarter on keeping petrol, diesel and LPG prices way below cost that had soared due to the West Asia crisis. The net loss of Rs 3,962.13 crore in April-June - the first quarter of current 2026-27 fiscal year - compared with a profit of Rs 3,333.97 crore in the same period a year back, according to a stock exchange filing by the company. BPCL and other state-owned fuel retailers - Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) - held petrol and diesel prices steady for two-and-half-months despite a more than 50 per cent surge in prices of crude oil - the raw material for making petrol and diesel - after the US and Israel attacked Iran on February 28 and Tehran retaliated. And when these companies increased prices by over Rs 7.50 a litre in the second half of May, it wasn't enough to cover for the cost. The cooking gas price increase of Rs 89 per 14.2-kg

ONGC has approved a 1.75 MT strategic petroleum reserve in Mangaluru, expanding India's emergency oil storage capacity amid heightened global supply risks

The two countries will cooperate on strategic petroleum reserves, maritime energy transport and upstream investments to strengthen energy resilience amid geopolitical uncertainty

India's merchandise exports rose 18 per cent year-on-year in May to a record-high of $45.20 billion, driven by strong petroleum and engineering goods exports, and recovery in shipments to West Asia

Fisme plans to seek relief for micro and small enterprises, saying new restrictions on diesel purchases from retail outlets could disrupt operations of DG sets

There is no alternative but to give the correct pricing signal to the market and consumers. Appeals and calls for conservation won't work

After more than seven years of delay, Odisha hands over land for Chandikhol oil reserve project, paving the way for construction of a 4 million tonne strategic crude storage facility

HPCL raised premium petrol prices by ₹2 per litre, while regular petrol and diesel rates remain unchanged

Public-sector firm seeks help from Independent MLA to start work

Strategic reserves offer limited cover as shipping disruptions slow the arrival of replacement barrels

US and Israeli strikes that killed Ayatollah Ali Khamenei have deepened open conflict with Iran and rattled West Asia, disrupting sea routes via Strait of Hormuz, fuelling oil price spike

Trump announced a trade deal with India that slashes US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade ​barriers

HPCL's earnings growth is set to accelerate as major projects like Vizag RUF come on stream, capex intensity falls, and operating efficiencies improve despite near-term risks

Petroleum products, and electronic goods are helping India increase its exports to China, with which it has a huge trade deficit of about USD 100 billion, according to the commerce ministry data. India's exports to China rose from USD 9.20 billion in April-November 2024 to USD 12.22 billion in April-November 2025, an increase of 32.83 per cent year-on-year. Petroleum products emerged as the largest contributor in the exports to China. It was followed by electronic goods, marine products, and oil meals, the data showed. "This sharp increase highlights strengthening trade momentum with China, supported by higher demand across key commodity segments and improved export performance over the period," an official said.

Reliance halted Russian oil purchases last month after Russian producers Rosneft and Lukoil were sanctioned by the United States

India's fuel consumption trends diverged in October, with petrol sales rising on festive demand and diesel demand subdued by the growing use of EVs and CNG vehicles in public transport

Oil Secretary Pankaj Jain says India's credibility is at stake if it fails to find a major oil and gas reserve soon, urging faster, technology-driven exploration efforts

The idea is to ensure the country's gas pipeline network is ready for Hydrogen integration, so as to send a clear signal to the industry that this future fuel can be transported to the market

Beginning April this year, Opec+ had been increasing production every month. The latest September production increase fully reversed the 2.2 million bpd voluntary cut