Petroleum Sector

PNGRB has cut tariff zones to two and will apply the lower Zone-1 rate for CNG and domestic PNG nationwide, reducing delivered CNG prices by Rs 1.25-2.50 per kg and PNG by Rs 0.90-1.80 per SCM

The Centre has amended the Petroleum and Natural Gas Rules, 2025 to ease exploration and production operations, allow longer leases, speed up approvals and raise penalties for violations

Even as gems, jewellery, garments slump under tariff pressure, energy and telecom exports offset broader decline to the US

Earlier, safety regulations in this sector relied mainly on the Factories Act, 1948, which provided a limited, factory-centric approach to hazardous industries

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

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

The reduction in capex, to around $15-17 billion annually between 2027 and 2030, is part of a drive to save $7.5 billion

Major push in gas infra expansion being achieved through state policies, says PNGRB

State-owned fuel retailers reported bumper profits in the June quarter, as a freeze on retail prices boosted petrol and diesel margins, offsetting earlier inventory losses. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) reported a combined profit of Rs 16,184 crore in April-June, the first quarter of FY26 - more than two-and-a-half times higher year-on-year, according to regulatory filings by the companies. Among the three, BPCL led with a Rs 6,124 crore profit, surpassing IOC's Rs 5,689 crore, despite being nearly half its size. HPCL posted a net profit of Rs 4,371 crore in Q1. BPCL also fared well on refining margins, earning USD 4.88 in turning every barrel of crude oil into fuels like petrol and diesel. This was better than the USD 2.15 per barrel gross refining margin of IOC and the USD 3.08 of HPCL. Its refinery run rate at 118 per cent (of installed capacity) was higher than 107 per cent of IOC and 10.9 per

India Saturday forcefully rejected Washington's criticism that it is running a "profiteering scheme" by buying discounted Russian crude oil with External Affairs Minister S Jaishankar asserting that New Delhi's procurement has been in national and global interest. Jaishankar emphatically said that India will continue to take decisions on the matter independently and suggested that the previous US administration was supportive of New Delhi's procurement of Russian energy as it stabilises the oil market. "It's funny to have people who work for a pro-business American administration accusing other people of doing business," Jaishankar said. "That's really curious. If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. But Europe buys, America buys, so you don't like it, don't buy it," he said. His comments at the Economic Times World Leaders Forum came when asked about US officials criticising India on its energy ties with ...

Refuting claims that E20 petrol affects fuel efficiency, the Ministry of Petroleum and Natural Gas highlighted E20 petrol's environmental benefits, improved engine performance

Announces two national tariff zones, new reserve fund to develop pipelines

Lower global crude prices reduced May petroleum export earnings to $3.3 billion even as outbound and import volumes rose and crude processing remained steady

Petrol consumption spiked by about 10 per cent in the first half of May as summer season travel led to a surge in demand for the fuel, according to provisional sales data of state-owned fuel retailers. Petrol consumption rose to 1.5 million tonne during May 1-15 from 1.37 million tonne sales a year back. Its demand was up 10.5 per cent over consumption of 1.36 million tonne in May 1-15, 2023 and nearly 46 per cent higher than Covid-marred first fortnight of May 2021. Diesel sales were up 2 per cent to 3.36 million tonne, the data of three state-owned fuel retailers, who control about 90 per cent of the fuel market, showed. The consumption of India's most used fuel has rebounded since last month. Diesel, the lifeline of transport and rural agri economy, saw just 2 per cent growth in demand in fiscal year ended March 31, 2025. In April, diesel consumption rose to 8.23 million tonne, up nearly 4 per cent over demand in the year-ago period. During May 1-15, diesel sales were 2 per cent

India's diesel consumption rebounded in April, recording a 4 per cent increase in demand after months of low or negative growth, driven by the start of summer season with warmer days and nights. Diesel, India's most consumed petroleum fuel and lifeline of transport and rural agri economy, saw just 2 per cent growth in demand in fiscal year ended March 31, 2024 and no growth at all in the preceding financial year. In April, diesel consumption rose to 8.23 million tonnes, up nearly 4 per cent over demand in the year ago period, according to latest data available from the Petroleum Planning and Analysis Cell of Ministry of Petroleum and Natural Gas. The consumption was 5.3 per cent more than April 2023 and 10.45 per cent higher than the previous Covid-2019 period. Onset of summer triggers rural demand for irrigation as well as for air-conditioning in urban areas. The 4 per cent rise in April 2025 is the highest recorded volume for this month and second highest ever volume in any ...

OMCs to absorb extra cost, retail prices may be cut if global prices remain low, Minister says

(Corrects designation of HMEL's Das to managing director & CEO, not chairman, in paragraph 5)

Rs 5,500 cr Budget provision for ISPRL could be diverted to building SPR facilities or cater to fuel subsidies because India's storages are nearly full

Fuel dealers are responsible for carrying fuel to retail outlets on tankers leased from OMCs

A proposed multi-product petroleum pipeline between India and Sri Lanka will proceed only if economically viable, not based on political considerations, the head of Sri Lanka's national oil company has said. Deliberation on the possible trilateral cooperation between India, Sri Lanka and the United Arab Emirates was held during President Anura Kumara Dissanayake's visit to India last year. Ceylon Petroleum Corporation Chairman W A Rajakaruna told the Daily Mirror newspaper that currently the project is being assessed for its feasibility. "We will assess the project for its feasibility. We will press ahead only if it is feasible. We cannot decide on it over political reasons only," the report quoted him as saying. Rajakurana said he participated in talks about this with President Dissanayake last week. The project is part of the energy connectivity between Sri Lanka and India. There is a proposal for power grid connectivity between the two countries, according to the report. Accor