Page 10 - Petroleum Sector

India's petrol, diesel sales fall in July as monsoon sets in: Data

Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June. Rains restrict mobility and demand from the farm sector, which uses diesel in irrigation pumps and trucking, also drops with the onset of rains. Diesel demand in July was, however, 17.1 per cent higher year-on-year, supported by strong economic growth and a relatively low baseline for the same period in 2021 when the second wave of COVID-19 had impacted the economy. Consumption of diesel was 32.4 per cent higher than the 4.84 million tonnes demand during July 2020 and 5 per cent more

OPEC secretary-general Mohammad Barkindo dies, just weeks shy of departure

The Secretary-General of the Organization of Petroleum Exporting Countries has died, Nigerian authorities and the oil cartel announced Wednesday.

Oil India, ONGC tank up to 33% in 1 week on windfall tax, fall in Brent oil

Oil India was down 8 per cent at Rs 176, while ONGC shed 6 per cent in traes on Wednesday.

PACS may be allowed by Centre to sell petroleum products, run PDS shops

The Centre has proposed to allow primary agriculture credit societies (PACS) to undertake activities like dealership of petroleum products, running PDS shops, etc

ONGC, Oil India extend fall; tank up to 20% in two days on windfall tax

Brokerage firm Motilal Oswal reiterates its BUY rating with revised target prices of Rs 171 and Rs 364 for ONGC and Oil India, respectively.

Export duty on steel and petro products to hit corporate earnings in FY23

Metals & oil firms together saw profit of Rs 3.05 trn in FY22

RIL-BGEPIL dispute: Govt mulls appealing against English court order

Reliance and BGEPIL on Dec 16, 2010, dragged the govt to arbitration over cost recovery provisions, profit due to the state and amount of statutory dues including royalty payable

Public Sector OMCs in Tamil Nadu to set up 900 e-charging stations

The e-charging station owners want the government to provide more subsidies to those who buy e-vehicles as this would increase the carbon footprint and thereby increase the environmental conditions

Freight rates in May fall but transporters defer fleet expansion plans

Customers pay less after six months for but transport companies feel the pinch of inflation.

Single bid for BPCL wouldn't have helped fetch a better price: DIPAM Secy

Tuhin Pandey says LIC investors should be patient and look at the insurer's long-term prospects

Govt needs to clarify whether it wants oil price control or exports

The consequences of such confused messaging were felt in the lack of bidders for BPCL, forcing Delhi to abandon efforts to privatise the refiner

India set to be leader in green hydrogen: Petroleum Minister Puri at Davos

Union Petroleum and Natural Gas Minister Hardeep Puri said said special emphasis is being given on green hydrogen, biofuel blending and exploration and production of biofuel from alternative sources

Centre asks state-run companies to consider buying Russian oil assets

Oil ministry also asked OVL, the overseas investment arm of Oil and Natural Gas Corp, to consider buying a 30% stake held by Exxon Mobile Corp, in the Sakhalin 1 project in Russia's Far East

Govt doubles gas price to record levels for 6 months; CNG rates may go up

The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.1 per mmBtu from the current $2.90 per mmBtu

Indian Oil to raise petrol, diesel prices by 80 paise per litre from Friday

A litre of petrol will cost Rs 97.81 rupees while diesel will be sold at Rs 89.07 in Delhi

A Rs 12 hike in petrol, diesel price needed to break-even: ICICI Securities

Crude oil prices shot above USD 120 a barrel for the first time in nine years on Thursday before retreating a little to USD 111 on Friday, but the gulf between cost and retail rates has only widened

India to raise fuel prices from next week amid concern over inflation

State oil companies have told the government that they need a price increase of 10-12 rupees per litre for petrol and diesel, an official said

Oil price set to test fresh peaks barring Iran breakthrough

Hitting just under $100 a barrel on Tuesday, international crude prices are still a way off the all-time peak of more than $147 hit in July 2008

India expects fuel demand to grow 5.5% in the next fiscal year: Govt data

Consumption of aviation fuel would likely increase by nearly 50% to 7.6 million tonnes, compared with the revised estimate of 5.1 million tonnes for the year ending March 2022

Oil prices rise after International Energy Agency says market tight

Brent crude futures rose 39 cents, or 0.4%, to $91.80 a barrel at 1015 GMT, while U.S. West Texas Intermediate crude gained 45 cents, or 0.5%, to $90.33 a barrel