Page 10 - Petroleum Sector

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

Fuel prices will be raised a day after election results, says P Chidambaram

'A finance minister under Manmohan Singh would in 2022-23 have crafted a Budget emphasising the three Ws - work, welfare and wealth', he said

HPCL shares tumble nearly 5% after Q3 net drops 63% on inventory loss

Net profit in October-December stood at Rs 869 crore, as compared with Rs 2,355 crore for the same period last year

Why India's policy to produce ethanol-blended petrol is short-sighted

The ambitious policy to promote ethanol-blended petrol is politically popular but will be bad for India's food and water security

Economic recovery to stoke demand for petroleum products: A CRISIL analysis

Demand is expected to increase further by 6-8 per cent in FY23, driven by healthy demand growth in the liquid petroleum gas (LPG) and naphtha segments

S African court blocks Shell's offshore seismic survey in legal wrangling

"We respect the court's decision and have paused the survey while we review the judgement," a Shell spokesperson said

Explained: How the release of SPR oil is more politics than economics

India agreed to release 5 mn bbl of crude oil from its SPR at an unspecified time

Govt asks ONGC to consider selling 60% stake in key oil, gas fields: Report

India, the world's third biggest oil consumer and importer, wants to quickly monetise its oil and gas reserves and has been asking ONGC for years to raise production

Fuel pump dealers bleed on sudden excise duty cut on petrol, diesel

Dealers earn a commission of Rs 2.58 a litre on diesel and Rs 3.85 a litre on petrol

Oil India aims to increase crude output by over 30% in FY24: Chairman

In a Q&A, Sushil Chandra Mishra says the company hopes to pay off long-term debt raised for NRL stake buy if crude oil rally sustains

Govt's excise collection on petro products 79% more than pre-Covid levels

The govt's collection from levy of excise duty on petroleum products has risen 33% in the first six months of the current fiscal when compared with last year and is 79% more than pre-Covid levels

Petrol, diesel prices at an all-time high after hike for third straight day

Petrol and diesel prices on Friday touched an all-time high across the country after rates were hiked

Petroleum firms hike price of domestic LPG cylinders by Rs 15

Now, the price of a non-subsidized 14.2 kg domestic cylinder in Delhi will be Rs 899.50, while the new rate of 5kg domestic cylinder stands at Rs 502

Centre-states may discuss early inclusion of natural gas into GST fold

The Centre is likely to initiate dialogue with states for inclusion of petroleum products under the new indirect tax fold.

India begins selling crude oil from strategic reserves in monetisation push

This is being done to make space for HPCL and Mangalore Refinery and Petrochemicals, which will be leasing space in the ISPRL caverns for commercial use

India overhauls petroleum reserve policy to boost private interest: Report

India, world's third-biggest oil importer and consumer, imports over 80% of its oil needs, has built strategic storage at three locations in southern India to store up to 5 million tonnes of oil

Increasing dependence on natural gas comes with supply challenges for India

Dwindling gas reserves and higher demand can put further strain