Page 4 - Petroleum Sector

Petrol, diesel to get costlier in K'taka as govt hikes sales tax on fuel

Karnataka government on Saturday hiked sales tax on fuel which will make petrol and diesel costlier. According to official sources, petrol will now go up by Rs 3 and diesel by Rs 3.5 per litre. In a notification issued by the Finance Department, the government has hiked sales tax on petrol by 3.92 percentage points, from 25.92 to 29.84 per cent. On diesel, the hike is 4.1 percentage points, from 14.34 to 18.44 per cent. This notification shall come into force with immediate effect, it said. The decision comes days after the Lok Sabha poll results, in which NDA got 19 out of 28 seats in Karnataka, with BJP winning 17 and JD(S) with 2. The ruling Congress in the state has won nine seats. The move, aimed at resource mobilisation, comes after Chief Minister Siddaramaiah, who is also the finance minister, reviewed the state's revenue generation and fiscal position. During the meeting, the CM asked officials to work harder towards meeting revenue collection targets.

Pak govt announces Rs 10.20 reduction in petrol price ahead of Eid ul Adha

In a major relief for inflation-hit masses in cash-strapped Pakistan, the government has slashed the prices of petrol and high-speed diesel (HSD) by Rs 10.20 and Rs 2.33 per litre respectively ahead of the Eid ul Adha festival. The price cut, effective from Saturday, will bring the price of petrol to Rs 258.16 per litre while the price of HSD will be Rs 267.89 per litre, The Express Tribune newspaper quoted a statement from the Prime Minister's Office on Friday. The Finance Division, which usually reviews the fuel prices every 15 days, issued an official notification for the latest price cuts and said the new prices would be applicable for the next fortnight. The notification said that the Oil and Gas Regulatory Authority (Ogra) had worked out the consumer prices, based on the price variations in the international market. The move to slash the prices of petroleum would benefit the Pakistani people who have been hit by double-digit inflation. Pakistan has been hit by inflation of ab

Agreement with IMF for fresh loan expected next month: Pak Finance Minister

Pakistan's finance minister Mohammad Aurangzeb on Thursday said an agreement to secure a fresh loan to address the country's economic woes is expected to be reached with the International Monetary Fund next month. Aurangzeb, while addressing a post-budget press conference here, a day after unveiling the Rs 18,877 billion budget, announced that negotiations with the IMF were underway and going in the right direction. I don't want to say anything in finality other than the fact that it's (IMF talks) moving positively, he said and expressed hope that a staff-level agreement (SLA) is expected in July too. He, however, declined to talk further on the topic of SLA. The budget, which many believe is designed to meet IMF requirements for securing another USD 6 billion to USD 8 billion loans under the medium-term Extended Fund Facility (EFF), marks a 25 per cent increase over the outgoing fiscal year's outlay. The government has proposed historically-high additional taxes through various .

CIPL bags Rs 114 crore IT infra maintenance project from Indian Oil

Technology solutions company CIPL on Wednesday said it has secured a Rs 114-crore project from Indian Oil Corporation Limited (IOCL) for the comprehensive maintenance of IT infrastructure of the public sector petroleum major. The contract will be carried out over a period of three years, starting from June 2024 and ending in May 2027. "Corporate Infotech Pvt. Ltd. (CIPL) has secured a landmark contract from Indian Oil Corporation Limited (IOCL) for the comprehensive annual maintenance of IT infrastructure across all divisions of the state-owned company," CIPL said in a statement. As part of the contract, CIPL will deploy more than 400 engineers to manage the regular maintenance of IT infrastructure across 131 locations of Indian Oil nationwide. "The contract, valued at Rs 114 crore, pertains to annual maintenance and Facility Management Services (FMS) for all divisions of Indian Oil across the country," the statement further said. Noida-based CIPL has earlier served several PSUs .

Govt cuts windfall tax on petroleum crude to Rs 5,200 per MT from Rs 5,700

The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel

Oil India Q4 results: Net profit rises 18%, 1:2 bonus share announced

The Oil India board has recommended an issue of bonus shares in a 1:2 ratio, subject to the approval of shareholders

Nayara Energy reports 48% jump in petrol sales in Q1, exports drop

Nayara Energy, India's largest private fuel retailer, posted a 48 per cent jump in petrol sales in the first quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the January-March quarter, Nayara sold 70 per cent of all petroleum products it produced at its Vadinar oil refinery in Gujarat in the local Indian market, a company statement said. "Nayara Energy is primarily focused on catering to the growing demand of petroleum products in India through institutional business, sales to other oil companies and through its own retail chain," it added. Driven by its missive of 'In India, For India', the firm posted robust 24 per cent year-on-year growth in domestic retail sales and a 12.5 per cent rise in institutional sales, the statement said, without providing more details. Petrol sold locally rose to 0.89 million tonnes in the first quarter of 2024 from 0.60 million tonnes in January-March 2023. Diesel sales were almost flat at 1.7 .

'Reliance buys its first Canadian crude from Trans Mountain pipeline'

Reliance joins a growing group of Asian refiners in buying Canadian crude to be exported from the new pipeline which is scheduled to start transporting oil in May

Poor storage infra at OMCs hurting supplies, say grain ethanol makers

Ethanol is produced largely from sugarcane-based molasses or grain-based sources as feedstock in India

Govt raises windfall tax on petroleum crude to Rs 9,600 per MT from Apr 16

The tax, which is revised every fortnight, will remain unchanged at zero for diesel and aviation turbine fuel

Petregaz India commissions its Rs 600 cr LPG import and storage terminal

Petregaz India, a subsidiary of Petredec Group has commissioned its new state-of-the-art LPG Import and Storage Terminal that has been set up at an outlay of Rs 600 crore, the company said on Saturday. The new facility located within the Adani Krishnapatnam Private Port at Krishnapatnam in neighbouring Andhra Pradesh would benefit private marketers as well as residential, commercial, industrial, and automotive consumers. The newly commissioned facility, with an investment of Rs 600 crore, enables Petregaz to deliver cost-effective, and dependable solutions to LPG marketers, the company said in a statement. With an annual capacity of over 1.5 million metric tonnes, the facility has excellent road connectivity to the hinterland of Tamil Nadu, Telangana, Karnataka, and Andhra Pradesh. The terminal also has two refrigerated storage tanks, a modern jetty with no congestion and capable of berthing all types of LPG vessels, 16 truck loading bays among others. "Government-run oil companie

Brent crude hovers around $90 a barrel as inflation concerns persist

Brent crude futures were down 44 cents to $90.04 a barrel at 1321 GMT, while US West Texas Intermediate crude futures lost 58 cents to $85.63 a barrel

Mundra Petrochemicals places chlor-alkali project order with Nuberg

Nuberg company executives said the project was awarded in March this year and will be completed over the course of the next 15 months

Smallcap stock zooms 10% as SBI MF buys 3% stake; HDFC MF holds 7% equity

Among non-promoter public shareholders, HDFC Mutual fund (via HDFC Balanced Advantage Fund) held 7.4 per cent stake in Savita Oil, according to data on BSE

Pak govt to 'vigorously' seek US waiver for Iran pipeline project: Minister

Pakistan has decided to plead "vigorously" and seek exemption from potential US sanctions against the planned construction of a multi-billion dollar pipeline to import cheap gas from neighbouring Iran, the petroleum minister has said, asserting that it "can't afford sanctions" on the project. Minister for Petroleum Dr Musadik Malik said that the government would seek exemption from US sanctions for the multi-billion-dollar Iran-Pakistan (IP) gas pipeline project, the Dawn newspaper reported. We will seek exemption from US sanctions. Pakistan cannot afford sanctions in the gas pipeline project, he told journalists during an informal chat on Monday evening. The development came after US Assistant Secretary of State for South and Central Asia Donald Lu said at a congressional hearing that Pakistan had so far not sought exemption for the 1,150-kilometre gas pipeline. Malik said the government would "plead vigorously" Pakistan's case for the waiver on technical, political and economic .

City-gas distribution entities lag on minimum work programme: PNGRB

Authorised CGDs have provided half of their targeted PNG connections to households

Govt hikes windfall tax on petroleum crude to Rs 4,900 per tonne

The new rates will be affective from Saturday, according to a government notification released on Friday

Oil marketing companies cut petrol, diesel prices after 22 months

Both petrol and diesel to be cheaper by Rs 2 in Delhi from Friday

Gaining momentum: Petro product exports fire up after fall in January

In Feb, country regains market share in diesel shipments, India's most-valued export to Europe, putting a check on US expansion

Russia's move to ban petro exports for six months not to affect India

Russian media on Tuesday reported that the country has accepted proposals to implement the ban to meet the rising domestic demand