Page 5 - Petroleum Sector

Russia puts six months ban exports of gasoline with effect from March 1

The ban, first reported by Russia's RBC, was confirmed by a spokeswoman for Deputy Prime Minister Alexander Novak, President Vladimir Putin's point man for Russia's vast energy sector

Crude imports hit 21-month high in Jan on strong industrial activity

India's fuel consumption rose 8.2% year-on-year last month, government data showed earlier this month

Govt hikes windfall tax on petroleum crude to Rs 3,300 a tonne from Feb 16

It will also increase a windfall tax on diesel, that had been reduced to zero, to 1.50 rupees a litre, the order showed

Foreign players eye strategic petroleum storage reserves in Mangaluru

With this, the entire Mangaluru Strategic Petroleum Reserve (SPR), which includes two caverns of 0.75 million tonnes capacity each, will be leased out

11 urea companies to get Rs 500 crore on settling gas marketing issue

The marketing margin is charged by gas marketing companies from consumers over and above the cost of gas for taking on the additional risk and cost associated with the marketing of gas

Sluggish participation by foreign companies lowers oil revenue estimates

The budget estimates revenue collection from the Petroleum sector at Rs 14,922 crore

Indian petroleum export earnings hit as Red Sea conflict intensifies

Petroleum product exports contributed $57 billion to India's coffers in fiscal 2022/23, around 12.7% of India's total exports by value

Govt cuts windfall tax on crude petroleum to Rs 1,700 a tonne effective Tue

On Jan. 2, the government had lifted the windfall tax on petroleum crude oil to 2,300 rupees a tonne from 1,300 rupees a tonne

Interim Budget 2024-25: OilMin bats for retaining energy transition fund

Rs 30,000 cr was announced in last year's Budget but never disbursed

Energy security: India considering options for strategic petroleum reserves

India's plans to replace most petrol vehicles with electric ones may fall well short of the target, forcing the country to continue depending on crude oil

Refined petroleum products export rise 32% to 5.6 MMT in November: PPAC

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

The oil factor

In spite of global uncertainties, India's oil economy offers an opportunity to usher in reforms in the petroleum sector

Petroleum Ministry has given nod to import Venezuelan crude: Officials

Puri says India open to importing from any country not under sanctions

Gas firms seek price deregulation as city distribution targets fall behind

Regulator warns them of losing bank guarantees as investors show little interest in gas economy

Street remains optimistic about further gains in oil-marketing companies

The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices

Indian Coast Guard, ports, firms discuss readiness for oil spill disasters

Director General of the Indian Coast Guard, Rakesh Pal chaired the 25th meeting of the National Oil Spill Disaster Contingency Plan (NOS DCP) in Gujarat's Vadinagar coast

Failure to meet household gas demand will have consequences, says regulator

In many cases, connections have been provided, but the gas flow has not been initiated, the Chairman of Petroleum and Natural Gas Regulatory Board said

Amid slump in economy, Pak's petroleum division notifies hike in gas prices

Regarding the significant increase in petrol prices for domestic, export and non-export units, CNG, cement and other industries, the Petroleum Division released a notification

India begins producing 'reference' fuel, joins select league of nations

India on Thursday began producing 'reference' petrol and diesel, joining a select league of nations that produce the highly specialised fuel which is used for testing automobiles. Launching the fuel, Oil Minister Hardeep Singh Puri said the start of production of 'reference' fuel is another step towards Aatmanirbhar Bharat (self-reliant India) as it will end imports. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India. For decades, India has relied on imports to meet the demand for these specialised fuels. But now, Indian Oil Corporation (IOC) has indigenously developed products that will replace imports, ensuring a reliable supply at a much lower cost for vehicle manufacturers and testing agencies. Puri said there are only three suppliers of reference fuel in the world including US giant

IOC starts producing 'reference' petrol, diesel for testing automobiles

Indian Oil Corporation (IOC) has begun producing specialised 'reference' petrol and diesel, which are used for testing automobiles, for the first time in India, sources said. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India. For decades, India relied on imports to meet the demand for these specialised fuels. But now, IOC has indigenously developed products that will replace imports, ensuring a reliable supply at a much lower cost for vehicle manufacturers and testing agencies, sources said. Fuel retailers like IOC sell petrol and diesel of primarily two kinds - regular and premium, through their fuel station network. The biggest difference between the normal and premium fuel lies in the octane number. The regular fuel boasts an octane number of 87, but premium fuel has an octane number