Page 5 - Petroleum Sector

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

Petrol, diesel sales fall in first half of Oct ahead of festive season

Petrol and diesel sales fell in the first half of October ahead of the start of festival season that is expected to boost consumption, preliminary data of state-owned firms showed. Last year, Durga Puja/Dussehra as well as Diwali fell in October. This year the festival season, when consumption picks up, starts in the second half of October. Petrol sales by three state-owned fuel retailers fell 9 per cent year-on-year, the first drop in two months. Diesel consumption dropped 3.2 per cent. The decline was largely because of the larger base of last year. Petrol sales dropped to 1.17 million tonnes during the first half of October from 1.29 million tonnes a year back. Sales dropped 9 per cent month-on-month as well. Consumption of diesel, the most consumed fuel in the country -- accounting for about two-fifths of the demand, dropped to 2.99 million tonnes during October 1 to 15 from 3.09 million tonnes a year back. Month-on-month sales were, however, up 9.6 per cent when compared wit

Govt launches 12th round of bidding for city gas distribution in NE states

Natural gas is used for cooking by households as piped natural gas (PNG), and as an auto fuel as compressed natural gas (CNG)

Govt wants Saudi Aramco to develop strategic petroleum reserve: Report

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

Crude prices beyond $100 per barrel to create large, organised chaos: Puri

Previously, Puri underscored the need for oil producers to demonstrate the same consideration for consumer nations as they had received during the pandemic

Govt hikes domestic natural gas prices to $9.20 per mmBTu from Oct 1

The hike in prices is likely to hurt consumers as the gas distribution companies are expected to increase prices of CNG and PNG