Page 6 - Petroleum Sector

Cabinet approves expansion of Ujjwala Yojana to 7.5 mn more connections

The decision to expand the scheme was announced last month when the government had slashed the price of cooking gas by Rs.200 for all connections

ONGC to infuse Rs 15,000 cr in OPaL, edge out GAIL to control petchem firm

The ONGC board last week approved a financial restructuring of the petchem firm which had been making losses due to its high debt

Crude oil prices rises to highest in over 7 months on supply worries

Russia, the world's second-largest oil exporter, has already agreed with OPEC+ partners to cut oil exports next month, Deputy Prime Minister Alexander Novak said

Govt exempts LPG imports from agriculture cess effective September 1

The government has exempted imports of LPG, liquified propane and liquified butane from 15 per cent agri cess with effect from Friday. The government had in July imposed a 15 per cent agri cess on imports of these goods. The Finance Ministry in a notification said that imports of LPG, liquified propane and liquified butane have been fully exempted from Agriculture Infrastructure Development cess (AIDC) effective September 1.

Oil down on weak economic data, US Fed chief's speech in spotlight

Brent crude fell 19 cents, or 0.2%, to $83.02 a barrel by 0619 GMT, while U.S. West Texas Intermediate crude dropped 24 cents, or 0.3%, to $78.65 a barrel

Govt eyes ethanol to meet its 5% biodiesel blending target by 2030

Widely used in Europe, biodiesel refers to biodegradable fuel traditionally manufactured from vegetable oils, animal fats, or recycled restaurant grease

Price of petro products in Pak likely to be increased by PKR 20: Report

The price of petroleum products in Pakistan is likely to witness a rise by Pakistani Rupees (PKR) 20 per litre, Pakistan-based ARY News reported citing sources. As per the details, the price of crude oil has increased from USD 86 to USD 91 per barrel due to the rise in petroleum products' global prices. In addition, a premium charge of USD 2 per barrel has been applied to crude oil. The per litre price of both petrol and diesel has increased from USD 97 to USD 102, demonstrating an upward trend, ARY News reported. If these prices persist, the price of petrol could potentially witness a rise of PKR 15 per litre, while the cost of diesel might see a surge of PKR 20 per litre, across the nation.During its tenure, the Pakistan Democratic Movement (PDM)-led government increased the cost of petroleum products and the prices reached as high as PKR 129.25 per litre for petrol, according to ARY News report. Meanwhile, the basic electricity tariff was increased by up to PKR 15.41 per ...

Indian Oil Q1 net profit soars to Rs 13,750 cr as marketing margins improve

This despite a decline in revenue from petroleum and petrochemicals operations leading to lower total revenue compared to Q1 FY23

Centre may begin PLI scheme for chemical, petroleum sector: FM Sitharaman

Finance Minister Nirmala Sitharaman states that India plans to be energy independent by 2047 and achieve net zero by 2070

Pak petroleum dealers threaten strike as govt fails to rise profit margins

The petroleum dealers in cash-strapped Pakistan have threatened to hold a nationwide strike from Saturday as they are dissatisfied with Shehbaz Sharif-led government on its failure to increase their profit margins, a media report said on Friday. Speaking at a press conference here, Pakistan Petroleum Dealers Association (PPDA) Chairman Samiullah Khan, expressed their frustration over the government's inability to raise their profit margin to 5 per cent on the sale of two major petroleum products, The Express Tribune newspaper reported. Currently fixed at Rs 6 per litre (2.4 per cent), the 5 per cent margin would amount to over Rs 12 per litre, given the prevailing petrol and diesel prices of Rs 253/litre and Rs 253.50/litre, respectively, the report said. The latest fortnightly work for determining petroleum product prices, effective from July 16, indicated that the dealers were receiving Rs 7/litre instead of the claimed Rs 6/litre. However, this Rs 7 margin falls significantly sh

Petroleum, petrochemical sector playing pivotal role: Union minister

India is the fastest growing among the major economies of the world and the petroleum and petrochemical sector is playing a pivotal role in this, Union Minister of State for Petroleum and Natural Gas Rameswar Teli said on Wednesday. He also said that Indian Oil's Panipat refinery is going to set up a green hydrogen plant of 7,000 tonnes capacity with an investment of Rs 60,000 crore. These mega projects would speed up the economic development not only in Haryana but in the country, the minister said and added that wherever such complexes are set up, many opportunities for development arise in the surrounding areas. This also helps in providing large scale employment opportunities, Teli said. He was speaking at the silver jubilee celebrations of Indian Oil Panipat Refinery and Petrochemical Complex in Panipat, a Haryana government statement issued here said. The minister said that he is sure that the way the people of Haryana have continuously contributed in the development of the .

Hard to imagine gas-led economy based only on domestic supply: PNGRB Chief

The regulator for the downstream energy sector has pitched an imported gas-based regime

E20 fuel outlets will have pan-India presence by 2025: Hardeep Singh Puri

Petroleum minister Hardeep Singh Puri on Friday said by 2025, the entire country will have special fuel stations retailing E20 petrol, drawing confidence from the faster rollout of such fuel stations. E20 fuel is a blend of 20 per cent ethanol with petrol. The first E20 outlet was opened on February 8 this year -- ahead of the targeted April launch -- and as of now their number has crossed 600 and will cover the entire country by 2025, Puri told the AGM of the industry lobby IMC Chamber through a video message. He also said the ministry will be launching a global biofuel alliance later this month. The minister said ethanol blending in petrol has gone up from 1.53 per cent in 2013-14, to over 11.5 per cent as of March 2023. In volume terms, ethanol blended petrol has increased from 38 crore litres in 2013-14 to 433.6 crore litres in 2021-22. Similarly, he said the number of petrol pumps selling biofuels has increased three-fold from over 29,890 in 2016-17, to more than 67,640. Th

Kuwait crude oil price rises $2.07 to $77.11 per barrel, says KPC

The Kuwaiti crude oil price rose by USD 2.07 during Friday's trading sessions to reach USD 77.11 per barrel, compared with USD 75.04 pb the day before, Kuwait News Agency (KUNA) quoted KPC as saying

Leased petroleum assets under IBC to be exempt from moratorium: MCA

New rule aimed at ensuring national petro assets don't lie idle; petroleum ministry can repossess such assets such as oil wells and give them to another party

"We will see what can be done' says Puri on reducing petroleum prices

Petroleum Minister Hardeep Singh Puri said on Saturday that oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter. He, however, added that he was not in a position to make an announcement on the issue. "As we go along we will see what can be done," the minister told a press conference at the BJP headquarters where he was asked several questions on petroleum prices and whether bringing them down is on the government's agenda. He said state-run oil marketing companies did "okay" in the last quarter. "They have recovered some of their losses. They have been very good corporate citizens. As we go along we will see what can be done," he said. The Narendra Modi-led government has ensured that there is no rise in oil prices since April 22, the BJP leader said and noted that the government will ensure that consumers suffer no hardship. One may like to give everyt

With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to US drivers and helped ease inflation worldwide. The 23-member group is meeting on Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves. Saudi Arabia, dominant among the oil cartel's members, has warned speculators that they might get burned by betting on lower prices. Russia, the leader of the non-OPEC allies, has indicated no change to output is expected. The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers. Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering US President Joe Biden by threatening higher gasoline prices a month bef

Oil slides 4% on worries about US debt ceiling, OPEC+ discussions

Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user

A reality check for Indian oil product exports amid international sanctions

EU's threat to sanction India for exporting petroleum products to its member-nations based on cheap Russian crude will not be an existential risk

Warren Buffett buys another $127 mn worth of Occidental Petroleum stock

Investor Warren Buffett's company bought another $127 million worth of Occidental Petroleum stock over the past week to give Berkshire Hathaway 213.9 million shares of the oil producer. Berkshire's latest filing with the Securities and Exchange Commission late Monday showed that it had bought another 2.2 million Occidental shares. Buffett's Omaha, Nebraska-based conglomerate controls 23.8% of Occidental's stock and holds warrants to buy another 83.9 million shares for $59.62 apiece, but the billionaire recently told shareholders that he has no plans to buy the entire company. Many people like to copy Buffett's moves because of his remarkable track record. Buffett doesn't routinely comment on Berkshire's stock purchases. Buffett has been regularly buying Houston-based Occidental shares since early last year whenever the stock drops below $60. Berkshire's latest purchases were made at prices between $56.34 and $58.52. Occidental's shares were down slightly Tuesday morning at $58.23.