Page 6 - Petroleum Sector

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

Boiling crude dry up chance of price cuts from oil marketing companies

Price of Indian crude basket hits 14-month high of $93.5 on September 21

France govt plans to allow selling fuel at loss to curb inflation

"With this unprecedented measure, we will get tangible results for French people without subsidizing fuel," Borne said. She ruled out the government cutting fuel duties

India's exports shrink 6.9% in August; trade deficit hits 10-month high

Govt assures 'greenshoots' are clearly visible

Global Biofuel Alliance can turn India into export hub for SAF: Puri

India has enough feedstock, 1 percent blend will benefit 5 lakh farmers, Union Minister Hardeep Singh Puri told Business Standard

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 .