Page 3 - Petroleum

Government extends timeline for submitting bids for OALP Round-VIII

Since March 30, 2016, seven rounds of Open Acreage Licensing Programme (OALP) have been completed

Cash sales at petrol pump spike to 90% as people rush to use Rs 2,000 notes

Cash purchase of fuel at petrol pumps using Rs 2,000 notes has spiked to almost 90 per cent of daily sales as buyers rushed to tender the withdrawn currency notes. Petrol pump dealers said cash sales before the surprise announcement on Friday of the withdrawal of the Rs 2,000 note was only 10 per cent, but now customers were using the withdrawn note to make small purchases of Rs 100/200, expecting petrol pumps to return change. They have now asked the Reserve Bank to instruct banks to provide enough small denomination notes to help serve customers smoothly. "Majority of the customers are trying to use Rs 2,000 notes even for small purchases of Rs 100-200 and are expected change from the petrol pumps and hence the petro outlets are extremely short of change across the country," All India Petroleum Dealers Association president Ajay Bansal said in a statement. It said the petrol pump dealers have been requesting customers to use the card or digital payment for fuel purchases. "Befor

India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero

Prior to this, the government announced the reimposition of the windfall profit tax on domestically produced oil from zero to Rs 6,400 per tonne. The government also scrapped the export duty on diesel

SC directs CPCB to ensure VRS installation at retail petroleum outlets

The Supreme Court on Tuesday directed the Central Pollution Control Board to ensure all retail petroleum outlets located in different cities having a population of more than 10 lakh and a turnover of over 300 kilolitres a month install Vapour Recovery System (VRS) mechanism within the fresh timeline prescribed by the CPCB. VRS is process which can arrest the release of harmful organic compounds from petroleum products. A bench of Justice Sudhanshu Dhulia and JB Pardiwala, while disposing of a batch of appeals filed by Indian Oil Corporation Ltd and others against an order of the National Green Tribunal, said the VRS mechanism shall be installed within the fresh timeline as prescribed by the CPCB in its June 4, 2021 circular. "The CPCB shall ensure that all the retail petroleum outlets located in different cities having population of more than 10 lakh and having turnover of more than 300 KL/Month shall install the VRS mechanism within the fresh timeline as prescribed in its circular

Capital expenditure by CPSEs at 68% of FY23 target by December

Petroleum CPSEs and National Highways Authority of India (NHAI) have so far driven the capex among CPSEs

India raises windfall tax on crude oil, diesel and aviation turbine fuel

It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said

Extensive exploration programme to find minerals stepped up in Rajasthan

Additional Chief Secretary (Mines and Petroleum) Subodh Agarwal said each part of the state was rich in some mineral

Mineral production increases by 4.6% during September: Ministry of Mines

The index of mineral production of mining and quarrying sector in September 2022 at 99.5 was 4.6% higher as compared to the level in March 2021

What is coal gasification and why is India investing in it heavily?

On Novemebr 3, Union Finance Minister Nirmala Sitharaman launched the biggest ever coal mine auction of 141 mines in India

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Reliance Industries to demerge and list financial services business

Shareholders of RIL will receive one equity share of JFS of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL.

Biden open to new Strategic Petroleum Reserve sale as last tranche released

President Joe Biden will announce the plan Wednesday, senior administration officials told reporters Tuesday evening on condition of anonymity to preview his remarks

OIL interested in picking up petroleum mining lease in Jaisalmer, Bikaner

OIL produces heavy oil and natural gas at Tanot Dandewala and Baghewala in the state, and is exploring PML for five more locations in the state.

Fuel sales soar 22%-26% in Oct on festive season demand: Industry data

India's fuel sales soared in the first half of October with an across-the-board surge in transportation fuel demand on the back of the economic activity picking up as festival season kicked in, preliminary industry data showed. Petrol and diesel sales jumped 22-26 per cent year-on-year while also rising month-on-month in the first half of October. Petrol sales soared 22.7 per cent to 1.28 million tonne during October 1-15 when compared to 1.05 million tonne of consumption in the same period last year. Sales were 31 per cent higher than COVID-marred first half of October 2020 and 33.4 per cent more than pre-pandemic October 1-15, 2019. Demand was 1.3 per cent higher than the first half of September 2022. Diesel, the most used fuel in the country, posted a near 27 per cent rise in sales in the first fortnight of October to 3.08 million tonne when compared to the same period last year. Consumption was up 16 per cent over October 1-15, 2020 and 26.6 per cent higher than pre-COVID 2019

India will do all that is required to ensure energy security: Hardeep Puri

Reacting to the decision of Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day, Union Minister Hardeep Singh Puri on Friday said India will do all that is required to ensure its energy security and affordability. He said if required, India will go for diversification of energy sources. "This is their (OPEC's) sovereign right what they want to do but equally it is my job to point out that all actions have consequences, intended or unintended. India will be able to navigate through the situation with confidence," the petroleum and natural gas minister said at GEO India 2022 conference here. "We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said. Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in next 20 years will be from India. Therefore, he said, the prime minister took the .

Results preview: Order-book booster to stay for capital goods firms

Key monitorables include tender pipeline and emerging supply-chain scenario, say analysts and players

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

India's fuel demand slips to 10-month low in September: Government data

India's monthly fuel demand in September was at the lowest since November 2021, government data released on Friday showed

US imposes sanctions on many companies for shipping Iranian petrochemicals

The US on Thursday imposed sanctions on several companies including those based in China, Hong Kong, India and the UAE for facilitating financial transfers and shipping of Iranian petroleum and petrochemical products. The US is taking further action to disrupt efforts to evade sanctions on the sale of Iranian petroleum and petrochemical products, Secretary of State Antony Blinken said. Specifically, the Department of State is imposing sanctions on two People's Republic of China (PRC)-based entities: Zhonggu Storage and Transportation Co Ltd, which operates a commercial crude oil storage facility for Iranian petroleum that provides a vital conduit for the Iranian petroleum trade, as well as WS Shipping Co Ltd, the ship manager for a vessel that has transported Iranian petroleum products, he said. The Department of the Treasury is also designating eight entities for their involvement in Iran's petrochemical trade. These entities are based in Hong Kong, Iran, India, and the United Arab

Investments taking shape ahead of Rajasthan summit; 3k delegates may join

Around 2,000 people have got direct employment while conditions for indirect employment have been made