Talking to reporters on a two-day visit to Chhattisgarh, the Minister for Petroleum and Natural Gas, and Steel, Dharmendra Pradhan said LPG prices may come down next month. Replying to a query about the constant rise in LPG prices, Pradhan said, “This is not true that the price (of LPG) is constantly increasing. This month […]
Domestic consumption of petroleum products in January 2020 slipped by 0.6 per cent year-on-year (y-o-y) to 18.4 million tonnes, mostly on the back of lower sales of diesel, bitumen and fuel oil. According to provisional data by the government’s petroleum planning and analysis cell (PPAC), diesel usage dipped 1.9 per cent to 6.9 million tonnes. In […]
India will stop importing thermal coal from Financial Year 2023-24, said Union Minister of Coal and Mines Shri Pralhad Joshi while chairing “Chintan Shivir” – a two day brainstorming session. The session was organized to find a way forward for the coal sector – at Kevadia in Gujarat on 17th and 18th February 2020. “The Shivir […]
Indian solar projects worth US$2.24 billion risk incurring time and cost overruns, including penalties for missing commercial operation timelines, if the coronavirus outbreak continues to impact Chinese solar panel exports, said CRISIL Ratings, an S&P Global company. India sources around 80 per cent of the solar modules it uses from China, as per CRISIL’s analysis. […]
India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017. The demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) […]
A surge in onion prices contributed around 70 basis points to retail inflation that scaled a 68-month peak of 7.59 per cent in January, chief economic adviser Krishnamurthy Subramanian said, stressing that the latest spike in inflation is “transitory” and is substantially driven by volatile vegetable prices and an unfavourable base, reported Financial Express.. He […]
The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall this week as well, as demand in Asia slumps. The coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003. Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to […]
Goldman Sachs downgraded ExxonMobil’s shares to Sell from Neutral, following another disappointing quarter. Exxon reported a drop in profits on Friday for the fourth quarter, weighed down by a deterioration in nearly every segment. Oil prices were weak, natural gas prices fell sharply, while profit margins for refining and petrochemicals also deteriorated. “There’s no doubt that 2019 was a […]
In order to promote green, safe and sustainable mining practices using technology as a tool, Ministry of Coal (MoC) has launched a web portal for star rating of coal mines. Union Minister for Coal & Mines Shri Pralhad Joshi launched this portal in New Delhi which will enable all operational coal mines across India for […]
OPEC’s Joint Technical Committee (JTC) recommended extending the current production cuts through the end of the year while adding an additional 600,000 bpd in reductions. Russia hesitated last week, before signaling some support for additional cuts. Still, nothing has yet been confirmed or approved. OPEC+ had raised expectations of an emergency meeting, rumored to take place as […]
