India’s oil ministry has ordered the diversion of natural gas from industries to the city gas distribution sector to cool CNG and piped cooking gas prices that have shot up by 70 per cent on the use of imported fuel. Natural gas is used to make CNG and cooking gas (LPG). Less than three months after it […]
PSU major Indian Oil Corporation (IOC) will soon conduct a trial run for transporting fuel to Tripura through Bangladesh. During the trial run, the IOC will transport three LPG tankers and seven tankers of petrol and diesel through Bangladesh from Guwahati. Each LPG tanker can transport 17 tonnes of gas, while each oil tanker has the capacity of carrying […]
Sri Lanka has given approval for India’s Lanka Indian Oil Corporation (LIOC) to open 50 new fuel stations as part of efforts to reduce severe shortages that have crippled the island nation. Sri Lanka is caught in its worst financial crisis in more than 70 years as a shortage of foreign exchange has left it struggling to […]
Auto fuel exporters like Reliance Industries will gain as the government limited the windfall tax on such shipments to just Rs 5 per litre levy on diesel in its second review of these taxes introduced on July 1, taking into consideration the fall in their refining spreads. However, it raised the new additional excise duty […]
State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost. According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and […]
Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop by 13.1 per cent to 6.44 million tonnes from 7.39 million […]
Indian Oil Corporation sold petrol at a loss of Rs 10 per litre and diesel at Rs 14 a litre during April-June, leading to the firm reporting its first quarterly net loss in over two years. The nation’s largest oil refining and fuel retailing firm reported a net loss of Rs 1,992.53 crore in April-June […]
Mangalore Refinery and Petrochemicals Ltd is looking to expand its network of petrol pumps in Tamil Nadu, Andhra Pradesh and Telangana, as it looks to tap markets in the vicinity of its refinery, its chairman has said. MRPL’s (Mangalore Refinery and Petrochemicals Ltd) petrol pump network is currently concentrated in Karnataka and Kerala. The subsidiary […]
Saudi Arabia, the leading nation of OPEC+ is expected to price its flagship crude to Asia at a record differential for September even as traders see the scope for a weaker spot market the following month, highlighting a potential turning point for the market. The world’s top crude exporter is expected to price its Arab Light […]
India’s Union Cabinet gave approval to state-owned Bharat Petroleum Corporation Ltd (BPCL) to invest an additional $ 1.6 billion in a Brazilian oil block. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved additional investment by Bharat PetroResources Ltd (BPRL), a wholly-owned subsidiary of BPCL, for the development of the BM-SEAL-11 Concession […]
