Excise duty collections from petroleum products being used in infra development: Minister Nitin Gadkari

Union Minister Nitin Gadkari on Thursday said excise duty collected from petroleum products are being used for infrastructure development and other development items. The road transport and highways minister said this in the Lok Sabha while replying to a question on the impact of rising fuel prices on the logistics cost of transportation in the […]

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Logistics nightmare scuttles ethanol blending programme; targets likely to fall short

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Failing to create adequate tankage for ethanol supplied by sugar producing distilleries, oil marketing companies (OMCs) have started reallocating contracted quantities from several depots, which the distilleries had competed to obtain, to faraway depots in other states. This takes several days, resulting in huge financial losses to the distilleries. In a series of letters exchanged […]

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Oil marketing companies in India hike margins while consumers pay hefty price for fuel: ICICI Securities

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Even as consumers continue to pay higher prices for petrol and diesel, country’s biggest oil marketing companies are expected to reap in higher margins on sale of the two products substantially improving their profitability, claims a report by ICICI Securities. As per oil sector analysts of ICICI Securities, at current retail price of petrol and diesel, OMCs are […]

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Our View – World’s second-largest sugar producer’s ethanol programme has miles to go

India, the world’s second-largest sugar producer, has started inching ahead in a blending program for mixing ethanol with gasoline, after years of little progress. However, a tough battle lies ahead. Currently, the blending percentage in India is hovering around 5.1% and at this pace the final blending rate is expected to be around 5.25% during […]

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India to store crude oil in US and other foreign nations; to create 6.5 million tonnes domestic storage capacity

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Union minister of petroleum and natural gas has invited companies to develop 6.5 million tonnes (MT) of crude storage capacities across the country, as the government eyes to increase crude and petroleum products storage capacity from existing 74 days to 90 days. The government is also exploring overseas crude storage facilities in the US and […]

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Govt-run oil and gas firms set to invest employment-oriented Rs 1.62 trillion this year

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State-run oil and gas firms are set to invest Rs 1.62 trillion in FY21 – including capital expenditure (capex) and operational expenditure (opex) — which is expected to generate employment of 240 million man-days. As many as 8,363 oil and gas projects are already work-in-progress, which will incur capital expenditure of Rs 1.2 lakh crore in FY21. […]

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