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Hyderabad: In recent times, fuel prices have become rock steady and there was no revision of prices. Does it mean the international crude oil prices have become stagnant? Not necessarily! On the contrary, the crude oil prices are skyrocketing and are almost touching $100 per barrel. Currently, the price is hovering around $96-97, breaching the […]
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The world’s third largest oil importer, India, has decided to release 5 million barrels of crude oil from its strategic reserves in a concerted effort with other major oil-consuming nations such as the US, Britain, Japan, China and South Korea, to bring down global crude oil prices, which breached $85 a barrel mark last month. […]
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New Delhi: India will release 5 million barrels of crude oil from its emergency stockpile in tandem with the US, China, Japan, and other major economies to cool international oil prices, the government announced on Tuesday. This is the first time ever that India, which stores 5.33 million tonne or about 38 million barrels of […]
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Hyderabad: There is a bigger game plan behind the recent decision of the Union Government in reducing the excise duty on petrol and diesel by Rs 5 and Rs 10 per litre respectively. While the reduction is too little and too late considering the astronomical rise in fuel prices in the recent times, the Centre […]
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New Delhi: Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 25 paise as international oil prices neared $80 per barrel mark for the first time in three years. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai. Prices differ from state to state […]
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Vinay Kumar, President of Telangana State Petrol Association, shares that the price hike will continue for a couple of weeks
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The inclusion of the petrochemical-lube integration component comes as part of IOC's strategy to create a building block for future production of niche chemicals.
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According to the commerce and industry ministry data, production of natural gas, refinery products jumped by 25 per cent, 30.9 per cent, respectively.
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Production of petroleum products by Fractionators during April, 2021 was 365.89 TMT which is 5.08 per cent higher than the target for the month.
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India's crude oil production, however, slipped 2 per cent to 2.49 million tonnes as state-owned ONGC and Oil India Ltd (OIL) produced less.
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The expectation for the crude was that it may surge in 2021 on the back of economies recovering as vaccinations tamed the spread of Covid-19.
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This will clear the canal and allow movement on the busiest waterway in the world.
Crude prices fell after rising 4 per cent over the last few days as the blockage was causing $ 9 billion of trade loss every day.
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This meant that the central government continued to levy excise duty, while state governments charged VAT.
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The spike in oil prices comes after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases.
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Nowhere on Earth do pirates strike more often than the Gulf of Guinea, where more than 130 sailors were taken hostage last year.
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Finance Minister Nirmala Sitharaman in her Budget for fiscal year beginning April 1, announced monetisation of oil and gas pipeline assets of IOC, gas utility GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd (HPCL).
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The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
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The production of eight core sectors had recorded a growth of 0.7 per cent in November 2019, data released by the commerce and industry ministry showed on Thursday.
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Saudi Aramco said it was committed to a bumper dividend even as third quarter net profits dropped to 44.21 billion Saudi riyals ($11.79 billion), compared to $21.3 billion in the same period last year
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The production of eight core sectors had contracted 5.1 per cent in September 2019, data released by the Commerce and Industry Ministry showed on Thursday.