Daily Archives: April 27, 2020

Oil heads for another weekly slide on coronavirus turmoil

Oil prices rose on Friday, but both the Brent and US benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic. The oil market has experienced unprecedented turbulence since US prices fell into negative territory on…

Russia halves Western sea oil exports in May after OPEC+ deal

Russia plans to halve oil exports from its Baltic and Black Sea ports in May according to the first loading schedule for crude shipments since it agreed this month along with other major oil producers to cut output. According to the schedule seen by Reuters, Russian exports next month from its two Baltic ports and…

PTI govt lifts ban on import of crude oil

ISLAMABAD: The federal government has lifted a ban on import of crude oil and allowed oil refineries to import crude oil in a bid to meet growing demand of petroleum products due to harvesting season. In a letter sent to the Oil Companies Advisory Council (OCAC), the Petroleum Division noted that high demand of petrol…

Govt simplifies oil, gas block processes; provides for self-certification, deemed approval

New Delhi: In perhaps the most far-reaching easing of rules, the government has simplified procedures for oilNSE -2.56 % and gas exploration and production by providing for self certification for a host of compliance, such as a discovery notification and deemed consent for investment in fields in a stipulated time. With a view to make…

Govt distributes 11 lakh free LPG cylinders to Ujjwala beneficiaries in Maharashtra

Indian Oil Corporation Ltd along with other Oil Marketing Companies (OMCs) have distributed more than 11 lakh free LPG cylinders under the Ujjwala (PMUY) beneficiaries under the Pradhan Mantri Garib Kalyan Yojana in Maharashtra, the government said on Sunday. While the nation is under lockdown to fight the COVID-19 crisis, a scheme to provide relief…

Centre to cash in on slump in global crude prices, build up vast reserves

KOCHI: Amid the Covid-19 threat, the central government has decided to store up 5 million metric tonnes (MMT) of strategic crude oil to ensure energy security in these testing times. The oil will be stored at the Strategic Petroleum Reserves (SPR) storages at Vizag, Mangaluru and Padur near Udupi which will ensure uninterrupted fuel supply…

Top rated cos want to defer loan repayments

Mumbai: In an indicator of the cash flow problems faced by industry, a host of blue chips, a couple of triple-A-rated companies and those belonging to top business groups have sought relief on loan repayment. The fact that these companies have availed an RBI-permitted moratorium, where borrowers have to repay all dues in June 2020,…

State tax coffers suffer as demand for fuel dries up

With economic activity at a standstill due to the lockdown, the total taxes collected by the Centre and state governments are bound to be impacted. As state government taxes are more consumption-oriented, they are feeling a greater pinch. Mint takes a look. Why are state govts’ tax collections down? Sales tax/value-added tax (VAT) on petroleum…