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…

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…

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…