Petrol price on Friday was hiked by 56 paise per litre and diesel by 63 paise a litre, taking the cumulative increase in rates to Rs 7.11 and Rs 7.67 per litre respectively in less than two weeks. Petrol price in Delhi was hiked to Rs 78.37 per litre from Rs 77.81, while diesel rates…
Reliance Industries (RIL) rose 1.15% to Rs 1675.35 after the company announced that it has become net debt free. RIL on Friday (19 June) said has raised over Rs 168,818 crore in just 58 days through investments by global tech investors in Jio Platforms (Rs 115,693.95 crore) and through rights issue of RIL (Rs 53,124.20…
India is expected to resume spot imports of LPG in September after clearing the current inventory backlog, as rising LPG production after state-owned refiners ramp up operating rates, and languishing demand from the commercial sector during the lockdown added on to domestic supply, market sources said in the week of June 15. “The LPG market…
Skirmishes at the border between India and China have put the spotlight on state-owned firms. This is because many business leaders have asked for the privatisation of behemoths like BHEL and BEML to enable India Inc to compete with Chinese firms in the capital goods space. The call for privatisation has, however, come at a…
Oil prices rose on Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 78 cents at $41.48 a barrel and West Texas Intermediate crude…
NEW YORK: Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 54 cents at $41.25 a barrel by 11:23 a.m.…
DUBAI: State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis. Like other top oil firms, Aramco has cut capital spending for 2020 after the pandemic brought an unprecedented drop in oil…
NEW YORK (Reuters) – U.S. refiners and other buyers of crude oil are reworking some of their supply contracts to guarantee volumes after many were cut off unexpectedly when a price collapse this spring led drillers to curtail production, sources said. FILE PHOTO: A pump jack is seen at sunset near Midland, Texas, U.S., on…
LONDON/DUBAI/MOSCOW: An Opec+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August. The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises Opec+ and will meet again on July 15, when it would…
CAIRO – Ministry of Petroleum announced achieving a petroleum discovery in the offshore Geisum concession in the south of the Gulf of Suez with shallow waters.The Ministry clarified that the new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70…
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