Jet fuel or ATF price on Tuesday was hiked by 16.3 per cent while petrol price was increased by 47 paise per litre and that of diesel by a record 93 paise on the back of firming international oil rates. Aviation turbine fuel (ATF) price was hiked by Rs 5,494.5 per kilolitre (kl), or 16.3 Read more

MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹12000 crore in capital expansion during the current fiscal. The refiner said it has not revised its capex downward despite the covid-19 impact on the company. “We are would be spending ₹12000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing Read more

India aims to double its refining capacity to 450-500 million tonnes (mt) in the next 10 years, said Union petroleum and steel minister Dharmendra Pradhan on Tuesday. The country has already planned the world’s largest refinery in the western coast, on which work will start soon, said Pradhan. The $44-billion west coast refinery project, with Read more

LONDON, Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced. For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and Read more

New Delhi: Crude oil futures on Monday dropped 3.58 per cent to Rs 2,640 per barrel as participants trimmed their positions on weak global cues. On the Multi Commodity Exchange, crude oil for June delivery fell by Rs 98, or 3.58 per cent, to Rs 2,640 per barrel with a business volume of 4,493 lots. Read more

Refiners in the Asia-Pacific region (APR) are showing increased interest in Russian oil Urals in the face of declining offers moderate alternative raw materials from the Middle East due to the OPEC agreement, according to the Agency Argus.Given the limited oil requirements of European companies that are major buyers in the Urals, the APR becomes Read more

Mexican President Andres Manuel Lopez Obrador said on Monday he would sell gasoline to Venezuela for “humanitarian” reasons if asked to, despite U.S. sanctions on the South American country and its state-run oil firm, PDVSA. Lopez Obrador said he had not received such a request from the Venezuelan government. President Donald Trump’s administration wants to Read more

SINGAPORE: World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter Read more

Residents of Baghjan in Tinsukia district of Assam on Monday staged a dharna for six hours demanding immediate compensation to those affected by the blowout and subsequent fire at a Oil India Limited gas well, a day after chief minister Sarbananda Sonowal promised a development package and “maximum compensation” and action against those found guilty Read more

The onslaught of coronavirus is delaying drilling of an exploratory well by India’s ONGC Videsh Ltd, or OVL, at Kanchan under shallow sea block SS-04.The Indian firm has already informed state-run Petrobangla about the novel coronavirus issue and cited it as the cause for delay in initiating the drilling programme. Earlier, a dispute over advance Read more

NEW DELHI: The Andaman and Nicobar (A&N) islands are set go green as state-run NTPC Ltd is poised to call bids to set up a floating micro-liquefied natural gas (LNG) terminal to power the Indian archipelago, said two people aware of the development. Not only will it reduce the carbon footprint by ending the practice Read more

Liquefied natural gas (LNG) terminal owners, state-run GAIL (India) Ltd and Petronet LNG Ltd (PLL), have joined India’s first natural gas exchange that went online on Monday, said Rajesh Kumar Mediratta, director, Indian Gas Exchange. With others such as Manikaran Power, Torrent Power and Adani Gas on board, the exchange will help revive stranded gas Read more

MUMBAI: Alternate channels of cash withdrawals like Aadhaar-enabled Payment System (AePS) and point of sale (PoS) terminals grew faster during the lockdown than traditional ATMs, latest RBI data showed. Data from Reserve Bank of India (RBI) showed that cash withdrawals automated teller machines (ATMs) declined by 47% to 286 million in April. At the same Read more

Union Petroleum Minister Dharmendra Pradhan on Monday said the ministry was considering the bifurcation of GAIL, a step towards bringing transparency to India’s gas market.He also batted for a market-driven pricing mechanism by introducing a new tariff policy for natural gas soon. The government is planning to unbundle GAIL into two companies for gas transmission Read more

Oil was little changed on Friday and logged a first weekly decline since April as new US coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand. Brent settled at $38.73 a barrel, up 18 cents, while West Texas Intermediate (WTI) settled at $36.26 a barrel.   Both benchmarks logged Read more