GUWAHATI: Assam based Numaligarh Refinery Limited (NRL) has resumed work on project worth Rs. 2043 crore. These projects include bio refinery project, Indo-Bangladesh pipeline project and work of an office in Guwahati. Managing Director of NRL S K Barua tweeted, “NRL has resumed works of its capital projects in Assam worth over Rs.2000 Crs observing Read more

Low oil prices are an opportunity for India to stock up on the commodity, and the pumps at Indian Strategic Petroleum Reserves Ltd’s (ISPRL) underground storage caverns are busy. The public sector company’s MD and CEO HPS Ahuja told BusinessLine on Saturday that the country’s storage caverns, in Visakhapatnam, Mangaluru and Padur (Karnataka), which together Read more

New Delhi: India’s shift to improved vehicle emission standards in BS-VI compliant petrol and diesel would have a positive impact on air quality but the improvement will be almost immediate if the shift was to highly clean gaseous fuels such as auto-LPG, the Indian Auto LPG Coalition said Monday. Auto-LPG stakeholders in the country insist Read more

Though price of the Indian basket of crude has fallen 42% since March 16 to $17.66 per barrel, retail prices of petrol (Rs 69.59/litre in Delhi) and diesel (Rs 62.29/litre) have not moved, allowing OMCs to earn more from selling every litre of these fuels.ICICI Securities estimated that gross profit (on retail fuel sales) of Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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, Read more

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 Read more

The world’s third-biggest oil importer, India, saw its imports from OPEC producers slump to a 19-year-low in the fiscal year 2019/2020 ended in March, Reuters reported on Thursday, citing data from trade and industry sources. At the same time, India imported more oil from the United States, the Mediterranean, and Latin America. India’s refiners have Read more

The Delhi High Court has sought the Centre’s response on the Vedanta Ltd plea that the contract to operate Barmer oil block be extended till 2030 without having to pay 10 per cent extra to the government as global oil prices have crashed due to COVID-19 pandemic. Vedanta has contended that if it has to Read more

NEW DELHI – In a major change in stance, the disinvestment department may look at strategic stake sale of smaller public sector companies to larger ones instead of privatising large state-owned companies, two senior finance ministry officials said. With the COVID-19 pandemic and its impact on the stock market, there has been erosion in value Read more