New Delhi: IGL is considering raising the price of CNG as a sharp decline in sales due to the lockdown has proven inadequate to cover operational costs and additional expenditure incurred to make stations corona-ready. Sources told TOI the company was not looking at raising the price of PNG (piped natural gas). But continued under-recovery Read more

Petrol and diesel consumption in Telangana is on revival course, presumably faster than anticipated, as COVID-19-triggered-lockdown and restrictions that severely impacted the offtake are being relaxed. ‘It is pretty good now’ is how R. Sravan S. Rao, executive director and State head of the Indian Oil Corporation (IOC) for Telangana and Andhra Pradesh, sought to Read more

The oil industry expects fuel demand to start limping back to the pre-Covid period from this month with the relaxation in lockdown and increased movement of vehicles across the country. Analysts said a change in lifestyle would lead to people preferring personal vehicles to public transport, which would spur fuel demand and boost vehicle sales. Read more

BHUBANESWAR: Participation of women in organised discard and aggregation of used cooking oil from kitchens across the country will give a major boost to government’s initiative of converting waste to fuel and promote healthy eating in Indian homes, said Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan on Saturday. Attending a webinar on Read more

Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 36 cents, or 1%, to $34.93 a barrel by 0106 GMT and U.S. West Texas Intermediate crude was at $33.20 a barrel, down Read more

NEW YORK: Oil futures dipped and then bounced to trade around even on Thursday after US crude and distillate inventories rose much more than expected, with traders also worried that China’s new Hong Kong security law could result in trade sanctions. The US Energy Information Administration (EIA) said crude inventories rose 7.9 million barrels in Read more

When consumption of transport fuels collapsed this year because of the coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s margins for a while, a combination of rising crude costs and still weak end-user demand are starting Read more

It’s more than a month since the oil markets sunk to a nadir in the mother-of-all market routs. Since then, oil prices have staged an impressive recovery, especially from WTI’s negative trade zone visited on April 20. There’s real optimism in the air with the formidable headwinds of a massive supply glut and limited storage Read more

LONDON/MOSCOW/DUBAI: Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, agreed Read more

Commercial oil inventories in the U.S. last week rose 7928 thousand barrels – up to 534,422 million barrels, according to the weekly report of the U.S. Department of energy. Inventories of gasoline decreased by 724 thousand barrels and amounted to 255 million barrels, according to Bloomberg. Commercial distillate stocks rose 5495 thousand barrels to 164,327 Read more

Iraq’s oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC’s second-largest producer agreed to stringent new OPEC+ cuts. The total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019, Iraqi sources told Read more

Be ready to face up to ₹4-5 per litre increase in the pump price of petrol and diesel next month with public sector oil marketing companies bracing up to restart daily price revision of the two petroleum products after the lockdown is lifted in June. Official sources in public sector oil marketing companies said that Read more

SINGAPORE, The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the Read more

Operational flexibility to shift from the domestic to export market and higher petrochemical production helped Reliance Industries (RIL) to operate at 90-100 per cent capacity even amid the lockdown in April and May. In comparison, large public sector refiners operated at a combined average capacity of 59 per cent in April. RIL produced more chemicals Read more

The government has slapped a USD 520 million (around Rs 3,941 crore) demand notice on billionaire Anil Agarwal’s oil and gas unit Cairn after an audit found alleged discrepancies in cost recovery in the Rajasthan oil and gas fields operated by the company, sources said adding the firm has disputed the demand and initiated arbitration Read more