Tag: Petroleum
17 Results
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Mineral Production Records 13.2 per cent Cumulative Growth
The Indian Bureau of Mines has released provisional day which says that the cumulative growth for the period April to February 2021-22 over the corresponding period of the previous year has increased by 13.2 per cent.
April 14, 2022 -
India contemplating to release its petroleum reserve amid Russia-Ukraine conflict
India had formed Indian Strategic Petroleum Reserve Ltd (ISPRL) Company in 2005 with an objective to maintain an emergency fuel reserve of 5.33 Million Metric tons (MMT) to ensure emergency fuel reserve for 10 days.
February 28, 2022 -
COVID-19: Output of India’s eight core industries contracts 23.4 pc in May
During April-May 2020-21, the sector's output dipped by 30 per cent as compared to 4.5 per cent in the same period previous year.
June 30, 2020 -
OPEC members agree on ‘historic’ output cuts amid COVID-19 pandemic lockdown
The agreement between the Vienna-based Organization of the Petroleum Exporting Countries and partners foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.
April 13, 2020 -
Omnipotent commodity
The consumption of oil and natural gas across the world has given rise to unique scenarios in both international politics and national economics.
June 7, 2019 -
As US ends waiver on Iran oil, Amit Shah chairs meet with top ministers on purchase, investment
The meeting gains significance as the Trump administration recently told India, China, Turkey and a few other oil customers of Iran that no waiver on sanctions would be granted to them after 1 May.
June 5, 2019 -
Cult promotion
Among the many excesses of the Emergency for which Indira Gandhi paid a price was an overdose of personality projection, perhaps best articulated by the super-smart assertion of a figurehead of a party president who tried selling the line “Indira is India”. To be fair to politicians, it would be difficult to furnish evidence of …
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August 29, 2018 -
Vehicle owners gripe as petrol, diesel prices hit record high
As petrol and diesel prices touched a new high on Wednesday, owners of vehicles in the National Capital Region, including Delhi, said they “felt cheated”, querying why the benefit of low international crude oil prices was not passed on to the consumers. On Wednesday, petrol was selling at Rs 72.43 per litre in Delhi, the …
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January 25, 2018 -
Oil and gas stocks gain as petrol, diesel prices rise
As petrol and diesel prices continued to touch new highs in the national capital and other metros, the stocks of the oil and gas sector in the Indian equity market extended their gains. On Wednesday, the S&P BSE oil and gas index closed higher by 0.15 per cent, with scrips of oil and petroleum majors …
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January 24, 2018 -
In 2017 that saw oil, gas production switch to revenue-sharing mode
While the strategic petroleum sector, including oil and gas, continues to remain outside the new GST indirect tax regime that replaced a 70-year-old system, the industry did manage in 2017 to switch over to a new exploration regime that gives producers marketing and pricing freedom. The petroleum industry has been pushing for its inclusion in …
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December 30, 2017 -
Oil gives, doesn’t take
To boost sales, an intelligent person in business attracts gullible customers with hefty rebates, say, an outright 50 or 70 per cent cut after sufficiently increasing the original price, even by 100 per cent or more. That is exactly how the government reduced last month the excise on petrol and diesel by Rs 2 a …
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November 24, 2017 -
The petroleum chimera
Stung by the Opposition attack on the rising prices of petrol and diesel despite a drastic fall in global crude prices since 2014, the Finance Ministry has eventually reduced the Basic Excise Duty on these fuels by Rs 2 a litre with effect from 4 October. The states have been urged to cut their levies …
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October 27, 2017 -
GST: Domestic LPG gets costlier, commercial LPG is cheaper
With all grades of liquefied petroleum gas (LPG) coming under GST, consumers in India will be paying more from this month for their cooking gas cylinders. While petroleum is not under the Goods and Services Tax (GST) that rolled out from July 1, the central government clarified that day that both domestic and commercial liquefied …
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July 3, 2017 -
Daily pan-India fuel pricing from Friday, dealers won’t strike
The hurdles have been cleared for India to switch over from Friday to the daily pricing mode for transport fuels in line with global rates as petroleum dealers have withdrawn their call for closure of vends on June 16. The government agreed to their demand that the price announcement would be daily made at 6 a.m. instead of midnight. Petroleum Minister …
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June 15, 2017 -
Qatar Petroleum says production not impacted by Gulf crisis
Qatar Petroleum says it has responded to a diplomatic crisis engulfing Qatar by mobilising to mitigate the impact any action could have on its energy supplies to customers around the world. More than a third of the world's liquefied natural gas trade comes from Qatar, making it the world's largest producer and exporter of LNG. …
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June 10, 2017 -
Govt to promote domestic gas, oil sector through purchase preference
In a bid to promote the ‘Make in India’ drive, the Union Government has announced increasing the target of domestic procurement by public sector companies working in the oil and gas sector. The decision was taken at a meeting of the Cabinet Committee of Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi, which on …
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April 13, 2017 -
Cabinet approves local purchase preference policy for oil firms
In a bid to promote manufacturing in India, the cabinet on Wednesday approved the domestic purchase preference policy for state-run oil firms that will allow domestic service or product providers to offer a higher bid and still be eligible for the contract. "Manufacturers/service providers whose quoted price is within 10 per cent of the lowest …
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April 12, 2017