Tag: Petroleum

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

Black sea in Chennai

Days after LGP carrier BW Maple and oil tanker Dawn Kanchipuram loaded with petroleum products, including lubricants, collided off the Ennore Port last Saturday, a thick layer of more than 20 tonnes of black fuel oil has spread over the Chennai coast for a distance of 35 km, turning the beautiful beaches black. The National …

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February 2, 2017

Oil & Gas sector bringing socio economic change: Pradhan

Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday said that oil and gas sector is emerging as a vehicle for socio-economic change in the country. “Internationally, the hydrocarbon sector is witnessing unprecedented technological developments,” the minister said at inauguration of Petrotech 2016 here. Discoveries of better technologies are regularly transforming the sector which offer …

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December 4, 2016