OIL

  • Excise duty on petrol, diesel hiked; prices go up by Rs 1.50 November 13, 2014

    New Delhi: Petrol and diesel prices were on Thursday hiked by Rs 1.50 a litre after government raised excise duty on the two fuel to mop up an additional revenue of about Rs 13,000 crore. The fall in international oil prices had resulted in six consecutive reduction in petrol prices...
  • Vietnam keen on Indian participation in oil, gas exploration October 26, 2014

    New Delhi: On the eve of its Prime Minister's visit, Vietnam on Sunday favoured greater participation by Indian companies in oil and gas exploration projects in South China Sea, a huge source of hydrocarbons, and promised to extend full security to them. Newly appointed Vietnamese Ambassador Ton Sinh Thanh rejected...
  • Ram Vilas Paswan meets FM Jaitley; wants import duty on edible oils to be hiked October 24, 2014

    New Delhi: Food Minister Ram Vilas Paswan on Friday met Finance Minister Arun Jaitley and discussed the issue of raising import duty on crude and refined edible oils to restrict cheap imports and protect domestic farmers, among other matters. Problems faced by sugar mills...
  • Diesel deregulation credit positive for India: Moody's October 21, 2014

    Mumbai: The decisions to deregulate diesel prices and hike the natural gas prices are "credit positive" as it would bring in fiscal discipline, ratings agencies Moody's said on Tuesday. "The decision to fully deregulate diesel prices signals fiscal discipline on the part of the sovereign, which we view as credit positive,"...
  • De-regulation of diesel prices in interest of common man, says Oil Minister October 20, 2014

    New Delhi: As the Central government takes a big decision by de-regulating diesel prices, Oil Minister Dharmendra Pradhan says the call was taken after due deliberation, keeping in mind the interest of the common man. In an exclusive interview to CNBC-TV18, Pradhan said that the government has a back up plan...
  • Diesel prices likely to be cut by Rs 3.56 per litre October 16, 2014

    New Delhi: A Rs 3.56 per litre cut in diesel prices is in the offing as slump in international oil prices have helped nearly doubling of profit on India's most consumed fuel. With crude prices dipping to four-year low, the over-recovery or profit on diesel sales, which was Rs 1.90 a...
  • India prepares to pay $400 million under interim deal to Iran: Sources October 15, 2014

    New Delhi: Iran has sought payment of $400 million from India under an interim deal with six world powers that allows the OPEC nation to recover part of its overseas frozen oil revenues, industry sources said in Wednesday. Iran and the United States, China, France, Germany, Britain and Russia agreed in...
  • Oil dips below $84, near four-year low, on oversupply October 15, 2014

    London: Brent crude fell to a fresh 47-month low on Wednesday, dipping below $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply. Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts...
  • Petrol prices cut by Re 1 per litre with effect from tonight October 14, 2014

    New Delhi: Petrol price was on Tuesday cut by Re 1 a litre, but the first reduction in diesel rates in over five years will have to wait till completion of Assembly polls. State-owned oil firms, which cut petrol price by 54 paisa on October 1, reduced rates by another Re...
  • BJP lauds government's efforts to bring down inflation October 14, 2014

    New Delhi: BJP on Tuesday lauded the government's efforts to rein in inflation and exuded confidence that prices will further come down in the near future. The party said the Narendra Modi-led government was committed to bringing down prices and was taking the issue seriously which has been troubling the common...
  • Diesel price likely to be cut by Rs 2.50 per litre after Assembly elections October 14, 2014

    New Delhi: A Rs 2.50 per litre cut in diesel prices, the first in over four years, is likely after results of Assembly polls in Maharashtra and Haryana are announced on Sunday. Petrol, which unlike diesel is a deregulated commodity, is likely to see a price reduction of about Re 1...
  • Crude oil prices at four-year low after Iraq cuts down prices October 13, 2014

    New Delhi: Crude oil prices have fallen down to a four-year low after Iraq cut down prices over the weekend. Iraq's State Oil Marketing Company has cut oil prices to Asian and European buyers. The fall is expected to continue as output expands. Kuwait has indicated that OPEC is...
  • Telangana: Three workers of oil mill die after inhaling poisonous gas October 5, 2014

    Hyderabad: Three workers died on Saturday after inhaling poisonous gas at an oil mill in Gaganpahad area, police said. The workers, who had entered the cooling unit of the mill to clean up the oil sludge, fell unconscious after inhaling the gas accumulated inside, RGI Airport Police Station's Inspector T...
  • Olive oil may revive a failing heart: Study September 30, 2014

    Washington: A potent ingredient in olive oil may hold the key to beating heart failure, a new research suggests. Oleate, a common dietary fat found in olive oil, restored proper metabolism of fuel in heart cells in an animal model of heart failure, researchers have found. Heart failure is not...
  • Scotland referendum: Where will the oil revenue go? September 18, 2014

    Scotland voted on Thursday on whether to stay within the United Kingdom or end the 307yearold union with England and become an independent nation in a finely balanced referendum with farreaching consequences. ...
  • Petroleum Minister Dharmendra Pradhan says 34 oil blocks offered by Vietnam viable September 17, 2014

    Vietnam has offered India oil and gas blocks outside the territory claimed by Beijing in the South China Sea, Petroleum Minister Dharmendra Pradhan said on Wednesday. India is considering exploring in 23 blocks out of the 5 areas in South China Sea that Vietnam had offered on nomination basis in...
  • With eye on assembly polls, government considers 4050 paise per litre cut in diesel price September 17, 2014

    New Delhi: In a move that will put more money in your pockets, the Oil Ministry on Wednesday sought the Law Ministry's views on cutting diesel prices. The government is reportedly keen to cut diesel prices by 40 to 50 paise per litre. The Oil Ministry has asked the Law Ministry...
  • Oil prices down in Asia after IEA demand downgrade September 12, 2014

    Singapore: Oil prices fell in Asia on Friday after the International Energy Agency slashed its forecast for world crude demand in 2014 and as dealers await key US economic data, analysts said. US benchmark West Texas Intermediate (WTI) for October delivery was down one cent to US dollar 92.82 while Brent...
  • Government moves LPG, fuel supplies to Kashmir valley September 11, 2014

    New Delhi: The government is moving LPG and other fuel supplies to marooned Kashmir valley using alternative routes, Oil Minister Dharmendra Pradhan said on Thursday. Fuel supplies have been restored in the Jammu region and efforts are on to move stocks into Srinagar. "Some of the oil installations are under water......
  • Oil Ministry yet to move Cabinet for diesel deregulation September 8, 2014

    New Delhi: As the fall in international oil rates brings domestic diesel retail price at par with cost, the Oil Ministry has not yet moved Cabinet for deregulation of the nation's most consumed fuel. Underrecovery or the gap between retail selling price and the cost of imports, this month dipped to...
  • Oil prices down after weak US jobs report September 8, 2014

    Singapore: Oil prices dipped in Asia on Monday as a disappointing US jobs report tempered sentiment about demand in the world's top crude consumer, analysts said. US benchmark West Texas Intermediate for October delivery eased one cent to US dollar 93.28 while Brent crude for October fell seven cents to...
  • Pakistan resumes crude oil export after a decade August 24, 2014

    Islamabad: After a gap of 10 years, Pakistan has resumed export of crude oil with the output touching an alltime high, a media report said on Sunday. The output in June reached highest at 98,000 barrels per day (bpd), an increase of 22 per cent from last year, while around...
  • Cairn says Rajasthan block holds 13 Trillion cubic feet of gas reserves August 18, 2014

    After oil, Cairn India's prolific Rajasthan block holds significant natural gas reserves, estimated at 13 Trillion cubic feet (Tcf), over half of which can be produced. Cairn has so far made 36 discoveries in the Rajasthan block, including the biggest onland oil field of Mangala. It made a significant gas discovery...
  • Government to announce new gas price formula by September end August 13, 2014

    New Delhi: Government will by September end announce a new gas price formula keeping the interest of investors as well as consumers in mind, Oil Minister Dharmendra Pradhan said on Wednesday. Pradhan, however, said no committee has been constituted to suggest an alternative to the Rangarajan formula approved by the previous...
  • Oil India June quarter net up 40 per cent at Rs 851.87 crore August 12, 2014

    New Delhi: Stateowned Oil India Ltd (OIL) on Tuesday reported a 40 per cent jump in its June quarter net profit as its net price realisation soared after cut in subsidy. Net profit in AprilJune rose to Rs 851.87 crore, or Rs 14.17 per share, from Rs 609.08 crore, or...
  • Petrol price likely to be cut on Independence Day August 12, 2014

    New Delhi: Petrol price is likely to be cut on Friday on the back of softening in international rates, Indian Oil Corp, the nation's largest fuel retailer, indicated on Tuesday. "Petrol is a decontrolled product and prices increase or decrease depending on input cost every fortnight. We had cut rates...
  • Bihar government lifts ban on sale of 5 kg LPG cylinders August 8, 2014

    The Bihar government on Friday lifted the ban on sale of 5 kg LPG cylinder, which it had imposed following evidence of their use in the serial blasts at Bodh Gaya in July last year. A release by Minister for Food and Civil Supplies Shyam Rajak said he accepted the plea...
  • Five kanwarias killed as oil tanker rams into a tractor trolley August 4, 2014

    Five kanwarias were killed and over 36 injured on Monday when an oil tanker rammed into a tractor trolley carrying them in Uttar Pradesh's Lakhimpur district, police said. All the deceased were going to visit a Lord Shiva temple to offer holy water. The tractor trolley carrying the devotees was headed...
  • IOC to set up two new plants in Uttarakhand August 1, 2014

    To streamline supply of LPG in Uttarakhand, the Indian Oil Corporation will set up two new plants in the state besides doubling the capacity of its plants in Haridwar and Haldwani. The Corporation will double the current capacity of its Haldwani and Haridwar plants from 5,000 tonnes to 10000 tonnes and...
  • Petrol price cut by Rs 1.09 per litre, diesel hiked by 50 paise per litre July 31, 2014

    New Delhi: Oil companies have cut petrol prices by Rs 1.09 per litre with effect from midnight tonight. However, diesel prices have been hiked by 50 paise per litre. Petrol price was reduced following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper. For the...