OIL

  • Oil Ministry asks SpiceJet to submit 10-day plan for revival, airline to start operation by 4 PM 5 days ago

    New Delhi: The cash-strapped SpiceJet has been asked by the Oil Ministry to submit a 10-day plan for revival of the airline, said sources on Wednesday. In a meeting held on Tuesday, the ministry had agreed to grant interim relief to SpiceJet and said that they can pay some money...
  • Oil drops below $59 for first time since 2009 6 days ago

    London: Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month sell off as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand. International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel...
  • India on alert after massive oil spill in Sunderbans December 13, 2014

    New Delhi: Authorities on India's eastern coast are on alert after a tanker and another vessel collided, spilling more than 350,000 litres of furnace oil into the waters of the Sunderban tidal mangrove forests in neighbouring Bangladesh. "We are taking all precautionary measures," Pradeep Vyas, additional director of India's Sunderban Biosphere...
  • 3.5 lakh litre oil spills into Shela river, threatens Sunderbans ecology December 12, 2014

    Dhaka: The Sunderbans in Bangladesh continues to reel from a major oil spill after an oil tanker sank in the Shela river on Tuesday. Bangladesh on Thursday retrieved an oil-leaking sunken tanker, two days after it capsized in a river at the Sunderbans, as the oil overnight spread in 34,000...
  • Modi tweets in Russian to welcome Russian President Putin to India on Thursday December 10, 2014

    New Delhi: Prime Minister Narendra Modi shared tweets in Russian to welcome President Vladimir Putin to India on Thursday and said he was delighted to welcome Putin to the country and was looking forward to a productive visit "that will take India-Russia ties to newer heights". "Times have changed, our friendship...
  • India will exceed China's growth rate; 2014 a landmark year: RIL chief Mukesh Ambani December 3, 2014

    Mumbai: Reliance Industries Limited chairperson Mukesh Ambani in an exclusive interview with Network18 said internal stability will help India increase its growth rate. "I have no doubt in my mind that we will be the fastest growing economy in the next two or three years," said Ambani. The business tycoon referred...
  • Excise duty on petrol, diesel raised; no impact on prices December 2, 2014

    New Delhi: The government on Tuesday raised excise duty on petrol and diesel by Rs 2.25 and Rs 1 a litre respectively, but consumers will be spared of price hike. The move, which comes amid declining prices of crude oil in the international market, will boost government revenue and help it...
  • Non-subsidised LPG price cut by Rs 113 per cylinder December 1, 2014

    New Delhi: Price of non-subsidized cooking gas (LPG) on Monday was cut by a steep Rs 113 per cylinder and that of jet fuel (ATF) by 4.1 per cent as international oil rates slumped to multi-year lows. A 14.2-kg cylinder of non-subsidized LPG will now cost Rs 752, down from...
  • Crude oil prices plunge after OPEC rejects drastic cut in oil output November 28, 2014

    Crude oil prices have plunged after OPEC members rejected calls for drastic action to cut their oil output. OPEC's Secretary General said they would not try to shore up prices by reducing production. Following the announcement Brent crude hit its lowest since August 2010 - falling below 72 dollars a...
  • 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...