OIL

  • Oil prices edge down from 2015-highs, but set for weekly gain 2 days ago

    Singapore: Oil prices held steady on Friday near 2015-highs reached the session before, remaining on track for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments. Crude prices on both sides of the Atlantic have surged almost $10 a barrel on April...
  • Petrol price cut by 80 paise/litre, diesel by Rs 1.30/litre April 15, 2015

    New Delhi: Petrol price was cut by 80 paise a litre and diesel by Rs 1.30 per litre on Wednesday which is the second reduction in rates in April. The reduction will be effective from Wednesday midnight, Indian Oil Corportaion (IOC) said. With this change, the price of petrol in Delhi...
  • Oil Ministry allows ONGC to sell gas from small fields through bids April 6, 2015

    New Delhi: Oil Ministry has allowed national oil companies ONGC and Oil India Limited to sell any new natural gas supplies from their small and isolated fields through an open tender. While the BJP-led government had approved an international gas hub-based formula for all of the...
  • Petrol prices cut by 49 paise/litre, diesel by Rs 1.21 from Wednesday midnight April 1, 2015

    New Delhi: After two consecutive hikes, petrol prices were on Wednesday cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates. The reduction in rates will be effective from Wednesday midnight. Prices of petrol in Delhi will be Rs 60 a litre from Thursday...
  • PM Modi appeals to well off people to give up subsidised LPG March 27, 2015

    New Delhi: Prime Minister Narendra Modi on Friday appealed to the well off people to give up subsidised cooking gas, and expressed his government's resolve to reduce dependence on energy imports by 10 per cent by 2022. Sharing oil companies' plans to increase piped cooking gas connection to one crore households...
  • Enough cereals, but need to import oil, pulses: Centre to SC March 22, 2015

    New Delhi: The Centre has told the Supreme Court that though the country has become self sufficient in production of cereals, it is dependent on imports to bridge the gap between domestic production and demand of edible oil and pulses. Responding to a PIL on increasing farmer suicides in the...
  • Petrol, diesel prices in India lower than developed nations: Jayant Sinha March 21, 2015

    New Delhi: The government on Friday said that petrol and diesel prices in India are much lower than rates in most of the developed countries, except the United states. Data presented by Minister of State for Finance Jayant Sinha in the Lok Sabha showed prices of petrol and diesel in India...
  • Wholesale prices fall 2.06 per cent in February March 16, 2015

    New Delhi: India's wholesale prices declined at a much faster-than-expected pace of 2.06 per cent on year in February, their fourth straight monthly fall, on the back of plunging global oil prices, government data showed on Monday. The data compared with a 0.70 per cent year-on-year fall forecast by economists in...
  • Oil falls back on record-high US supplies March 13, 2015

    London: World oil prices hit reverse gear on Thursday, wiping out earlier gains, as traders switched their attention back to record-high US stockpiles, dealers said. US benchmark West Texas Intermediate (WTI) for April delivery fell 61 cents to $47.56 per barrel. In late afternoon London deals, European benchmark Brent North Sea crude...
  • Indian Railways to get more money in Suresh Prabhu's Budget thanks to falling fuel costs February 25, 2015

    New Delhi: India's decrepit state-run train services stand to receive at least a 25 per cent boost in investment to over $9 billion, funded solely by falling fuel costs, according to officials familiar with a railway budget set to be unveiled on Thursday. The world's fourth largest rail network could get...
  • Oil Ministry suspends ONGC technical director Shashi Shankar February 24, 2015

    New Delhi: The Oil Ministry has suspended ONGC Director (Technical) Shashi Shankar over allegations of irregularities. The ministry on Tuesday wrote to Oil and Natural Gas Corp that a disciplinary proceeding against Shankar is being contemplated. "The competent authority in exercise of the powers conferred under ONGC Conduct, Discipline and Appeal Rules,...
  • More raids being conducted in corporate espionage scandal case February 24, 2015

    New Delhi: The Delhi Police is conducting more raids at the premises of various private companies allegedly involved in the case. It is conducting raids at the Coal and Power ministries to uncover more evidence. The police have uncovered a crucial link in the investigation after it arrested an energy consultant...
  • Dharmendra Pradhan says probe will reveal truth behind leak of documents from Oil Ministry February 22, 2015

    New Delhi: After the Delhi Police busted a corporate espionage ring over leak of Ministry of Petroleum and Natural Gas document, Oil Minister Dharmendra Pradhan on Sunday said probe will reveal the truth. "Why did they break the lock in midnight they will have to tell? Proper investigation is taking place...
  • Remove secrecy regarding decision making to rid India of corporate espionage cases: Assocham February 22, 2015

    New Delhi: Three days after the Delhi Police busted a corporate espionage ring over leak of Ministry of Petroleum and Natural Gas document, trade body Assocham said the only way to rid India of such cases is by removing the secrecy regarding decision making. In a statement released, the organisation...
  • PMO asks intelligence agencies to strictly probe officers in Oil Ministry document leak case February 21, 2015

    New Delhi: After Delhi Police arrested 12 officials over the leak of documents from the Oil Ministry, the Intelligence agencies on Saturday were warned by the Prime Minister's Office to strictly probe officers involved. The list with the names of almost 15 joint secretary level officials is with PMO and...
  • India's wholesale prices fall 0.39 per cent in January February 16, 2015

    Mumbai: India's wholesale prices declined an annual 0.39 per cent in January, their second fall in three months, on the back of a sharp correction in oil prices, government data showed on Monday. The data compared with a 0.4 per cent year-on-year gain forecast by economists in a Reuters poll...
  • Falling oil prices shrink trade deficit to 11-month low February 14, 2015

    New Delhi: Trade deficit narrowed to an 11-month low in January, helped by a plunge in global oil prices, bolstering the outlook for India's current account balance as well as the rupee. But in a worrying sign, weak global demand led to a second straight annual fall in merchandise exports. Exports...
  • Coconut oil, daily exercise can beat high BP February 10, 2015

    New York: A combination of daily coconut oil intake and exercise training results in reduction in blood pressure and bringing it to normal level, says a research. The reduction in blood pressure might be explained by the improvement of the reduced baroreflex sensitivity and by the reduction in oxidative stress in...
  • Indian scientists turn coconut oil into biofuel February 7, 2015

    Kochi: Scientists who have been running the four-stroke diesel engine of a light pick-up truck on coconut oil for the past one year have approached the union government to commercialize the biofuel. The scientists are attached to the Kochi-based SCMS Institute of Bioscience and Biotechnology Research and Development and the SCMS...
  • December infrastructure output grows at three-month low of 2.4 per cent February 2, 2015

    New Delhi: India's annual infrastructure output growth slowed to a three-month low of 2.4 per cent in December, mainly dragged down by a sharp slowdown in electricity, coal and cement production, government data showed on Monday. The output had expanded 6.7 per cent year-on-year in November. The infrastructure sector, which comprises coal,...
  • Union Cabinet will consider sale of stake in Indian Oil, say sources January 21, 2015

    New Delhi: The Cabinet Committee on Economic Affairs will discuss on Wednesday the possible sale of a 10 percent stake in Indian Oil Corporation, two sources with knowledge of the matter said, as the government finds ways to meet its fiscal deficit target. The sale of a stake in India's largest...
  • Bullet News: Catch the day's top stories January 14, 2015

    Bullet News is CNN-IBN's non-stop prime time bulletin where we bring to you the day's top stories from around the world. Be it politics, sports, entertainment or business, catch it here, only in 30 minutes. ...
  • India @ 9 with Zakka Jacob January 14, 2015

    Catch the day's top stories with Zakka Jacob on India @ 9. ...
  • Oil prices dip to 6-year low: Is this the right time for a cut in interest rates? January 14, 2015

    Oil tumbled 5 per cent to near six-year lows before recovering ground on Tuesday, and Brent briefly traded at par to US crude for the first time in three months as some traders moved to take advantage of ample storage space in the United States. ...
  • News 360: SC pulls up Centre over Ganga clean up January 14, 2015

    The Supreme Court on Wednesday pulled up the Centre on the issue of cleaning of the Ganges and asked for a status report on setting up of sewage treatment plants within six months. ...
  • Government likely to sell 10 per cent stake in Indian Oil Corporation this fiscal January 14, 2015

    New Delhi: The government is likely to sell 10 per cent of its stake in Indian Oil Corp, the nation's biggest company, this fiscal to raise about Rs 8,150 crore. The Department of Disinvestment (DoD) has circulated a draft note for the consideration of the Cabinet Committee on Economic Affairs...
  • World Bank cuts global economic outlook despite oil price drop January 14, 2015

    Washington: The World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices. The global development lender predicted the global economy would grow 3 percent...
  • Oil near six-year low; Brent trades at par to US crude oil January 14, 2015

    New York: Oil tumbled 5 per cent to near six-year lows before recovering ground on Tuesday, and Brent briefly traded at par to US crude for the first time in three months as some traders moved to take advantage of ample storage space in the United States. Traders were searching to...
  • Non-subsidised LPG rate cut by Rs 43.50 per cylinder January 1, 2015

    New Delhi: Price of non-subsidised cooking gas (LPG) was cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009. A 14.2-kg cylinder of non-subsidised LPG will now cost Rs 708.50, down from Rs 752 previously, in Delhi, oil companies announced. This is the fifth...
  • Oil Ministry asks SpiceJet to submit 10-day plan for revival, airline to start operation by 4 PM December 17, 2014

    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...