Oil

  • Olive oil may revive a failing heart: Study 19 hours 41 minutes ago

    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 9, 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...
  • Mumbai Gas leak: ONGC halts drilling operations, all workers evacuated July 20, 2014

    Mumbai: 48 personnel have been evacuated after a high pressure, highly inflammable gas leak took place at a well that the stateowned ONGC was drilling at its prime Mumbai High oil and gas fields, off Mumbai coast on Saturday evening. Drilling operations have been temporarily stopped at the refinery and efforts...
  • Gas leak at Bombay High Oil Rig, no casualty July 19, 2014

    Mumbai: Massive evacuations began at the Bombay High Oil Rig in Mumbai on Saturday evening following reports of oil leak in the compound. Oil and Natural Gas Corp (ONGC) immediately activated safety procedures, shut down drilling operations and evacuated all nonessential staff. "This is a minor leak. The leak was spotted...
  • Government closely monitoring Iraq situation: Arun Jaitley July 18, 2014

    New Delhi: The government on Friday said it is closely monitoring the situation in Iraq and will calibrate policy response to cope with it. "The turmoil in Iraq has the potential to have an impact on international prices of oil. The government closely monitors the emerging situation and calibrates appropriate policy...
  • Cabinet to soon decide on 10 pc ethanol blending: Dharmendra Pradhan July 14, 2014

    New Delhi: Cabinet will soon take a decision on mandatory blending of 10 per cent ethanol with petroleum, Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Monday. "The government has kept the interests of farmers in mind. It has started the process and the Cabinet will soon take a...
  • Kurds seize Iraq oilfields, ministers pull out of government July 12, 2014

    Baghdad / Kirkuk: Kurdish forces seized two oilfields in northern Iraq and took over operations from a staterun oil company on Friday, while Kurdish politicians formally suspended their participation in Prime Minister Nuri alMaliki's government. The moves escalated a feud between the Shi'iteled central government and the autonomous Kurdish region driven...
  • India pays $550 million in oil dues to Iran: Sources July 8, 2014

    New Delhi: India paid a second installment of $550 million in oil dues to Iran on Tuesday under an interim deal that has allowed Tehran access to $4.2 billion in blocked funds globally, two industry sources said. Asian buyers such as Japan and South Korea have already cleared some of the...
  • Tackling subsidy burden with innovative ways tops Oil Ministry's agenda July 6, 2014

    New Delhi: Accusing the previous UPA regime of leaving the coffers dry, Oil Minister Dharmendra Pradhan said that he wanted to tackle subsidy burden on the department in innovative ways. In an exclusive interview to Network18, Pradhan on Sunday said that the roll out of Direct Benefit Transfer (DBT) is one...
  • Government rules out any immediate hike in prices of LPG, kerosene July 5, 2014

    New Delhi: Ruling out any immediate hike in prices of LPG and kerosene, Oil Minister Dharmendra Pradhan on Saturday said the new government will continue with the policy of subsidising commonly used cooking fuels. "There will no increase in LPG and kerosene prices for now. We will continue with the extant...
  • Industry desires import duty on refined edible oil to be increased July 5, 2014

    With the union Budget a few days away, the industry hopes that the import duty on refined edible oil shall be increased. The edible oil industry is going through a tough phase and this is the need of the hour. ...
  • No hike of LPG, kerosene prices: Petroleum Minister Dharmendra Pradhan July 4, 2014

    New Delhi: Petroleum Minister Dharmendra Pradhan said on Friday that there is no proposal to increase rates of subsidised LPG, kerosene and diesel. "There is no such proposal with the government," Pradhan said with reference to a report that his ministry is considering a note to the cabinet for raising kerosene...
  • Oil Ministry may propose hike in LPG price by Rs 250 per cylinder July 4, 2014

    New Delhi: The Oil Ministry is likely to move the Cabinet Committee on Political Affairs (CCPA) soon with an expert panel recommendations of raising cooking gas (LPG) rates by Rs 250 per cylinder and kerosene price by Rs 4 a litre. The ministry is preparing a draft note for consideration of...
  • Government puts on hold hike in LPG, kerosene rates July 2, 2014

    New Delhi: The government on Wednesday put on hold a hike in LPG prices in states including Karnataka, Madhya Pradesh and Kerala, where an increase in local levies had led to a rise in fuel rates. The increase in state levies such as entry tax and octroi led to prices...
  • Cabinet note proposes changes in Rangarajan formula on gas pricing: Sources June 25, 2014

    New Delhi: After due deliberations and discussions, the Oil Ministry is ready with a Cabinet note on gas pricing. The Ministry is awaiting a final call from the Cabinet on the uniform domestic gas price. According to sources, the Ministry in its note has proposed modifications in the that Rangarajan...