OIL

  • Indian Railways to get more money in Suresh Prabhu's Budget thanks to falling fuel costs Yesterday

    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 2 days ago

    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 2 days ago

    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 4 days ago

    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 4 days ago

    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 5 days ago

    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...
  • Oil drops below $59 for first time since 2009 December 16, 2014

    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...