OIL

  • 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...
  • 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...