OIL PRICES

  • 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...
  • 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...
  • 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...
  • 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...
  • 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...
  • 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...
  • Crisis in Iraq will lead to spike in inflation: Mukesh Ambani June 19, 2014

    Mumbai: Mukesh Ambani, chairman of Reliance Industries which operates the world's largest singlelocation oil refinery at Jamnagar, on Thursday said the crisis in Iraq will lead to higher fuel prices which in turn will raise inflation. "In an interconnected world like the one we are living in today, what's happening around...
  • Most Asian shares slip on anxiety over Iraq, dollar edges up June 17, 2014

    Tokyo: Most Asian stock markets fell on Tuesday as the deepening conflict in Iraq and a gas dispute between Ukraine and Russia sapped investors' appetite for riskier assets. MSCI's broadest index of AsiaPacific shares outside Japan shed 0.3 per cent. Japan's Nikkei bucked the trend with rise of a 0.3 per...
  • Oil prices down in Asian trade June 17, 2014

    Singapore: Oil prices eased in Asian trade on Tuesday, but losses were limited as investors fret over a potential supply disruption due to the worsening sectarian violence in key crude producer Iraq. US benchmark West Texas Intermediate for July delivery fell 18 cents to $106.72 a barrel in midmorning trade, while...
  • May inflation rises to 6.01%; FM for action against hoarding June 16, 2014

    New Delhi: Costlier potato and cereals pushed up May inflation to fivemonth high level of 6.01 per cent, prompting the Centre to ask the states to take effective steps against speculative hoarding in the wake of weak monsoon fears. Experts apprehend the likelihood of poor monsoon coupled with rising oil...
  • Oil prices dip on hopes of Ukraine crisis easing June 5, 2014

    Singapore: Oil prices dipped in Asian trade on Tuesday as reports of a partial withdrawal of Russian troops along the Ukrainian border raised hopes of an easing in the worst EastWest standoff since the Cold War. New York's West Texas Intermediate (WTI) for May delivery dropped 24 cents to $101.34 a...
  • Nonsubsidised LPG price cut by Rs 23.50, jet fuel by 1.8 pc June 2, 2014

    New Delhi: Jet fuel prices have been cut by 1.8 per cent and rates of nonsubsidised cooking gas (LPG) by Rs 23.50 per cylinder after the rupee's appreciation lowered import costs. The price of jet fuel, also known as aviation turbine fuel (ATF), at Delhi was cut by Rs 1,285.89 per...
  • Oil Ministry may declare new price for gas soon after polling April 30, 2014

    New Delhi: The Oil Ministry is looking at declaring a new gas price soon after the polling for General Elections is completed, a senior official said on Wednesday. A new formula for pricing of all domestically produced natural gas was notified on January 10 and published in the Gazette on January...
  • All Norwegians become crown millionaires, in oil saving landmark January 10, 2014

    Oslo: Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world's biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices. Set up in 1990, the fund owns around 1 per cent of the world's stocks, as well as bonds and...
  • Rupee ends unchanged at 62.50 versus US dollar November 26, 2013

    Mumbai: Rupee on Tuesday ended unchanged at 62.50 versus US dollar after gaining 5 paise to 62.45 per dollar in early trade against previous day's close of 62.50. Ashutosh Raina of HDFC Bank feels dollarrupee is stuck in a consolidation phase. He expects this sideways movement to continue for some...
  • Rupee gains for second day on corporate dollar inflows November 25, 2013

    Mumbai: The rupee rose for a second consecutive session on Monday, boosted by dollar selling by corporates and custodian banks, although monthend dollar demand from oil firms could limit a sharp rally in coming days. Gains in the rupee tracked a rally in Indian shares as a drop in global crude...
  • US: Oil falls below $102 on government shutdown notice October 1, 2013

    The price of oil fell on Tuesday after parts of the US government were ordered to shut down because of a budget impasse in Washington. Benchmark oil for November delivery dropped 35 cents to $101.99 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The...
  • Jet fuel prices hiked by 7 pc; airfares to zoom this festive season September 3, 2013

    Mumbai: Right ahead of the festive season this year, the aviation sector has seen a steep hike in traffic, which means people will have to shell out more for tickets. Jet fuel prices have been hiked by a steep 7 per cent taking the rates to a high of over...
  • No decision on shutting petrol pumps at night: Moily September 2, 2013

    Amidst a storm over proposal to shut petrol pumps during night to taper fuel demand, Oil Minister M Veerappa Moily on Monday said the government had not made any such proposal and the idea had come from public. "It is not our idea. It is an idea which is coming from...
  • Petrol price hiked by Rs 2.35 per litre, diesel by 50 p August 31, 2013

    New Delhi: Petrol price was Saturday hiked by a steep Rs 2.35 per litre, the sixth increase in rates in three months, and diesel by 50 paise per litre on falling rupee and firming international oil prices. The increase in rates, which will be effective from Saturday midnight, are excluding local...
  • External factors led to rupee fall, reduce hunger for gold: PM August 30, 2013

    New Delhi: Prime Minister Manmohan Singh on Friday expressed concerns over the falling rupee and blamed external forces for the slowdown in the Indian economy. The Prime Minister claimed that it was not only the Indian economy that is going through a turbulent phase but also other developing countries which...
  • Congress core group to decide on diesel price hike August 30, 2013

    New Delhi: The Congress core group will meet on Friday to decide on a possible hike in oil prices. According to sources, diesel price may be hiked by Rs 3 per litre after the monsoon session ends. This comes after Finance Minister P Chidambaram and Prime Minister Manmohan Singh conveyed...
  • Domestic, international factors behind economic turmoil: PM August 29, 2013

    Prime Minister Manmohan Singh on Thursday said India is passing through a difficult economic situation due to a combination of domestic and external factors such as the US monetary stance and the conflict in Syria which the country has to "reckon" with. "It cannot be denied that the country is faced...
  • India facing difficult economic situation, some domestic factors responsible: PM August 29, 2013

    With falling rupee and rising oil prices casting a shadow over Indian economy, Prime Minister Manmohan Singh on Thursday said the country is faced with a difficult economic situation for which some domestic factors too were responsible. "It cannot be denied that the country is faced with a difficult economic situation," Singh...
  • Oil up more than 2 dollars on possible Syria strike, Brent above 117 August 28, 2013

    Singapore: Oil rose more than $2 a barrel on Wednesday, with Brent pushing above $117 and the U.S. benchmark soaring to its highest in over two years, amid worries a possible military strike by Western powers against Syria could hit Middle Eastern crude supply. The United States and its allies have...
  • Moily says no rethink on gas price hike decision July 11, 2013

    New Delhi: Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerappa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014. "There is no thinking on...
  • Rupee opens higher at 60.09 per dollar July 4, 2013

    Mumbai: Rupee opened higher at 60.09 per dollar on Thursday, up 12 paise compared to previous day's closing value of 60.21. Mohan Shenoi of Kotak Mahindra Bank feels geopolitical risks are keeping oil prices high, which is negative for the rupee. FIIs continue to be net sellers in the debt segment, he...
  • Moily hits out at oil lobbies, says they threaten petroleum ministers June 14, 2013

    New Delhi: Petroleum Minister Veerappa Moily spoke against those opposing the government's move to put in place a new pricing regime for natural gas produced from domestic fields. Moily hit out at oil import lobbies saying they threaten all oil ministers. "Every minister who occupies this position is threatened by the...
  • Current account deficit may dip to 4.5 per cent: ICRA May 29, 2013

    Kolkata: India's current account deficit, which was around 5 per cent of the country's gross domestic product (GDP) last fiscal, is expected to decline to 4.5 per cent this fiscal, rating agency ICRA said on Tuesday. "This is based on the expectation that incentives announced by the government of India would...
  • Jet fuel prices cut by a steep 5.3 per cent May 1, 2013

    New Delhi: Jet fuel prices were on Wednesday cut by 5.3 per cent, the second steep reduction in rates in one month. Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,545.94 per kilolitre (kl), or 5.35 per cent, to Rs 62,649.95 per kl, according to Indian...