Oil Prices

  • All Norwegians become crown millionaires, in oil saving landmark 10-01-2014 07:58 AM

    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...
  • Rupee ends unchanged at 62.50 versus US dollar 26-11-2013 09:15 AM

    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 dollar-rupee is stuck in a consolidation phase. He expects this sideways movement to continue for some...
  • Rupee gains for second day on corporate dollar inflows 25-11-2013 09:56 AM

    Mumbai: The rupee rose for a second consecutive session on Monday, boosted by dollar selling by corporates and custodian banks, although month-end 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...
  • US: Oil falls below $102 on government shutdown notice 01-10-2013 11:12 AM

    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....
  • Jet fuel prices hiked by 7 pc; airfares to zoom this festive season 03-09-2013 07:56 AM

    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 02-09-2013 12:41 PM

    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...
  • Petrol price hiked by Rs 2.35 per litre, diesel by 50 p 31-08-2013 06:40 PM

    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...
  • External factors led to rupee fall, reduce hunger for gold: PM 30-08-2013 12:37 PM

    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 30-08-2013 11:58 AM

    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 29-08-2013 07:29 PM

    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...
  • India facing difficult economic situation, some domestic factors responsible: PM 29-08-2013 01:09 PM

    With falling rupee and rising oil prices casting a shadow over Indian economy, Prime MinisterManmohan 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,"...
  • Oil up more than 2 dollars on possible Syria strike, Brent above 117 28-08-2013 12:21 PM

    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...
  • Moily says no rethink on gas price hike decision 11-07-2013 05:46 PM

    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 04-07-2013 09:31 AM

    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...
  • Moily hits out at oil lobbies, says they threaten petroleum ministers 14-06-2013 02:50 PM

    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...
  • Current account deficit may dip to 4.5 per cent: ICRA 29-05-2013 04:54 AM

    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...
  • Jet fuel prices cut by a steep 5.3 per cent 01-05-2013 09:17 PM

    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...
  • 'Anyone handling petroleum ministry will be frustrated' 06-11-2012 02:10 AM

    New Delhi: Sulking Science and Technology Minister S Jaipal Reddy on Monday said anybody handling the ministry of petroleum and natural gas would be "totally frustrated". "I was the minister of petroleum and natural gas. Anybody who handles this portfolio will be totally frustrated as nobody knows why the oil...
  • International oil prices shoot up over US-Iran row 04-01-2012 07:33 AM

    New Delhi: Oil prices on Tuesday jumped 4.2 per cent to over $102 a barrel as tension has peaked between the US and Iran after Iran warned the United States not to return a US aircraft carrier to the Persian Gulf region. International oil prices settled at $102.96 a barrel...
  • Will petrol prices cross Rs 100 a litre mark? 03-01-2012 12:47 PM

    Too many people have slipped while trying to predict oil prices. From where we stand now, it is unlikely that petrol prices will reach Rs 100/litre anytime in the next four or five years. The situation could change if the government takes the drastic measure of de-controlling diesel prices. Diesel...
  • Recession may tip US oil use into permanent decline 14-08-2011 11:51 PM

    New York: As a US economic rebound stalls and threatens to spiral into recession, oil demand in the world's top consumer may be slipping into an irreversible decline. Last year's fledgling recovery in US oil usage - when demand rose 400,000 barrels per day (bpd) - made up for only...
  • Petrol price hike: Rs 8 to Rs 63 in 21 years 14-05-2011 06:31 PM

    New Delhi: In the steepest hike ever, state-owned oil companies increased petrol price by about Rs 5 per litre with effect from midnight Saturday, putting increased pressure on wallets as the country battles the highest inflation of any major Asian economy. India is beset by rising food and fuel prices,...
  • ADB lowers India's GDP forecast to 8.2 per cent 06-04-2011 03:11 PM

    New Delhi: Surging global oil prices and the RBI's tight monetary policy prompted the Asian Development Bank on Wednesday to lower its growth forecast for the Indian economy to 8.2 per cent for the current fiscal from the earlier projection of 8.7 per cent. "Rising oil prices will bring down...
  • No need to worry over high oil prices: Pranab 26-02-2011 12:12 PM

    New Delhi: Indian markets need not worry about global oil price uncertainty, the finance minister said on Friday, signalling Monday's budget may ease taxes and rationalise subsidies to cushion the impact of surging global oil prices. Pranab Mukherjee also said India will speed up clearance of payments for Iranian oil...
  • No need to worry over high oil prices : FM 26-02-2011 12:14 AM

    New Delhi: Indian markets need not worry about global oil price uncertainty, the finance minister said on Friday, signalling Monday's budget may ease taxes and rationalise subsidies to cushion the impact of surging global oil prices. Pranab Mukherjee also said India will speed up clearance of payments for Iranian oil...
  • Govt watching crude prices, will manage: Pranab 02-02-2011 01:18 PM

    New Delhi: Concerned over a spike in crude oil prices in international markets due to turmoil in the Middle East, Finance Minister Pranab Mukherjee on Wednesday said the government is monitoring the situation and will manage it. "Unfortunately, because of developments in the Middle East and its impact on the...
  • Petrol price hike: from Rs 8 to Rs 58 in 20 years 17-01-2011 12:31 PM

    New Delhi: Fuel retailers in India will raise petrol prices by about 4.5 per cent, putting increased pressure on wallets as the country battles the highest inflation of any major Asian economy. India is beset by rising food and fuel prices, and the central government has come under increasing criticism...