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Oil & Natural Gas

Govt to relieve Rs 3,000 cr more to PSU oil retailers

The government has agreed to relieve an additional Rs 3,000 crore to state fuel retailers to makeup for losses they incurred on the sale of fuel during the first half of the current fiscal. Of the over Rs 31,000 crore revenue loss incurred by IOC, BPCL and HPCL on selling diesel, LPG, kerosene below cost, […]

Oil & Natural Gas

Oil falls below USD 82 in Asian trade

Crude prices slid beneath USD 82 in Asian trade on Friday as the greenback staged a slight comeback against the euro, analysts said. New York’s main contract, light sweet crude for December delivery, fell 22 cents to USD 81.96 a barrel. Brent North Sea crude for December shed 16 cents to USD 83.43. Crude prices […]

Oil & Natural Gas

Oil prices mixed in Asia

Oil prices were mixed in Asian trade on Thursday as a larger-than-expected rise in US gasoline reserves offset a spike in crude stockpiles,analysts said. New York’s main contract, light sweet crude for delivery in December, rose two cents to USD 81.96 a barrel. Brent North Sea crude for December was down a cent to settle […]

Oil & Natural Gas

Oil above USD 81 in Asian trade

Oil prices bounced back in Asian trade on Friday on positive economic news from the United States and economic growth in Chinacoming within expectations, analysts said. New York’s main contract, light sweet crude for delivery in December, rose 58 cents to USD 81.14 a barrel. Brent North Sea crude for December delivery jumped 0.49 cents to USD 82.32. […]

Oil & Natural Gas

ONGC fuel subsidy bill up 15 pc in Q2

State-owned Oil and Natural Gas Corporation’s fuel subsidy bill will increase by nearly 15 percent to Rs 3,019 crore in the second quarter this fiscal. PSU fuel retailers Indian Oil Corporation Ltd, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) together lost about Rs 11,295 crore in revenues on selling diesel, domestic […]

Oil & Natural Gas

IOC hikes petrol prices by 72 paise a litre

Indian Oil Corporation, the nation’s largest fuel retailer, on Saturday hiked petrol prices by 72 paise a litre effective midnight tonight. IOC sources said after the hike, petrol in Delhi will cost Rs 52.55 a litre and the rate in other cities will vary depending on local taxes and levies. While Bharat Petroleum Corporation Ltd […]

Oil & Natural Gas

US welcomes pullout by Japan’s Inpex from Iran

The United States has welcomed the decision by the Japanese oil company INPEX to withdraw from its investments in Iran; which follows similar decisions taken by other global companies like Reliance, Shell and Total. “The company’s actions are part of a strong and emerging consensus, not only of governments, but also from the private sector, […]

Oil & Natural Gas

BPCL raises fuel prices by Rs 0.70 a litre

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Friday hiked petrol price 0.70 a litre effective midnight tonight, while other PSU oil retailers are likely to follow suit in next couple of days. “Petrol price in Delhi was raised by Rs 0.70 per litre to Rs 52.55 per litre,” a company official said. Rate in other […]

Oil & Natural Gas

India offers 34 oil & gas blocks for exploration under NELP

India on Friday offered 34 oil and gas blocks for exploration in the 9th round of New Exploration Licensing Policy (NELP). “Government is offering 34 blocks covering an area of 88,807 square km,” Petroleum Minister Murli Deora said. “Last date for bidding for blocks offered under NELP-IX is March 18, 2011,” he added. The blocks […]

Oil & Natural Gas

Oil Up In Asian Trade

Crude prices climbed in Asian trade on Thursday as a weaker greenback and strong Chinese crude imports data buoyed markets, analysts said. New York’s main contract, light sweet crude for November delivery, gained 71 cents to USD 83.72 a barrel. Brent North Sea crude for delivery in November advanced 53 cents to USD 85.17 on […]