Oil minister Dharmendra Pradhan Wednesday said the increasing dependency on imported fuel should not be seen as a challenge to the energy security programme that the country is building on. Pradhan said government has taken many
Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.
As Qatar walks out of the Organisation of Petroleum Exporting Countries (Opec) in New Year 2019, the challenge for India is how to reset its gas purchases and more, given that the kingdom is one of its largest economic partners.
Mukesh Ambani-led Reliance Industries Ltd is seeking to expand the installed capacity of its export-oriented oil refinery in the Special Economic Zone (SEZ) at Jamnagar, Gujarat by 8.5 per cent or 5.8 million tonnes (mt).
With geo-political factors impacting crude prices, India needs to have a good oil hedging policy as the volatility will continue to rise, former Reserve Bank of India (RBI) Governor, Raghuram Rajan said Wednesday.
MCX CPO Dec edged lower due to weak Malaysia futures and stronger rupees. Currently it is trading at 15 – month low. According to SEA monthly update during 2017 – 18, import of palm oil down by about 6.5% to 8.7 mt compared to 9.3 mt last year.
India’s fuel demand fell 1.8 percent in November compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.27 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
The process of acquiring land for the ambitious Ratnagiri refinery project in Maharashtra should be over by end 2019 as work on the ground for the refinery has to start by 2020, B Ashok, Chief Executive Officer (CEO)
Shares of Indian Oil Corporation (IOC) traded flat after the government cut its stake in the company by 2.69 percent.
The stock gained as much as 0.9 percent before shedding 0.6 percent.
Fuel prices continued its downward trend on Wednesday with petrol retailing at Rs 70.20 per litre and diesel at Rs 64.66 per litre in the national capital, a fall of Rs 0.39 and Rs 0.48, respectively.