State-run oil marketing companies slashed the retail prices of petrol and diesel for the second successive day on Friday (June 14) across four metro cities. After the daily revision in retail fuel rates, the price of petrol in all metro cities slashed by 16-18 paise per litre while diesel became cheaper by 16-17 paise.
India will delay taking up development of the Farzad B offshore gas field which it had won in Iran as US sanctions will make it difficult for OVL Videsh as well banks involved to invest $ 2.4 billion required to develop the first phase of gas field which is supposed to produce one billion cubic feet a day of gas.
India’s Oil & National Gas Corp Ltd has sold a naphtha cargo at close to $6 a tonne over Middle East quotes on a free-on-board (FOB) basis, the lowest premium in more than five months, industry sources said on Friday.
The United States has blamed Iran for the attacks on two oil tankers in the Gulf of Oman on Thursday as the incident appeared to have escalated the ongoing tension with the Iranian regime.
The International Maritime Organisation’s 2020 (IMO 2020) regulation mandating ships to use low sulphur content bunker fuel is expected to increase the gross refining margins (GRMs) of oil refiners like Reliance Industries and Nayara Energy in India by $4 per barrel
Amid a bevy of negative economic news, New Delhi can take comfort in the present slump in oil prices. In the first quarter of this year, oil prices rose over a third. There was talk of $100-a-barrel and growth downgrades for importers like India.
US secretary of state Mike Pompeo said on Thursday that intelligence reviewed by American officials showed that Iran was responsible for fresh attacks on two oil tankers in the Gulf of Oman, a critical waterway for the transit of much of the world’s petroleum.
French energy giant Total SA is close to acquiring a 30% stake in Indian gas distribution company Adani Gas for upwards of rupees 5,500 crore ($800 million), the Times of India reported on Friday.
In the last four weeks, crude oil market collapsed by 12-15 per cent; and last week, Brent briefly traded below the psychological $60 a barrel, a five-month low. This is notwithstanding the current supply tightness following US sanctions on Iran oil and involuntary outage in Venezuela.
The latest recommendation by a government-constituted expert committee on revising the guidelines for fuel marketing authorisation, if accepted, may bring in the much-needed competition in India’s fuel retail sector, which is dominated by state-owned fuel retailers.