India's fuel demand in September rose at the fastest pace in more than a decade.
Indian Oil Corporation (IOC), the nation's biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
Sri Lankans were on the edge on Tuesday as they waited whether embattled Gotabaya Rajapaksa will honour his offer to resign as president, amid signs that key members of the erstwhile powerful ruling family were attempting to flee in the face of massive public anger against them for mishandling the economy that has bankrupt the country.
Having made Aadhaar mandatory for receiving subsidised cooking gas (LPG) in 19 districts, Oil Minister M Veerappa Moily on Wednesday said the unique identification card will no longer be a must for giving subsidises unless cleared by the Supreme Court.
Tikait says PM Modi was supporter of MSP law when he was CM
Project Vivaan won big at the Solar Decathlon, placing second overall (and missing the first position by a whisker). Members of the award-winning Team Shunya tell Mrigank Warrier how they built a carbon-neutral, water-neutral, energy-positive home for a family of four.
This is the first time that petrol sales in the world's third-largest oil importer have risen since the March 25 nationwide lockdown crippled economic activity and sent demand plummeting.
'That is the one headline the world is reading about India this week, and it is a potentially damaging story...' 'I don't think a panic mentality has set in, but this story is one that investors and market watchers are absolutely seized with.'
The PM's remarks at a virtual poll rally went beyond praise for Adityanath for the work done by the state's BJP government during his term -- and appeared to settle the debate over the party's CM face in these assembly elections.
Bored of home-cooked food? Try out this interesting recipe by Priya Prabhu.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody's projected that all G-20 advanced economies would contract by 5.8 per cent in 2020.
Angry protests in Colombo as Sri Lanka grapples with its worst ever economic crisis.
Prime Minister Narendra Modi on Wednesday called for focus on 'repair and prepare' as the nation emerges out of a devastating pandemic. "Over the past year, we have witnessed a lot of disruption in different sectors. Much of it is still there. Yet, disruption does not have to mean despair," he said at VivaTech Summit. "Instead, we must keep the focus on the twin foundations of repair and prepare," he said referring to the need to augment healthcare infrastructure in the country as well as prop up the economy.
Unique Identification Authority of India chairman Nandan Nilekani said the Aadhar number "dramatically improves the convenience" and makes the life "simpler".
Cheque payments will be safer; the limit for contactless card transactions hiked.
Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
Having almost closed the last contours of the limited trade deal and with the announcement of a much larger trade deal in the offing, we have moved to a new level of engagement: Goyal.
In an interview with PTI, Chidambaram also stressed that no Congress MLA elected in the upcoming assembly polls can be poached by the Bharatiya Janata Party in Goa this time, saying 'our house is well-guarded' and though the 'thief' is still out there, the people 'will teach him a lesson'.
Prime Minister Narendra Modi on Saturday said the target date for achieving 20 per cent ethanol-blending with petrol has been advanced by five years to 2025 to cut pollution and reduce import dependence.
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
Cooking gas (LPG) dealers on Monday threatened to go on an indefinite strike from January 19 unless oil companies stop appointing new distributors.
The kerosene subsidy is expected to decline by 40 per cent from Rs 7,595 crore in 2016-17 to Rs 4,500 crore this financial year.
The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
The smaller cylinders will be sold at market rates.
The ex-PM urged the people to elect a government that upholds the Constitution of India and the principles of democracy and brings about inclusive growth for all.
The police have put up barricades, tippers and rolled out water cannons to prevent protesting farmers from entering Chandigarh.
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
The Centre will soon write to the states to bring uniformity in the Value Added Tax on oil products so that benefits of price cuts filter down to the masses.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
The blast occurred in the centre of Davao, close to one of the city's top hotels and a major university.
A 14.2-kg subsidised LPG cylinder in Delhi will now cost Rs 507.42 as against Rs 505.34 previously, according to a price notification of State-owned fuel retailers.
India's fuel demand in May slumped to its lowest in nine months as restrictions to curb the second wave of COVID infections stalled mobility and muted economic activity. Fuel demand fell 1.5 per cent to 15.1 million tonnes despite the low base of May 2020 and was down 11.3 per cent when compared to the previous month, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry. India was under one of the world's strictest lockdowns in May last year, which brought all mobility and economic activity to a grinding halt.
Indian government is trying hard too woo global investors.
Can welfare schemes truly transform from being flagship to flag-bearers for a government that is looking to get a second term in 2019?
In five monthly reduction, non-domestic LPG rates have been slashed by Rs 170.5 per cylinder, bringing the price at three-year lows.
When the temple issue predominated BJP's discourse, its victory margins have been narrow.
It is not unlikely that ahead of the Lok Sabha elections, the BJP government comes up with more imaginative schemes aimed at constituency-building. The party under Modi's leadership has a more modern thinking in such matters unlike its rivals, which are still steeped only in ideology, points out N Sathiya Moorthy.
India, which imports over 80 per cent of its oil needs, spent $87.7 billion on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
