India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
"During the second quarter of this year we expect to deliver fuel to the first reactor at the Kudankulam," head of the Russian Automic Energy Agency Sergei Kiriyenko told reporters as he visited the construction site of the plant.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
Corrective actions are required in the sector but it will only happen if things get really desperate
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month. The wholesale price index (WPI) based inflation has been rising for two months in a row.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
Fluctuating between hope of fuel supplies and despair of prolonged grid failures, it was mostly a gloomy year for the power sector in 2012, but it is looking forward to brighter days ahead under a new and young minister.
In a meeting with stakeholders last week, the authority mooted setting up a Special Purpose Vehicle along with airlines and state-owned oil marketing companies to develop common infrastructure to import ATF, among others, at Chennai and Kolkata airports. While AAI and OMCs will hold 76 per cent in the proposed SPV, the airlines will participate in the remaining 24 per cent equity.
Highly-placed government sources in Moscow said that the deal involved 60 tonnes of nuclear fuel for Tarapur reactor.
The 13,000-strong UNRWA staff in Gaza includes teachers, doctors, nurses, pharmacists, warehouse workers, logisticians, technicians and drivers.
Strong performance by its US subsidiary Novelis and better returns in the copper business helped Hindalco Industries post consolidated revenue growth of 2 per cent quarter-on-quarter (Q-o-Q) to Rs 54,100 crore in the July-September quarter of 2023-23 (Q2FY24). Novelis' Flat Rolled Products (FRP) volumes grew 6 per cent Q-o-Q to 933,000 tonnes (down 5.2 per cent Y-o-Y) on better North American and European volumes. The consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 2 per cent Q-o-Q to Rs 5,610 crore despite lower input costs in India and better Novelis performance.
The Principal Secretary of Planning Commission also requested the people of Jammu and Kashmir on behalf of the central government to maintain peace.
Sheikh Hasina, who quit as prime minister and fled Bangladesh, will be back in the country as soon as democracy is restored, his son Sajeeb Wazed Joy said on Thursday and blamed Pakistan's intelligence agency, ISI, for fuelling the ongoing unrest in the country.
India is likely to grow by 7.5 per cent in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy, according to an article in the RBI's May Bulletin released on Tuesday. The Indian economy has demonstrated marked resilience in the face of geopolitical headwinds impacting the supply chain, said an article on the state of the economy published in the May Bulletin.
Six months after Nepal was devastated by a massive earthquake, relief efforts are literally running out of steam as weeks of protests against a new constitution have led to a critical shortage of fuel. Naomi Mihara reports on how NGOs are racing against time to reach aid to the people before winter sets in.
To offset the impact of high import costs, the Planning Commission had said that Coal India Ltd should adopt a pooling formula on prices by combining rates of imported and domestic coal.
In case of disruption, US and India will jointly convene a group of friendly supplier countries to include nations like Russia, France and the UK to pursue such measures to restore fuel supply.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
The latest numbers showed 34 of India's 90 power stations were running on critical coal stocks.
To ensure safe passage of its supply convoys throughout Afghanistan, warlords in the country are getting tens of millions of dollars of American money, some of which may be reaching the Taliban as well, a new report has said.
'Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the Centre and the states could ease the cost-push pressures,' the Monetary Policy Committee (MPC) has said.
Ratnagiri Gas and Power, firm that now runs the Dabhol plant, was allocated 7.6 mmscmd of KG-D6 gas.
Adani Group on Thursday said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for sale of green hydrogen in Japan, Taiwan and Hawaii markets. Billionaire Gautam Adani-led conglomerate is investing up to $50 billion over the next 10 years in setting up a fully integrated green hydrogen ecosystem in India. This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonne later.
For India, it is a symbol of will and a successful feat of arms.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Restrictions under Section 144 of the Code of Criminal Procedure (CrPC) continued to be imposed in the clash site and surrounding areas, they said.
Meet IAF Veteran Bhopinder Singh Saini from the Viro ke Vir Indian Party.
Moody's in its report said power generators were unlikely to benefit meaningfully.
Besides, it owes an interest of Rs 423.43 crore (Rs 4.23 billion) to IOC, Rs 92.73 crore (Rs 927.3 million) to BPCL and Rs 66.17 crore (Rs 661.7 million) to HPCL.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
During his recent visit to India, Australian Prime Minister John Howard had hinted at a softening of Canberra's stand as the two countries decided to set up a group of officials to study the Indo-US Civil nuclear deal.
Commerce Minister Kamal Nath on Friday announced that jet fuel supplies to long-distance flights of international carriers would be treated as exports.
Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG). However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. Analysts expect the earnings from gas production to go down for upstream national oil and gas companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) due to the introduction of the new domestic gas pricing regime on April 1. After showing steep losses over the first half of 2022-23 (FY23), the marketing margins of OMCs have steadily recovered in four months.
Private power producers wanted the sub-market domestic coal prices to be averaged out with international price of imported coal so as to have a uniform fuel price and remove the disadvantage new projects faced as compared to older ones.
Fuel rationing was on Friday imposed in Karwadi and Bayana by the district authorities in a bid to check the movement of Gujjar protesters as their agitation entered the eighth day.
Sounds a little far-fetched -- but it's true. You see the EU is in desperate need of a substitute for common gasoline for its cars and diesel for the huge trucks. Given the shaky security of oil supply, it's no surprise that engineers are taking some unusual approaches in trying to find a replacement for fossil-based fuels.
Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.
Petroleum retailers in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad, among other cities, will start supplying Euro-IV compliant auto fuel from April 1.
