Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of $140 per barrel. West Texas Intermediate crude futures, the US oil benchmark, rose to $130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of $139.13 at one point overnight, also its highest since July 2008.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
International oil prices surged close to $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine, but petrol and diesel prices in India continue to be on freeze and are expected to rise once assembly elections in states like Uttar Pradesh end. Amid fears of supplies being disrupted because of Russian aggression, the price of futures contract for Brent crude oil with April delivery on London's ICE rose by 4.18 per cent to $99.38 per barrel on Tuesday morning, before paring some gains to settle just above $98. The last time Brent exceeded $99 per barrel was in September 2014. Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
During his nearly 25-minute speech, Trump praised Modi's economic reforms and said these reforms have lifted more than three million people out of poverty. "And that is an incredible number," he added.
The proposed Rs 7,000-crore (Rs 70-billion) petrochemical complex of Gas Authority of India at Kochi has been shelved for the time being due to technical issues, according to Minister of Petroleum and Natural Gas Murli Deora.
Only a few thousand chargers dot the Indian landscape, some in working condition, others not, with some held hostage to the power supply vagaries of local utilities, reports S Dinakar.
Russian authorities on Wednesday resumed search operation for 10 missing sailors, including four Indians.
Younger brother Surendra wants to re-invest his share in real estate and education
Pakistan is once again becoming a frontline State in big-power rivalry. But this time around, Pakistan stands to gain out of its geography, observes Ambassador M K Bhadrakumar.
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
Oil Minister Ram Naik will discuss liquefied natural gas imports from Iran and seek opportunities for Indian firms in Iran's upstream sector when he visits Teheran this month, officials said on Thursday.
India on Wednesday offered Qatar a 10 per cent stake in Petronet LNG Ltd to get the worlds largest liquefied natural gas exporter to sell 18 more LNG cargoes this year and agree on a long-term supply deal for meeting fuel needs of beleaguered Dabhol power plant.
Gas Authority of India Ltd on Monday said strong winds of over 40 knots caused an accident at Petronet LNG Ltd's R-LNG terminal at Dahej, when the tug boats of LNG carrier 'Disha' hit the dolphin piles of the jetty on September 17.
The move comes days after the Indian Navy also warned of a possible terror attack from the sea side.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
The cost of CNG, which will be reduced by up to Rs 15 per kg in the next few days following a rejig in natural gas allocation, will go up by Rs 10.6 a kg in April, when domestic gas prices almost double.
Petronet LNG Ltd will seek equity in Ratnagiri Gas and Power Ltd, a JV between NTPC and GAIL for restarting the Dabhol Power Plant, in view of sourcing LNG to the beleagured plant.
The Cabinet has approved a framework of understanding on cooperation in hydrocarbons with Bangladesh recently.
Energy supermajor Exxon Mobil Corp is in talks to buy a stake in producing oil and gas fields in India, Oil Minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports. Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
The Petroleum Ministry has asked the oil regulator to look into the marketing margin charged by not just Reliance Industries, but also state-owned GAIL India Ltd on the sale of domestic gas and imported LNG.
India 'throws up' investment opportunities for Qatar investors.
India and the US had on July 17 signed a preliminary agreement for cooperating on emergency crude oil reserves, including the possibility of India storing oil in the US emergency stockpile.
Between fiscals 2009 and 2014, India's energy import bill surged at an average 14 per cent annually to $161 billion.
Refining major optimistic on planned investment of $16 bn for expansion and new technology to post healthy margins
India's wheat exports could touch a new record of 10 million tonnes in 2022-23, up from a record seven million tonnes in the current financial year, if global market conditions remain choppy and no curbs are imposed on outbound shipments. That is the bullish estimate by officials from global trading firms and market watchers who say the Russia-Ukraine crisis has not only attracted global buyers to India but also pushed the price of Indian wheat from around $320 per tonne (FOB) to over $360 per tonne in less than 10 days. Food secretary Sudhanshu Pandey told reporters that wheat exports till February-end have already reached 6.6 million tonnes and by the end of March, outbound shipments will reach seven million tonnes.
French gas major Gaz de France will hedge the risk of India's first liquefied natural gas importer Petronet LNG Ltd against market uncertainties.
IHS said low regulated gas prices have precipitated a supply shortfall in India, but proposed that reforms to the pricing formula could yield higher domestic production and boost India's economy.
Inter-ministerial committee held it first meeting on subsidising costlier imported LNG by making consumers of cheaper domestic natural gas pay more.
There was a time when gas was offered to India at a cheaper price but we could not close those deals.
Reliance Industries Ltd, India's largest private firm, is keen to take over the Dabhol power plant to fulfill its long planned ambition of having an LNG import facility on the west coast, a company official said.
This project is part of $46 billion China-Pakistan Economic Corridor (CPEC) package and is covered under the CPEC Framework Agreement.
