Defying high court orders, oil PSU executives on Wednesday stopped work forcing stoppage of natural gas supplies to industries on the nation's main trunk pipeline but aviation services and fuel supplies continued to be normal.
The government has raised natural gas prices by 20 per cent to Rs 3,840 per thousand cubic metre following a June 5 Cabinet decision to this effect.
Multi Commodity Exchange of India Ltd has emerged the second largest Natural Gas Exchange globally, next to New York Mercentile Exchange.
Fuel prices have risen by about Rs 7.5 per litre since May 15, as global crude oil prices surged due to the ongoing conflict in West Asia and supply concerns around the Strait of Hormuz.
Petrol and diesel prices have been increased by Rs 3 per litre each, marking the first hike in over four years, as state-run fuel retailers pass on some of the impact from surging global crude prices, which have been exacerbated by the Iran war.
The Indian government has restricted industrial, commercial, and institutional users from purchasing petrol and diesel from retail petrol pumps, directing them to bulk sale points instead. This move, which can last up to 90 days, aims to address abnormal demand growth and prevent localised shortages caused by a significant price difference between retail and bulk fuel prices.
Reliance Industries Ltd (RIL) has expressed caution regarding 'extreme volatility' risks stemming from the West Asian conflict, which could impact global oil demand and the company's margins, while also noting that near-term retail consumption demand may remain sensitive to macro conditions. Chairman Mukesh Ambani, in the annual report, remained silent on the timeline for Jio Platforms' anticipated public listing, stating the group will 'continue to evaluate strategic pathways'.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
India bought 1.87 million barrels of Russian oil per day in May so far, meeting approximately 40 per cent of its oil imports.
A disruption in the supply of LPG cylinders caused by tensions in the Strait of Hormuz is impacting Indian kitchens, leading to restaurant closures, price hikes and a surge in demand for electric cooktops.
The ONGC expert teams are arriving from Mumbai and Delhi to douse the gas well blaze in Mori in Dr B R Ambedkar Konaseema district of Andhra Pradesh, an official said on Tuesday.
The government has dismissed speculation of an imminent increase in petrol and diesel prices, assuring citizens that there are no plans for a hike despite rising crude oil costs.
The draft note proposes raising gas price for ONGC to Rs 3,765 per thousand cubic meters from current Rs 3,200 per thousand cubic metre. For OIL, the gas price has been proposed at Rs 4,205 per thousand cubic metres. The price would change by Rs 55 per thousand cubic metre for every 10 points change in Wholesale Price Index.
One Indian oil tanker successfully crossed the Strait of Hormuz, while others turned back after Iran signalled the waterway's closure, amidst rising tensions and disruptions to global energy flows.
Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on natural gas to mop up Rs 3,000 crore (Rs 30 billion) annually for laying down the gas pipeline network with CEOs of state-run firms. The brainstorming session called to chalk out the 100-day plan for the new government also decided on launching a new Scheme of Rural LPG Distributor (Gramin LPG Vitrak), petroleum secretary R S Pandey said.
The government has assured citizens that there is no need to panic book LPG cylinders, as uninterrupted supply to households is being ensured despite the ongoing conflict in West Asia.
Recent BJP organisational moves and Rajya Sabha nominations have sparked speculation that Prime Minister Narendra Modi may soon undertake a ministerial reshuffle.
India's state-run oil marketing companies (OMCs) are projected to incur under-recoveries of approximately Rs 80,000 crore on liquefied petroleum gas (LPG) sales in FY27 if current loss levels persist, according to rating agency Icra.
India's pharmaceutical industry is experiencing increased bulk drug prices, particularly for APIs from China, following the escalation of the West Asia crisis in March. While current inventories provide a temporary buffer, concerns are mounting over the availability of key solvents and feedstocks, potentially leading to manufacturing disruptions and shortages in specific drug categories.
The government may for the first time in about five years raise price of natural gas produced by state-owned firms like Oil and Natural Gas Corporation after the finance ministry and the Planning Commission backed the proposal for a 30 per cent hike.
Inter-ministerial committee held it first meeting on subsidising costlier imported LNG by making consumers of cheaper domestic natural gas pay more.
As Shastri Bhawan nears demolition, one of Delhi's most iconic government buildings leaves behind six decades of stories, power, journalism and public life.
The Indian government has issued a stern warning to industrial users who are reportedly procuring cheaper retail fuel instead of industrial-grade fuel, leading to significant losses for state-run oil marketing companies (OMCs) and potential local shortages. This diversion, driven by a substantial price difference between retail and bulk diesel, is adversely impacting OMCs, which are absorbing daily losses of approximately 550 crore to keep retail prices stable.
Questioning the idea of market-determined prices for natural gas favoured by the petroleum ministry, the Planning Commission said on Tuesday that given the shortage of the fuel, the government had a role to play.
The Union petroleum ministry has proposed a 44 per cent increase in prices of natural gas sold under the administered price mechanism by state-owned Oil & Natural Gas Corporation and Oil India Ltd.
Hundreds of Indian seafarers are stranded on vessels carrying crude oil, LPG, and LNG in the Persian Gulf due to the ongoing conflict in the Middle East, causing disruptions to India's energy supplies.
A senior government official confirms that Indian vessels do not require permission to navigate the Strait of Hormuz, despite regional tensions. Several Indian ships, including LPG tankers, have safely crossed the strait, ensuring continued supply of essential commodities to India.
Live updates on the US-Israel-Iran war: Trump escalates threats, Iran retaliates, and oil prices surge as the Strait of Hormuz crisis disrupts global markets.
Deora, who met Mukherjee on Monday afternoon to present his ministry's Budget wishlist, also discussed the deregulation of fuel prices.
A new study suggests that using basalt rock instead of limestone in cement production could significantly reduce carbon dioxide emissions, offering a pathway to a greener construction industry.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
The quantities and price of $4.2 per mmBtu for gas under the GSPAs signed for five years are as approved by the government.
The field operations are on in the sub-Himalayan terai region stretching from the Gorakhpur district in eastern UP to Bijnore district in western UP. The two companies were given prospecting licences sometime back, he informed. The licence allows the licence holder to undertake mineral substance prospecting works within a specific area.
Flex fuel motorcycles can deliver "3 per cent higher torque and 7 per cent higher peak power".
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
Despite a ceasefire agreement between Iran and the United States, the Strait of Hormuz remains blocked due to Iran's inability to locate and remove all the mines it laid during the conflict, hindering global oil and gas supplies.
The new engine features the Westport WP580 Engine Management System and is designed to support various configurations.
