Just as very high oil prices looked an anomaly in a sluggish world, so now do record high equities.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
Oilseed output to surpass its previous record of 32.75 mt in 2013-14 to 33.59 mt this year
Operations in refineries, pipelines, production units and commercial offices of public sector oil companies were on Tuesday affected due to a day-long strike by about 300,000 workers protesting Centre's move to divest.
The RBI on Friday retained inflation forecast for FY23 at 6.7 per cent amid uncertain price trajectory on "geopolitical shocks" and on hope that inflationary pressures would ease with pick-up in kharif sowing and supply chain improvements. In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, higher from 5.7 per cent forecast in April. The six-member Monetary Policy Committee (MPC) unanimously decided to raise the benchmark repo rate by a steep 50 basis points to 5.40 per cent with immediate effect to tame inflation while supporting growth.
Reliance Industries Ltd on Friday reported a 15 per cent drop in its net profit to Rs 15,792 crore for the third quarter, according to a company's stock exchange filing. The net profit of Rs 15,792 crore in October-December 2022 compares to Rs 18,549 crore a year back.
Russia has promised India four to five million tonnes of crude oil annually from its Far East Siberian oil fields if it fails to accommodate ONGC Videsh Ltd in Yuganskneftegaz, the core asset of Yukos that has been acquired by Russian state-owned Ros
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
China's take over of Pakistan's strategic Gwadar port is not aimed at 'encircling' India, but the move is crucial to the country's economic interests as it gives western China access to the Arabian Sea to access oil supplies from the Gulf, official Chinese media said on Friday.
The country's largest refinery, Indian Oil Corporation, is unlikely to bid for the Iraqi crude oil tendered on Thursday, as the delivery schedule and other specifications do not meet its requirements.
Parliamentary panel seeks changes in crude import norms.
'The market should maintain optimism on the back of range-bound oil prices, a robust fiscal balance sheet, a better-than-expected monsoon, and moderating inflation.'
Countries have to start replenishing inventories soon, supply remains tight, and the fall in demand isn't large enough all of which suggests higher prices
Palm oil prices are rising to record levels these days because China and India are stepping up purchases.
Investors and companies should brace for higher commodity prices over the next few weeks in the backdrop of Russian troops attacking Ukraine on Thursday. Meanwhile, US President Joe Biden threatened new sanctions against Russia for an act of aggression against Ukraine. All this, analysts believe, can push prices of key commodities such as crude oil, ammonia, urea, potash, and phosphates higher.
India will invest $1 billion every year in acquiring oil and gas fields abroad in order to cut dependence on highly volatile international market for its crude oil requirement, Petroleum Secretary B K Chaturvedi said on Friday.
New investment projects announced in the manufacturing sector declined in the three months ended June 2023. The value of new projects was lower than in the March quarter, as well as the year-ago period, shows data from project tracker the Centre for Monitoring Indian Economy (CMIE). The new project announcements worth around Rs 85,000 crore in the manufacturing segment in June were a 48 per cent decline from the Rs 1.6 trillion in March and a 66 per cent decline from the Rs 2.5 trillion seen in June 2022.
The government has sought to increase crude oil inflow from Saudi Arabia by five million tonnes from 27.33 million tonnes, as supplies from Iran is set to decline following US sanctions.
State-owned Indian Oil Corporation (IOC), Adani-Total Gas Ltd and Shell were among the 29 companies that bid and bought natural gas to be produced from the deepest field in the KG-D6 block of Reliance Industries Ltd and bp, sources said. IOC walked away with almost half of the 6 million standard cubic meters per day of gas sold in an e-auction on Wednesday while state-owned gas utility GAIL bought 0.7 mmscmd, Adani-Total Gas Ltd 0.4 mmscmd, Shell 0.5 mmscmd, GSPC 0.25 mmscmd and IGS another 0.5 mmscmd, two sources with knowledge of the matter said. Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies.
India, which consumed over 138 million tonnes of fuel in 2009-10, imports three-fourth of its oil needs and one-third of its gas requirement.
When Vineet Mittal first got into solar power, sometime around 2009, and was planting solar panels in Gujarat, renewable energy looked like a sector ripe for startups. Renewables were clearly the future of energy, and the big boys - Mukesh Ambani's Reliance, Adani Group, and the Tatas - were focusing much more on coal and petroleum. Little did Mittal know that things were going to change drastically.
Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg but prices are still around 80 per cent more than those in April last.
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
As oil marketing companies (OMCs) stare at huge under-recoveries, India is facing fuel shortage across the country with states like Rajasthan, Madhya Pradesh, Karnataka Uttarakhand, Gujarat and Haryana being the worst hit. The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources. Government and state-run companies denied reports of any crisis or supply-side issues on the availability of fuel.
Capital markets regulator Sebi has extended the suspension of futures and options trading in seven agricultural commodities, including wheat and moong, for one more year till December 2023 in a bid to rein in prices. The other agricultural commodities suspended by Sebi are -- paddy (non-basmati), chana, crude palm oil, mustard seeds and their derivatives and soya bean and its derivatives. "The suspension of trading in the above contracts has been extended for one more year beyond December 20, 2022, i.e. till December 20, 2023," Sebi said in a statement on Wednesday.
India is building its oil reserves in underground rock caverns and tanks
Prime Minister Narendra Modi's brother Prahlad Modi, who is also the vice president of All India Fair Price Shop Dealers' Federation, on Tuesday staged a dharna here with various demands of the organisation. Prahlad along with several other members of the All India Fair Price Shop Dealers' Federation (AIFPSDF) gathered at Jantar Mantar, holding banners and raising slogans.
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
Cooking oil rates have already witnessed a rise of almost 25 per cent since last year
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Over the previous eight sessions, Brent had lost about $7 a barrel, almost 20 per cent
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
The Centre had earlier in July 2008 launched the scheme to supply subsidised oil to the poor, which was valid till March 31, 2009. The government could not take a view on the scheme because of the general elections. With the United Progressive Alliance coming to power with an increased majority, sources said the scheme may be re-introduced in this year's Budget to benefit poor households. Moreover, they added, subsidy outflow is not likely to be very high.
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