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Tag: Crude Oil

WPI inflation hits 4-month high of 14.55 pc in Mar as crude, commodity prices spike

The last time such a level of WPI was recorded was in November 2021, when inflation was 14.87 per cent.

ATF Price Hiked By Over 18%, Steepest Rise Ever
ATF Price Hiked By Over 18%, Steepest Rise Ever

In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 114,979.70, Rs 109,119.83 and Rs 114,133.73 per kiloliter, respectively.

Crude Oil Tumbles As Container Ship Stuck In Suez Canal Freed
Brent Crude Breaches $100 Per Barrel Mark Again

On last Friday, a rise in the US oil inventories along with assurance of energy supply from Russia had doused international crude oil prices. Consequently, the price on last Friday came down to $95 per barrel after the Russia-Ukraine war pushed Brent Crude Oil prices to $105 per barrel.

Crude Oil Tumbles As Container Ship Stuck In Suez Canal Freed
Crude Oil Tumbles As Container Ship Stuck In Suez Canal Freed

New Delhi: Stock markets in Asia heaved a sigh of relief and crude oil prices fell as the vessel blocking the Suez Canal was freed. This will clear the canal and allow movement on the busiest waterway in the world. Crude prices fell after rising 4 per cent over the last few days as the […]

Hike In Fuel Prices ‘Temporary’, Says Union Petroleum and Natural Gas Minister

Bhubaneswar: The Petrol and diesel prices have reached record highs, creating problems and making holes in the pockets of consumers across the country. The petrol price had recently crossed the Rs 100 per litre mark in Sriganganagar town of Rajasthan. Even in Odisha, the extra-premium petrol has also touched the century mark in Malkangiri district. […]

Oil Price Rise: Know Why Common Men In Odisha Hardest Hit By High Diesel Prices?
Oil Price Rise: Know Why Common Men In Odisha Hardest Hit By High Diesel Prices?

Bhubaneswar: Along with petrol, diesel prices in the country has risen for the sixth time in December. However, if the count is done since November, it’s the 15th straight hike for the fossil fuels. The rise is attributed to upward movement of crude oil (Indian Basket), which on Dec 8 stood at $48.52 from $48.3 […]

COVID Crisis: India Oil Import Bill Falls 10% To $101 Billion In FY20

New Delhi: At least in the oil sector, the global health emergency posed by the spread of the novel coronavirus has come to the country’s advantage. India’s oil import bill has fallen close to 10 per cent in FY20 as the increasing spread of coronavirus and demand squeeze globally has depressed the crude oil prices […]

Trump pledges to support oil, gas industries amid oil futures crash

Washington: US President Donald Trump has directed his administration to work on a plan to get funding to the oil and gas industries as a steep sell-off in oil futures continued. “We will never let the great US Oil & Gas Industry down,” Trump tweeted on Tuesday morning, Xinhua reported. “I have instructed the Secretary […]

US Oil Prices Turn Negative For The First Time In History; Wall Street Tumbles

New York: US oil prices turned negative on Monday for the time in history. West Texas Intermediate crude for May delivery shed more than 300 per cent to settle at -37.63 USD per barrel on the New York Mercantile Exchange. What it means is that oil producers are paying the buyers to take the commodity […]

Sensex up 900 points led by banking stocks; oil prices dip

Mumbai: Slide in global crude oil prices and positive global cues aided the benchmark Sensex to gain over 900 points on Tuesday. Brent, the global oil benchmark, on Tuesday fell as much as $53.95 a barrel as traders weigh the impact on global demand from the spread of coronavirus, which has probably cut China’s oil […]

India, Saudi Moving From Buyer-Seller Relationship Towards Closer Strategic Ties: PM Modi

Riyadh: India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom’s investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil […]

Petrol price down 7 paise, diesel dips 8 paise

New Delhi: Petrol prices declined by 7 paise across the metropolitan cities on Thursday after remaining unchanged for the last two days, data from the Indian Oil Corp’s website showed. In the national capital, petrol was priced at Rs 72.71 per litre, down from Rs 72.78 on Wednesday. In Kolkata, Mumbai and Chennai, price of […]

Government pocketing profits as crude oil prices fall: Kharge

New Delhi: Congress leader Mallikarjun Kharge on Thursday questioned the government on why the benefit of lower crude oil prices was not being passed on to the consumers. He said the government has also slashed funds for all welfare schemes. Raising the issue in the Lok Sabha during zero hour, Kharge said: “Consumers are not […]

OPEC should go for 'responsible pricing': Indian oil minister

New Delhi: India on Sunday pressed oil cartel OPEC to adopt “responsible pricing” for oil and consider the world’s third-biggest oil consumer as its preferred sales destination. Oil Minister Dharmendra Pradhan met OPEC Secretary General Sanusi Mohammad Barkindo to discuss “the current scenario of oil and gas industry of the world and exchanged notes on […]

First US shipment of crude arrives at Paradip

Paradip/New Delhi: The first shipment of US crude oil to India arrived at the Paradip Port in Odisha today, as part of the two million barrels contracted by India to keep oil prices low and stable for the benefit of consumers. The shipment follows recent commitments to US oil purchases by Indian Oil Corporation (IOC) […]

UAE to cut oil production by 139,000 barrels

Dubai: United Arab Emirates (UAE) Minister of Energy Suhail Al-Mazrouei said on Sunday UAE is to cut oil production by 139,000 barrels per day in November in line with an Organisation of Petroleum Exporting Countries (OPEC) decision. The state-owned company Abu Dhabi National Oil Company (ADNOC) has decided to cut its production for November, reflecting […]

Nitin Gadkari
Need to promote electric vehicles: Gadkari

Nagpur: Union Road Transport and Highways Minister Nitin Gadkari on Friday said that electric vehicles need to be promoted in order to cut down expenses incurred on crude oil imports. “E-vehicles need to be promoted in order to cut down the huge crude oil bill, reduce pollution and create cost effectiveness in transportation,” Gadkari said […]

Petrol, diesel prices reduced

New Delhi: With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided to reduce petrol and diesel prices. Taking into account the effect of state levies, the petrol price in Delhi will be cut by Rs.2.42 per litre, while diesel cost will come down […]