Mumbai, May 30 (IANS) Compressed natural gas (CNG) prices in Mumbai Metropolitan Region (MMR) rose after Mahanagar Gas Limited (MGL) on Saturday hiked prices by Rs 2 per kilogram, taking the retail rate to Rs 86 per kg.The revised price applies across Mumbai, Thane, Navi Mumbai and other areas served by the company. The CNG rate hike is the second one this month, after MGL raised rates by Rs 2 per kg on May 14.The company has also raised the rate of piped cooking gas by 50 paise per unit in MMR….
Latest Crude Oil News & Updates
New Delhi, May 28 (IANS) Gold and silver traded lower in international markets on Thursday as a stronger US dollar and renewed geopolitical tensions following fresh US military action against Iran weighed on sentiment and heightened concerns that inflation could remain elevated for longer.Spot gold slipped nearly 2 per cent to $4,368.99 per ounce, while COMEX gold was trading 1.80 per cent lower to $4,367.90 per ounce.On the other hand, silver prices also came under pressure, with spot silver de…
Seoul, May 26 (IANS) South Korea is taking a cautious approach with the timing of its oil stockpile release under the agreement among International Energy Agency (IEA) members amid concerns there could be a global oil crisis in August, an industry ministry official said on Tuesday.Earlier this year, Seoul pledged to release 22.46 million barrels of oil from its strategic reserves by June 9 under a joint plan adopted by 32 member nations of the IEA as part of efforts to help address disruptions i…
New Delhi, May 25 (IANS) State-run oil explorer Oil and Natural Gas Corporation (ONGC) on Monday said it has selected BP Exploration Services India Limited — a UK-based subsidiary of BP Plc — as Technical Services Provider (TSP) for its Western Offshore oil and gas fields (excluding the Mumbai High field), in a move aimed at boosting output from mature assets.The decision follows an international competitive bidding process under which global oil companies were invited to submit proposals for …
New Delhi, May 25 (IANS) India’s push towards ethanol blending and renewable energy is helping reduce the country’s dependence on imported crude oil, Krishnakumar Gopalan, former Chairman and Managing Director of Bharat Petroleum Corporation Limited said on Monday.Speaking to IANS, he said the government had realised early the need for an energy transition and has been working closely with oil companies to reduce vulnerabilities arising from high crude imports.Speaking about India’s fuel s…
Mumbai, May 23 (IANS): India’s fuel supply management has remained stable despite global disruptions, said former Chairman of Indraprastha Gas Limited (IGL) and former Director (HR) of Bharat Petroleum Corporation Limited (BPCL) Raj Kumar Dubey on Saturday.Speaking with IANS, Dubey said, “Supply management has been exemplary, otherwise you would have faced shortages like several other countries. But India never faced any shortages in terms of fuel, petrol and diesel. LPG is an area of concer…
New Delhi, May 23 (IANS) The Indian government has effectively managed the impact of global crude oil volatility, maintaining stable fuel availability backed by strong refining capacity and supply systems that have ensured uninterrupted access to petrol and diesel, KPMG International’s Global Head for Energy, Natural Resources and Chemicals (ENRC) Anish De said on Saturday.In an exclusive interview with IANS, De said recent fuel price increases in India reflect the lag between global crude oil…
New Delhi, May 23 (IANS) The special additional excise duty (SAED) cut on petrol and diesel on March 27, 2026 resulted in approximately Rs 30,000 crore cost for the central exchequer in the current fiscal year, and the pass-through of higher crude was not made to the consumer; it was absorbed by the exchequer.Amid the Strait of Hormuz disruption, the SAED cut reduced petrol excise to three rupees a litre and took diesel excise to zero.The Congress argues that petrol cost roughly Rs 71 a litre in…
New Delhi, May 20 (IANS) Operating profitability for Indian cement companies is expected to moderate in 2026-27 as higher power and fuel prices and rising selling costs linked to geopolitical tensions in West Asia weigh on margins, a report said on Wednesday.The report from ICRA highlighted that the OPBIDTA per tonne for its sample set of cement companies is projected to ease by 10–15 per cent to Rs 820–870 per metric tonne in 2026-27, from an estimated Rs 950–980 per metric tonne in 2025-…
New Delhi, May 19 (IANS) The government has ensured that the price hike in petrol and diesel has been restricted to 4.4 per cent, the lowest among major economies, while that of domestic liquefied petroleum gas has remained constant, by reducing excise duty and asking the oil companies to absorb the losses due to the cost of imported crude soaring past $100 a barrel. Public sector oil companies have absorbed under-recoveries of Rs 24,500 crore on petrol and diesel to keep pump prices on hold, be…