Petroleum Imports

ISPRL seeks private firms to build 2.5 mn tonnes petroleum reserve at Padur

In 2021, India overhauled its policy to allow part of SPRs to be used commercially, mirroring a model adopted by countries such as Japan and South Korea that allows private lessees, mostly oil majors

Govt nod to Adani Krishnapatnam Port for petro import in 'public interest'

The notification to allow continued petroleum imports at Krishnapatnam Port had a positive impact on the shares of Adani Ports, which gained over 1 per cent intraday on the Bombay Stock Exchange

Refined petroleum product export rose 12% in October, shows PPAC data

Globally, supplies have continued to rise despite ongoing production cuts by the Organization of the Petroleum Exporting Countries (OPEC)

Govt to allow 35% bio-bitumen mixing, saving Rs 10,000 cr in forex outflows

Union Road Transport Minister Nitin Gadkari on Wednesday said the government will allow mixing of lignin up to 35 per cent in petroleum-based bitumen, a large part of which is imported from other countries. Bitumen is a black substance produced through the distillation of crude oil and is widely used for making roads and roofs. "We have the largest road network in the world. 90 per cent of roads are using bituminous layers. Bitumen consumption in 2023-24 was 88 lakh tonnes. In 2024-25 it is expected to be 100 lakh tonnes. 50 per cent of the bitumen is imported. And annual import cost is Rs 25,000-30,000 crore," Gadkari said while replying to questions in Rajya Sabha. The minister said the farmers are now not only producing foodgrains but they have become energy producers. Central Road Research Institute (CRRI) and the Indian Institute of Petroleum, Dehradun, had developed bio-bitumen from paddy straw. The minister expressed concern that there is a problem of air pollution in Delhi

Europe set the bar on Russian gas high enough to leave India unaffected

The impact of the gas price cap on India may, however, be muted as the EU, fearing disruptions to domestic gas supplies in winter, set the bar very high

Centre to receive Rs 40,000 crore from windfall tax, half from private cos

The windfall taxes were imposed in July and will only be removed if the price of oil falls below $70-75 per barrel

Oil prices rise on tight supplies, as IEA warns of global recession

The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd

Dip in demand from China, Italy may have hit India's merchandise exports

India's merchandise exports contracted 3.5% to $33.6 bn in September

India's Russian oil imports jump over 50 times since April: Official

'Russia oil now makes up 10 per cent of India's oil import basket in April. It is now among the top 10 suppliers'

A Rs 12 hike in petrol, diesel price needed to break-even: ICICI Securities

Crude oil prices shot above USD 120 a barrel for the first time in nine years on Thursday before retreating a little to USD 111 on Friday, but the gulf between cost and retail rates has only widened

Explained: How the release of SPR oil is more politics than economics

India agreed to release 5 mn bbl of crude oil from its SPR at an unspecified time

Exports rise 5.4% in January; trade deficit narrows to $14.75 billion

Rise in both exports and imports signals recovery is strengthening: Experts

With gradual demand recovery, IOC rolls back refinery production cuts

The company on Monday said it has raised utilisation to 60 per cent, and plans to scale it up further by Month end

Govt aims to cut petroleum imports to zero, boost alternative fuel

India is planning to start 15 factories to produce second generation ethanol from biomass, bamboo