Petroleum Sector

Govt allows Adani Krishnapatnam Port to import petroleum up to March 2026

The Centre has allowed Adani Krishnapatnam Port in Andhra Pradesh to import petroleum into India up to March 1, 2026, according to an official notification. The port has been allowed to import petroleum by sea from August 28, 2024, till March 1, 2026, in public interest, according to the notification by the Ministry of Ports, Shipping and Waterways. Owned and operated by Adani Ports and Special Economic Zone Limited (APSEZ), Adani Krishnapatnam Port Ltd is an all-weather deep water port located on the East Coast of India in Andhra Pradesh. Adani Ports & SEZ shares were trading higher by 0.56 per cent at Rs 1,267.30 on BSE in the pre-close session.

Tax contribution of petroleum sector set to drop rapidly in FY 2024-25

Collections from windfall tax collections had cooled before it was withdrawn on December 2

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)

India boosts global share in petroleum, gemstone, sugar exports over 5 yrs

India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching USD 1.52 billion in 2023 from USD 0.26 .

ONGC chairman should also lead as subsidiary HPCL's head: Synergy panel

The oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm's subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report. India's top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation's third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. But Hindustan Petroleum Corporation Ltd (HPCL), which initially did not even recognise the new owner, continues to be headed by a chairman and managing director, who does not report to parent firm ONGC or its board. ONGC has got just one board position on HPCL following the acquisition. On a prod from the Ministry of Petroleum and Natural Gas, ONGC appointed a three-member panel to work out synergi

India eyes $87 bn investment in petrochemicals over next decade: Puri

Indian state-run and private oil companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production

India to award leases to top up strategic oil reserves amid Gulf tensions

India must expedite the award because its strategic petroleum reserves, which hold a fraction of the crude storage capacities in Western nations and China, are highly inadequate in an emergency

India, Brazil eye year-end date for finalising GBA headquarters, charter

More than a year after the alliance was launched, the bloc has no physical, diplomatic presence

Venezuelan crude flows to public sector refiners via third parties

Venezuela was the 9th largest source of crude for India in Q1 FY25

Govt slashes windfall tax on petroleum crude to nil effective Sep 18

The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices

Petroleum product exports shrink 14% in August as global demand cools

Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports

Engaged with FinMin over review of windfall tax: Petroleum Secretary

Petrol, diesel pump prices may be reduced by OMCs if global crude oil prices remain low

Amended PNGRB Act to give legal teeth to petroleum sector regulators

CGDs say they can't hand over access capacity to new entities without more details from govt

Excise duty collections from petroleum sector decline 4.8% in FY24

Overall tax contribution of the petroleum sector rose marginally to Rs 7.51 trillion

Govt tables Bill in Lok Sabha to delink petroleum operations from mining

Calls for delinking petroleum operations from mining, renewable projects at oilfields

Need framework promoting clean tech that replaces ICE cars: MSI Chairman

Maruti Suzuki India is awaiting a policy framework that promotes all clean technologies resulting in petrol and diesel cars being replaced by vehicles using such eco-friendly technologies, according to its Chairman RC Bhargava. In his address to shareholders in the company's annual report for 2023-24, he said industrial growth requires stability of policies and a predictable work environment. He also expressed hope that in the third term, Prime Minister Narendra Modi-led government will continue its emphasis on building infrastructure, maintaining fiscal prudence, keeping inflation under control, implementing reforms that make manufacturing more competitive and trusting the private sector. "Some believe that your company has been slow to manufacture electric vehicles. We decided to adopt a more diversified approach to meeting national objectives and did not want to put all our eggs in one basket," Bhargava wrote. He further said the government has also accepted that in India there

Govt decreases windfall tax on petroleum crude to Rs 4,600 per tonne

The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil

India only country where petrol, diesel prices declined: Petroleum min Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter. Puri noted that petrol and diesel were deregulated during the UPA government. Deregulation means that prices of the commodity in the market are not set by the government, he added. "Prices here being high and elsewhere being low. It's exactly the opposite. In India today, the prices are the lowest and is the only country where prices have actually come down," Puri said. He attributed this to very bold, ambitious and farsighted decisions taken by the Prime Minister. "The prices in the world, I am giving you a two-year reference period between November 2021 and April 2024. Why I'm

No plan to mandate blending of ethanol with diesel: Hardeep Singh Puri

The government on Monday said the blending of ethanol with diesel is still at an experimental stage, and there is no plan, at present, to mandate it, as initial tests showed the formation of deposits in fuel tanks and other implications. Replying to a supplementary question in the Rajya Sabha on whether the Centre plans to mandate the blending of ethanol with diesel, Minister for Petroleum and Natural Gas Hardeep Singh Puri said, "The issue of blending ethanol with diesel is still at an experimental stage, and I can say categorically that at present there is no plan to mandate". Elaborating further, the minister said the reason is that oil marketing companies have tested up to 7 per cent of ethanol in diesel in collaboration with the Automotive Research Association of India and select original equipment manufacturers. "The initial tests have shown that there would be a reduction of flashpoint to 15 degrees Celsius with a 5 per cent ethanol blend and we require material compatibility

TotalEnergies Q2 earnings drop 6% on 'normalising' refining margins

Q2 adjusted net income $4.7 bn vs forecast $4.96 bn