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Page 2 - Petroleum

Pak petroleum dealers threaten strike as govt fails to rise profit margins

The petroleum dealers in cash-strapped Pakistan have threatened to hold a nationwide strike from Saturday as they are dissatisfied with Shehbaz Sharif-led government on its failure to increase their profit margins, a media report said on Friday. Speaking at a press conference here, Pakistan Petroleum Dealers Association (PPDA) Chairman Samiullah Khan, expressed their frustration over the government's inability to raise their profit margin to 5 per cent on the sale of two major petroleum products, The Express Tribune newspaper reported. Currently fixed at Rs 6 per litre (2.4 per cent), the 5 per cent margin would amount to over Rs 12 per litre, given the prevailing petrol and diesel prices of Rs 253/litre and Rs 253.50/litre, respectively, the report said. The latest fortnightly work for determining petroleum product prices, effective from July 16, indicated that the dealers were receiving Rs 7/litre instead of the claimed Rs 6/litre. However, this Rs 7 margin falls significantly sh

Pak petroleum dealers threaten strike as govt fails to rise profit margins
Updated On : 21 Jul 2023 | 3:47 PM IST

India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May

India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15
Updated On : 14 Jul 2023 | 11:36 PM IST

Essar Oil UK to expand fuel distribution into London, South East of England

Essar Oil (UK) Ltd, the leading integrated downstream energy company, on Monday said it has signed an agreement with Essex-based storer of refining petroleum products Oikos Storage Ltd to expand its operations into London and the South East of England. The firm owns UK's Stanlow oil refinery and a network of petrol stations in the country. "Under the agreement, Essar will store and distribute middle distillate fuels at Oikos' Canvey Island facility to serve the Thames region. Furthermore, the agreement will leverage Oikos' connectivity to the United Kingdom Oil Pipeline (UKOP) system to supply the Northampton and Midlands regions," the company said in a statement. Currently, diesel and jet fuels are pumped from the Stanlow refinery to the Midlands and Northampton regions along the UKOP system. "As a result of this agreement, Essar's imports of middle distillates will be pumped from Oikos to Northampton and the Midlands regions, providing significant supply resilience and increasing

Essar Oil UK to expand fuel distribution into London, South East of England
Updated On : 10 Jul 2023 | 9:30 PM IST

Gas regulator to pitch for building gas storage to boost clean fuel usage

The country aims to raise the share of natural gas in its energy mix to 15% by 2030 from about 6.5% now

Gas regulator to pitch for building gas storage to boost clean fuel usage
Updated On : 10 Jul 2023 | 12:43 PM IST

Gas platform explosion off Mexico kills 2 workers, injures 6, 1 missing

An explosion and fire have destroyed an offshore gas platform in the Gulf of Mexico, while two workers died, six were injured and one was missing, officials said. The state-owned oil company, Petroleos Mexicanos, said the disaster happened on the Nohoch gas transfer platform that it operates on Friday. It said the dead and missing workers were employed by a subcontractor. It did not specify who the six injured worked for. The company's statement said seven ships evacuated a total of 321 workers from the platform. Photos distributed by the company showed several fire boats pumping streams of water onto the still-smoking platform. Octavio Romero, director of Petroleos Mexicanos, said the platform "was totally destroyed" but that several other nearby, linked platforms did not catch fire. There appeared to be little risk of an oil spill, though it was unclear whether the accident might force the company to increase flaring of gas, a process of burning excess gas that pumps large amount

Gas platform explosion off Mexico kills 2 workers, injures 6, 1 missing
Updated On : 08 Jul 2023 | 8:36 AM IST

ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid

Other Indian companies that are likely to partner with OVL for the stake buy are also evaluating a stake purchase, said the executive, who was not authorised to speak to the media

ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid
Updated On : 04 Jul 2023 | 11:32 PM IST

Warren Buffett's firm now owns more than 25% of Occidental Petroleum

Billionaire Warren Buffett's company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 per cent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about USD 123 million. The latest purchases give Berkshire more than 224 million shares worth nearly USD 13 billion that have all been purchased over the past year and a half. And Buffett may not be done buying because the price of Occidental stock is still right around where he bought shares at this week even after a modest 43-cent bump Thursday morning to trade at USD 57.89. Buffett has been consistently buying the stock when it dips below USD 60. Crude prices are down 13 per cent this year and shares of Occidental are down 8 per cent. Often, other investors rush into a stock after Berkshire discloses a purchase because of Buffett's remarkably successful track record over the decades.

Warren Buffett's firm now owns more than 25% of Occidental Petroleum
Updated On : 29 Jun 2023 | 11:55 PM IST

India-UAE aim to double non-oil trade to $100 bn by 2030: Piyush Goyal

Joint committee of officials from both sides to review terms of CEPA, which came into force on May 1, 2022

India-UAE aim to double non-oil trade to $100 bn by 2030: Piyush Goyal
Updated On : 12 Jun 2023 | 7:24 PM IST

Government extends timeline for submitting bids for OALP Round-VIII

Since March 30, 2016, seven rounds of Open Acreage Licensing Programme (OALP) have been completed

Government extends timeline for submitting bids for OALP Round-VIII
Updated On : 05 Jun 2023 | 5:00 PM IST

Cash sales at petrol pump spike to 90% as people rush to use Rs 2,000 notes

Cash purchase of fuel at petrol pumps using Rs 2,000 notes has spiked to almost 90 per cent of daily sales as buyers rushed to tender the withdrawn currency notes. Petrol pump dealers said cash sales before the surprise announcement on Friday of the withdrawal of the Rs 2,000 note was only 10 per cent, but now customers were using the withdrawn note to make small purchases of Rs 100/200, expecting petrol pumps to return change. They have now asked the Reserve Bank to instruct banks to provide enough small denomination notes to help serve customers smoothly. "Majority of the customers are trying to use Rs 2,000 notes even for small purchases of Rs 100-200 and are expected change from the petrol pumps and hence the petro outlets are extremely short of change across the country," All India Petroleum Dealers Association president Ajay Bansal said in a statement. It said the petrol pump dealers have been requesting customers to use the card or digital payment for fuel purchases. "Befor

Cash sales at petrol pump spike to 90% as people rush to use Rs 2,000 notes
Updated On : 22 May 2023 | 7:34 PM IST

India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero

Prior to this, the government announced the reimposition of the windfall profit tax on domestically produced oil from zero to Rs 6,400 per tonne. The government also scrapped the export duty on diesel

India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero
Updated On : 15 May 2023 | 11:53 PM IST

SC directs CPCB to ensure VRS installation at retail petroleum outlets

The Supreme Court on Tuesday directed the Central Pollution Control Board to ensure all retail petroleum outlets located in different cities having a population of more than 10 lakh and a turnover of over 300 kilolitres a month install Vapour Recovery System (VRS) mechanism within the fresh timeline prescribed by the CPCB. VRS is process which can arrest the release of harmful organic compounds from petroleum products. A bench of Justice Sudhanshu Dhulia and JB Pardiwala, while disposing of a batch of appeals filed by Indian Oil Corporation Ltd and others against an order of the National Green Tribunal, said the VRS mechanism shall be installed within the fresh timeline as prescribed by the CPCB in its June 4, 2021 circular. "The CPCB shall ensure that all the retail petroleum outlets located in different cities having population of more than 10 lakh and having turnover of more than 300 KL/Month shall install the VRS mechanism within the fresh timeline as prescribed in its circular

SC directs CPCB to ensure VRS installation at retail petroleum outlets
Updated On : 14 Mar 2023 | 10:43 PM IST

Capital expenditure by CPSEs at 68% of FY23 target by December

Petroleum CPSEs and National Highways Authority of India (NHAI) have so far driven the capex among CPSEs

Capital expenditure by CPSEs at 68% of FY23 target by December
Updated On : 11 Jan 2023 | 11:51 PM IST

India raises windfall tax on crude oil, diesel and aviation turbine fuel

It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said

India raises windfall tax on crude oil, diesel and aviation turbine fuel
Updated On : 03 Jan 2023 | 7:34 AM IST

Extensive exploration programme to find minerals stepped up in Rajasthan

Additional Chief Secretary (Mines and Petroleum) Subodh Agarwal said each part of the state was rich in some mineral

Extensive exploration programme to find minerals stepped up in Rajasthan
Updated On : 05 Dec 2022 | 8:14 PM IST

Mineral production increases by 4.6% during September: Ministry of Mines

The index of mineral production of mining and quarrying sector in September 2022 at 99.5 was 4.6% higher as compared to the level in March 2021

Mineral production increases by 4.6% during September: Ministry of Mines
Updated On : 15 Nov 2022 | 8:41 PM IST

What is coal gasification and why is India investing in it heavily?

On Novemebr 3, Union Finance Minister Nirmala Sitharaman launched the biggest ever coal mine auction of 141 mines in India

What is coal gasification and why is India investing in it heavily?
Updated On : 04 Nov 2022 | 10:50 PM IST

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23
Updated On : 31 Oct 2022 | 11:28 PM IST

Reliance Industries to demerge and list financial services business

Shareholders of RIL will receive one equity share of JFS of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL.

Reliance Industries to demerge and list financial services business
Updated On : 21 Oct 2022 | 11:52 PM IST

Biden open to new Strategic Petroleum Reserve sale as last tranche released

President Joe Biden will announce the plan Wednesday, senior administration officials told reporters Tuesday evening on condition of anonymity to preview his remarks

Biden open to new Strategic Petroleum Reserve sale as last tranche released
Updated On : 19 Oct 2022 | 10:19 AM IST