Page 5 - Petroleum

India signs MoU to develop strategic petroleum reserve in America

The two countries are in advanced stage of discussion to store crude oil in America to increase India's stockpile

No need to include petroleum in GST

At present, petroleum is an item, along with alcohol, which gives satisfaction to states that they have some fiscal federalism left with them

Centre sets up six-member panel to review production sharing contracts

Because of lower oil and gas price environment, there is a need to find ways of attracting investment in exploration and production of oil and gas

Covid-19 lockdown: Petrol sales fell by 61% in April, diesel by 57%

ATF sales declined by about 92% during the month, showed provisional industry data

How Covid-19 spoilt the oil bonanza

Conventional wisdom is that when crude oil prices drop, India benefits as it is dependent on imported oil to the tune of about 85 per cent of its total consumption

Petrol sales shrink 17.6%, diesel 26% in March as lockdown wipes demand

Also, aviation turbine fuel (ATF) sales fell by 31.6 per cent as flights got suspended alongside the shutting of businesses and most vehicular traffic going off-road

Exports register 2.9% growth in Feb, recover after 6 months of contraction

Non-petroleum non-jewellery exports were up 6.16 per cent at $21.23 billion in the month. Imports also broke the nine-month trend of fall and clocked a 2.48 per cent rise to $37.5 billion in February.

Oil price slump: Centre may not hike excise duty for petro products

For 2019-20, the Centre had estimated average crude price of $55 a barrel, and for 2020-21, it has been assumed at $50 a barrel.

Crude oil shock: MCX raises margin to 60% to prevent client defaults

Exchange says it covered price volatility risk adequately with no default occurring during the price decline; brokers, however, says some margin calls were triggered

DPIIT launches paperless licensing process for petroleum service stations

Paperless application and grant of licence process for road tankers for transportation of petroleum under the rules has already been launched earlier this month.

Petroleum products, engineering goods drive India's export growth

Exports of petroleum-related products also grew at a higher rate of 7.8 per cent during 2019.

Aluminium firms seek cut in input duties as production costs, imports swell

Industry is dogged by inverted duty structure. While calcined petroleum coke import suffers 10%, finished aluminium attracts 7.5% duty. Caustic soda lye import is taxed at 7.5% versus 5% on alumina

Why competition fails to cut petrol price despite govt easing entry barrier

Despite six major firms selling fuel and govt easing entry barrier, price remains same across sellers and differs state-to-state

Best of BS Opinion: Of govt responsibility and people lacking clear ideas

Here's a selection of Business Standard opinion pieces for the day

How move to allow new players in fuel marketing can be made more effective

The govt has taken a major step towards liberalising its policy on petroleum retail; now, refinery pricing needs to be made more transparent

Union Budget 2019: Discoms buying from gas units to now get subsidy

Of the 24,150 Mw of gas-based power generation capacity, 14,305 Mw has no supply of domestic gas

Petroleum definition changed for uniformity in operations: Government

The move will open up more revenue opportunities for many of the 117 companies that were operating in India after the conclusion of the ninth round of NELP

Bengaluru-based startup directed to stop delivering diesel, 'citing safety'

CEO has requested the Petroleum minister to pass an interim order for certain quantity of delivery

India's petroleum self-sufficiency at its lowest since 2011

For the month of April, this percentage fell further to 16.6%

Itochu to invest Rs 250 cr in Aegis Logistics' Haldia LPG terminal project

Japanese firm to pick up 19.7% stake in Hindustan Aegis LPG Company, which is building the project