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3 days ago
Oil in free fall touches $40 a barrel

New Delhi, Aug 26 (IANS) Global crude in free fall touched the $40-a-barrel mark in trading the day before, having already dropped under $50 for the second time this year from levels of over $100 last year. The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $40.47 a barrel of nearly 160 litres on Tuesday, compared to $43 over the weekend, e...

11 days ago
Oil continues downward slide

New Delhi, Aug 18 (IANS) Continuing their plunge, both the Indian basket of crude oils and that of the OPEC fell around two-thirds of a US dollar on the previous trading day, having closed the weekend below $49 a barrel. While the Indian basket, made up of 73 percent sour grade crude from Oman and Dubai and the balance by sweet grade Brent, fell to $48.17 a barrel of nearly 160 litres on...

12 days ago
Oil at sub-$49 brings fuel price cuts

New Delhi, Aug 17 (IANS) After having dropped below the psychological $50-a-barrel-mark earlier in the week, the Indian basket of crude oils closed below $49 on its last trading on the eve of Independence Day. State-run Indian Oil Corp followed with an independence day gift, cutting prices of petrol by Rs.1.27 a litre and of diesel by Rs.1.17, both at Delhi with corresponding reduction ...

13 days ago
Economic importance of Modi's UAE visit

New Delhi, Aug 16 (IANS) The importance of Prime Minister Narendra Modi's visit to the UAE, the first after Indira Gandhi's in 1981, can be gauged from the Gulf nation's place in India's energy security as the sixth largest import-source of crude oil in 2014-15. The Gulf region is vital for India's economic, energy and security interests, Modi told the Khaleej Times in an interview. <...

18 days ago
Oil prices fall again after brief rally

New Delhi, Aug 11 (IANS) A day after crude oil prices saw their biggest rally in two months after data showed that China imported more crude in July, they retreated again on Tuesday as China devalued the yuan to boost its economy. The global benchmark London Brent crude slipped again below the psychological $50-a-barrel-mark, after rallying almost four percent on Monday. The Indi...

26 days ago
Oil drops again to $50 a barrel

New Delhi, Aug 3 (IANS) In a repeat of the plunge at the turn of the year, global crude oil prices again fell to the psychological $50 mark, from over $100 last year, this time in the wake of the Iran nuclear deal last month. The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $50.50 a barrel of nearly 160 litres on the previous trading day ...

1 month ago
Petrol, diesel rates cut by Rs.2 a litre

New Delhi, July 15 (IANS) Oil marketer Indian Oil Corp on Wednesday cut petrol and diesel prices each by Rs 2.per litre effective midnight, following a fall in international crude oil prices consequent to the Iran nuclear deal. Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has also appreciated during this peri...

1 month ago
Petrol, diesel prices to up in Delhi

New Delhi, July 15 (IANS) Petrol and diesel prices in Delhi will go up by Rs.2.78 and Rs.1.83 per litre respectively from Thursday as the AAP government decided to increase the VAT on them. The VAT rate on petrol has been increased from present 20 percent to 25 percent and on diesel from 12.5 percent to 16.6 percent, thereby resulting increase in the price of petrol by Rs.2.78 per litre ...

1 month ago
Odisha slashes bus fares

Bhubaneswar, July 2 (IANS) After a marginal fall in diesel price, the Odisha government on Thursday reduced the bus fare by 1-2 paise under the automatic fare revision mechanism. While the fare of ordinary and express buses have been reduced by one paisa, those of deluxe and AC deluxe buses have been cut by two paise, an official statement said. The oil marketing companies on Jun...

2 months ago
Transport fuels likely to cost more

New Delhi, June 15 (IANS) After two substantial hikes in transport fuels last month, state-owned oil marketing companies (OMCs) are likely to increase petrol and diesel rates this week. The three state-run OMCs review prices of diesel and petrol every fortnight, depending on global oil prices and currency movements. According to Indian Oil, it had to raise prices last month due t...

3 months ago
25 achievements, 25 challenges (To Go With: Return of 'feel good factor' for Indian econo

The following are a set of 25 key achievements of Prime Minister Narendra Modi government in the past one year, as listed by stakeholders and analysts, and an equal number of challenges that need to be addressed: The Journey So Far: - Jan Dhan Yojana: More than 15 crore bank accounts opened, over 10 crore RuPay debit cards issued, with life cover, pension - Corporate sect...

3 months ago
BJP's communal agenda has come true in one year: CPI-M

New Delhi, May 17 (IANS) The CPI-M said on Sunday that all the fears about the Bharatiya Janata Party's (BJP) communal agenda has come true within one year of it taking power in the country. It said in a statement that ever since Narendra Modi became the prime minister in May 2014, there had been growing communal polarisation as well as growing economic burdens on the people. Al...

3 months ago
Odisha bus owners threaten strike demanding fare hike

Bhubaneswar, May 16 (IANS) The Odisha Private Bus Owners' Association on Saturday threatened to go on an indefinite strike from June 5 if the state government does not formulate a mechanism for automatic fare adjustment with the increase of fuel price. The association said if the government failed to fulfill its demands, it will resort to an indefinite stir from June 5. The trans...

3 months ago
Congress slams fuel price hike, demands rollback

Lucknow, May 16 (IANS) The Uttar Pradesh unit of the Congress on Saturday reacted sharply to the hike in petrol and diesel prices and slammed the Narendra Modi-led central government for adding more burden on the common man. Transport fuel prices were hiked effective Friday midnight by Rs.3.13 per litre for petrol and by Rs.2.71 a litre for diesel, including state levies, state-owned oil...

3 months ago
Petrol, diesel price hiked

New Delhi, May 15 (IANS) Transport fuel prices were hiked effective Friday midnight by Rs.3.13 per litre for petrol and by Rs.2.71 a litre for diesel, including state levies, state-owned oil marketing companies (OMCs) said on Friday The rates were last increased on May 1 by Rs.3.96 per litre for petrol and by Rs.2.37 a litre for diesel. Indian Oil Corporation (IOC) has decided to...

3 months ago
'Government should reduce financial burden on oil firms'

New Delhi, May 8 (IANS) With lower global crude oil prices affecting oil companies' margins, the government needs to reduce the subsidy burden on state-run explorers ONGC and Oil India, ratings agency Fitch said on Friday. We expect the government to intervene to reduce this financial burden on the state-upstream companies in light of the significantly low oil prices, which should ease p...

4 months ago
Tamil Nadu parties attack NDA's 'anti-people' oil pricing policy

Chennai, May 1 (IANS) Leaders of different political parties in Tamil Nadu on Friday condemned the steep rise in petrol and diesel prices terming it an anti-people pricing policy of the National Democratic Alliance (NDA) government. The government-owned oil marketing companies increased the prices of petrol by Rs.4.18 and diesel by Rs.2.25 per litre on Thursday. Condemning the pr...

4 months ago
Amit Shah reminds Congress of its list of scams

Jaipur, April 25 (IANS) BJP president Amit Shah on Saturday criticised the opposition, mainly the Congress party, for describing the Modi-government as pro-corporate despite it contributing about Rs. 2 lakh crore to the government treasury. Addressing a BJP workers' meet here, Shah said: Congress again and again calls us a pro-corporate government, may I remind them that coal, 2G and CWG...

4 months ago
Fitch rates BPCL bond as anticipated

Mumbai, April 22 (IANS) International ratings agency Fitch gave Bharat Petroleum Corporation's (BPCL) proposed $2 billion medium-term bond issue an anticipated rating of 'BBB-' on Tuesday. The Indian government's 54.9 percent ownership in BPCL has been described as the key rating driver. Fitch matched BPCL's rating with that of India on its parent and subsidiary linkage criteria. ...

4 months ago
Reliance to restart all petrol pumps by fiscal end

Mumbai, April 18 (IANS) Reliance Industries, the $66-billion oil refining to retail trade giant, hopes to re-start by the end of this financial year all its 1,400 retail outlets to sell petroleum fuels. In a presentation on the company's corporate results for the financial year ended March 31, 2015, Reliance Industries said it has already re-started 320 ot its petrol-diesel pumps, follow...

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