Crude on upswing; fuel, cooking gas prices at new peaks

Source: LiveMint.com, Oct 01, 2018

New Delhi: With Brent crude prices continuing their upward trend and hitting $83.21 per barrel, fuel prices in India touched all-time highs on Monday, stoking fears of inflation before the Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) meeting on Friday.

On Monday, petrol and diesel were selling at Rs 91.08 per litre and Rs 79.72 per litre, respectively, in Mumbai at state-run Indian Oil Corporation’s outlets. In Delhi, prices hit Rs 83.73 and Rs 75.09 per litre for petrol and diesel, respectively.

Also, subsidised domestic cooking gas prices have been increased by Rs 2.89 per 14.2 kg cylinder to Rs 502.40, an all-time high. Read the rest of this entry »

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Modi government may cut imports of Iranian oil to zero in November as US sanctions loom

3Source: Financial express, Sept 26, 2018

India isn’t planning to buy any Iranian oil in November, raising the prospect that Tehran will lose another major customer as U.S. sanctions hit and spurring speculation over whether China will follow suit. India is joining other Asian buyers such as South Korea and Japan that have already halted imports from the Persian Gulf state before American restrictions take effect in early November. It’s unclear if China, the world’s biggest oil importer as well as Iran’s top customer, will persist with purchases.

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India eases oil import rules as it seeks to cut costs

download.jpgSource: The Economic Times, Sept 25, 2018

India has for the first time allowed state refiners to buy 35 percent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes.

The move will help refiners in Iran’s second biggest oil market to boost purchases from alternative sources as U.S. President Donald Trump prepares to halt Iranian oil sales through a new set of sanctions from November 4.

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With Brent touching $80, fuel prices on upswing

Source: LiveMint.com, Sept 25, 2018

New Delhi: Fuel prices in India hit all-time highs on Monday, with a litre of petrol costing more than ₹90 in Mumbai, stoking inflation fears and adding pressure on the government to cut taxes on fuel.

On Monday, vehicles in Mumbai tanked up at ₹90.08 for a litre of petrol and ₹78.58 for diesel, while in Delhi prices have hit ₹82.72 and ₹74.02 per litre, respectively. The price of Brent crude has touched $80 per barrel for the first time since 2014.

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Govt approves fiscal incentives for projects to improve oil recovery

Source: IBEF.org, Sept 13, 2018

New Delhi: The government Wednesday approved fiscal incentives to attract investments and technology in raising oil and gas production from aging fields, which will unlock an estimated Rs 50 lakh crore of hydrocarbons in the next 20 years, Oil Minister Dharmendra Pradhan said.

The government will charge half of the Rs 4,500 per tonne cess levied on oil produced from nominated fields of state-owned ONGC and Rajasthan block of private sector Vedanta Ltd through enhanced oil recovery (EOR) and improved oil recovery (IOR) projects.

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Govt rules out cut in excise duty on fuel price amid nationwide protests

Source: Business Standard, Sept 10, 2018

New Delhi/Chennai/Mumbai/Bhuwaneshwar: As the Congress-led Opposition led a nationwide strike to protest the increase in petrol and diesel prices on Monday, and resolved to keep up the pressure on the government with more protests in the days to come, the Centre ruled out any cut in fuel prices.

If the Congress accused the Narendra Modi government of Rs 11 trillion “loot” of taxes collected from common people by keeping petrol and diesel prices high when international prices were low, a top government official said neither the Centre nor some states had the appetite to stomach revenue loss from a cut.

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‘India to buy Iranian oil despite sanction threat’

Source: The Hindu Business Line, Sept 03, 2018

New Delhi: India is allowing state refiners to import Iranian oil with Tehran arranging tankers and insurance after firms including the country’s top shipper Shipping Corp of India (SCI) halted voyages to Iran due to US sanctions, sources said.

New Delhi’s attempt to keep Iranian oil flowing mirrors a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC).

The moves by the two top buyers of Iranian crude indicate that the Islamic Republic may not be fully cut off from global oil markets from November, when US sanctions against Tehran’s petroleum sector are due to start. Read the rest of this entry »