Page 3 - Petroleum Sector
PACS may be allowed by Centre to sell petroleum products, run PDS shops
The Centre has proposed to allow primary agriculture credit societies (PACS) to undertake activities like dealership of petroleum products, running PDS shops, etc
 "PACS may be allowed by Centre to sell petroleum products, run PDS shops")
ONGC, Oil India extend fall; tank up to 20% in two days on windfall tax
Brokerage firm Motilal Oswal reiterates its BUY rating with revised target prices of Rs 171 and Rs 364 for ONGC and Oil India, respectively.
 "ONGC, Oil India extend fall; tank up to 20% in two days on windfall tax")
Export duty on steel and petro products to hit corporate earnings in FY23
Metals & oil firms together saw profit of Rs 3.05 trn in FY22
 "Export duty on steel and petro products to hit corporate earnings in FY23")
RIL-BGEPIL dispute: Govt mulls appealing against English court order
Reliance and BGEPIL on Dec 16, 2010, dragged the govt to arbitration over cost recovery provisions, profit due to the state and amount of statutory dues including royalty payable
 "RIL-BGEPIL dispute: Govt mulls appealing against English court order")
Public Sector OMCs in Tamil Nadu to set up 900 e-charging stations
The e-charging station owners want the government to provide more subsidies to those who buy e-vehicles as this would increase the carbon footprint and thereby increase the environmental conditions
 "Public Sector OMCs in Tamil Nadu to set up 900 e-charging stations")
Freight rates in May fall but transporters defer fleet expansion plans
Customers pay less after six months for but transport companies feel the pinch of inflation.
 "Freight rates in May fall but transporters defer fleet expansion plans")
Single bid for BPCL wouldn't have helped fetch a better price: DIPAM Secy
Tuhin Pandey says LIC investors should be patient and look at the insurer's long-term prospects
 "Single bid for BPCL wouldn't have helped fetch a better price: DIPAM Secy")
Govt needs to clarify whether it wants oil price control or exports
The consequences of such confused messaging were felt in the lack of bidders for BPCL, forcing Delhi to abandon efforts to privatise the refiner
 "Govt needs to clarify whether it wants oil price control or exports")
India set to be leader in green hydrogen: Petroleum Minister Puri at Davos
Union Petroleum and Natural Gas Minister Hardeep Puri said said special emphasis is being given on green hydrogen, biofuel blending and exploration and production of biofuel from alternative sources
 "India set to be leader in green hydrogen: Petroleum Minister Puri at Davos")
Centre asks state-run companies to consider buying Russian oil assets
Oil ministry also asked OVL, the overseas investment arm of Oil and Natural Gas Corp, to consider buying a 30% stake held by Exxon Mobile Corp, in the Sakhalin 1 project in Russia's Far East
 "Centre asks state-run companies to consider buying Russian oil assets")
Govt doubles gas price to record levels for 6 months; CNG rates may go up
The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.1 per mmBtu from the current $2.90 per mmBtu
 "Govt doubles gas price to record levels for 6 months; CNG rates may go up")
Indian Oil to raise petrol, diesel prices by 80 paise per litre from Friday
A litre of petrol will cost Rs 97.81 rupees while diesel will be sold at Rs 89.07 in Delhi
 "Indian Oil to raise petrol, diesel prices by 80 paise per litre from Friday")
A Rs 12 hike in petrol, diesel price needed to break-even: ICICI Securities
Crude oil prices shot above USD 120 a barrel for the first time in nine years on Thursday before retreating a little to USD 111 on Friday, but the gulf between cost and retail rates has only widened
 "A Rs 12 hike in petrol, diesel price needed to break-even: ICICI Securities")
India to raise fuel prices from next week amid concern over inflation
State oil companies have told the government that they need a price increase of 10-12 rupees per litre for petrol and diesel, an official said
 "India to raise fuel prices from next week amid concern over inflation")
Oil price set to test fresh peaks barring Iran breakthrough
Hitting just under $100 a barrel on Tuesday, international crude prices are still a way off the all-time peak of more than $147 hit in July 2008
 "Oil price set to test fresh peaks barring Iran breakthrough")
India expects fuel demand to grow 5.5% in the next fiscal year: Govt data
Consumption of aviation fuel would likely increase by nearly 50% to 7.6 million tonnes, compared with the revised estimate of 5.1 million tonnes for the year ending March 2022
 "India expects fuel demand to grow 5.5% in the next fiscal year: Govt data")
Oil prices rise after International Energy Agency says market tight
Brent crude futures rose 39 cents, or 0.4%, to $91.80 a barrel at 1015 GMT, while U.S. West Texas Intermediate crude gained 45 cents, or 0.5%, to $90.33 a barrel
 "Oil prices rise after International Energy Agency says market tight")
Fuel prices will be raised a day after election results, says P Chidambaram
'A finance minister under Manmohan Singh would in 2022-23 have crafted a Budget emphasising the three Ws - work, welfare and wealth', he said
 "Fuel prices will be raised a day after election results, says P Chidambaram")
HPCL shares tumble nearly 5% after Q3 net drops 63% on inventory loss
Net profit in October-December stood at Rs 869 crore, as compared with Rs 2,355 crore for the same period last year
 "HPCL shares tumble nearly 5% after Q3 net drops 63% on inventory loss")
Why India's policy to produce ethanol-blended petrol is short-sighted
The ambitious policy to promote ethanol-blended petrol is politically popular but will be bad for India's food and water security
 "Why India's policy to produce ethanol-blended petrol is short-sighted")
