Data from the Petroleum Planning and Analysis Cell of the oil ministry shows sale of fuel products grew 2.8 per cent to 13.41 million tonne in December from the year ago month. Of this, sale of diesel constituted 6.13 million tonne, which is 4.4 per cent higher than December 2011. Diesel consumption makes up over 40 per cent of local fuel sales. Sale of diesel in December improved over Nove
Category: Oil & Gas
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Moodys’ expects credit metrics of OMCs to improve
In a recent research note, Moody's Investors Service said that it views the partial de-regulation of diesel prices as a positive step for BPCL and IOC towards recovering the Rs 9.6 per litre loss they incur on the sale of diesel. Moody's Investors Service, which is a division of ratings agency Moody's, expects the credit metrics of BPCL and IOC to improve as diesel prices
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IGL provided 87,000 PNG connections in NCR
Media reports suggest that Indraprastha Gas (IGL) provided 87,000 piped natural gas (PNG) connections in the national capital region (NCR) during 2011-12. Of this, nearly 55,000 were in Delhi. It is the largest number of connections IGL provided in a year, reports quoted a spokesperson of the firm as saying. IGL, which distributes natural gas in the city, started operations in 1999 but has only around three lakh
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Oil ministry prefers amicable settlement of dispute
According to media reports, the union petroleum ministry prefers to weed out contentious issues with Reliance Industries (RIL) through negotiations rather than through legal means. It may be recalled that both the ministry and the company are locked in a dispute over recovering cost of developing KG-D6 basin from the revenue. RIL resorted to ar
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OVL finds oil in Colombia block
ONGC Videsh (OVL), which has 70 per cent participating interest in an onshore oil block at llanos basin of Colombia, said it discovered oil in the block. The firm secured the block in the 2008 bidding round in Colombia with 100 per cent participating interest. Later in 2010, OVL divested the 30 per cent participating interest to Petrodorado
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OMCs allowed to revise diesel prices marginally
At a recent Cabinet committee meeting, the central government allowed oil marketing companies (OMCs) to revise diesel prices "by a small quantity" to reflect demand-supply condition in the market. Petroleum Minister Veerappa Moily told reporters after the meeting of the Cabinet Committee on Political Affai
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Adani Gas depends on imported natural gas
Reports suggest that compressed natural gas (CNG) is costlier in Ahmedabad than in Delhi, Mumbai, Pune because Adani Gas, which distributes gas in Ahmedabad, is entirely dependent on imported gas. The company has to depend on imported gas because it does not have access to domestically produced gas, while companies in Delhi, Mumbai and the othe
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OMCs raise diesel price by 45 paise
In an official statement, Indian Oil said state-run oil marketing companies (OMCs) raised the price of diesel by 45 paise excluding taxes with immediate effect. It may be noted that the government allowed these firms to revise diesel prices in small quantities periodically to reflect market realities
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Consumers to get 3 more subsidised LPG a year
Union government raised the cap on subsidised cooking gas cylinder per household per year to nine from the previously fixed six. The new cap would be applicable from the financial year beginning April 1, 2013. Between September 2012 and March 2013, household will get a quota of five subsidised cylinders, Oil Minister M Veerappa Moily told reporters after the mee
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Private OMCs want complete de-regulation of diesel pricing
Oil Marketing Companies (OMCs) in the private sector have welcomed the decision of the government to allow state-run OMCs to revise diesel prices. However, they want complete de-regulation of diesel pricing in the country. They feel that the decision to allow state-run OMCs to revise diesel price is a token mea