Petrol & diesel prices cut, crude oil down

Petrol to cost less by 49 paise per litre and diesel will be cheaper by Rs 1.21 a litre

GN Bureau | April 1, 2015


#petrol   #diesel   #crude oil   #ONGC  

Oil marketing companies have cut petrol prices by 49 paise per litre and diesel will be cheaper by Rs 1.21 a litre even as crude prices in the international market continue to react to Iran nuclear talks.

The reduction follows two rounds of price hikes in February and March and new rates will be effective from Wednesday midnight.

Prices of petrol in Delhi will be Rs 60 a litre(currently Rs 60.49) and diesel will cost Rs 48.50 per litre current price Rs 49.71).

Prior to these increases, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014.

Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.

Brent crude oil, meanwhile, dropped towards $55 a barrel on Tuesday as Iran and six world powers entered a final day of talks over a nuclear deal that could see the energy-rich country increase oil exports to world markets. A deal in Lausanne could lead to an increase in Iranian crude supply to a market already weighed down by oversupply due to rising US shale production.

Meanwhile, India has bought the first oil consignment for its strategic petroleum reserve and the government on Tuesday allocated Rs4,948 crore. The strategic oil reserves will insulate the country from supply disruptions. India is world's fourth-biggest oil consumer and over 70% is imported.

Underground storages are being built at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonnes (28 million barrels) of crude oil. This is enough to meet nation’s oil requirement for 11 days.

The Indian Oil Corp (IOC) bought a 2 million barrel cargo of Iraqi crude from Chinese trader Unipec, which will load in May.

On the domestic front, after facing a drop in crude oil production for the past seven years, government-owned explorer ONGC has surpassed last year’s output of 22.247 million tonne to produce 22.262 million tonne of oil in FY15. The increase is marginal but it indicates ONGC’s efforts to turnaround.

The output from western offshore assets in FY15 is pegged at 14.74 million tonne as against 13.71 million during FY14, recording an increase of around 1 million tonne. Globally, production from similar ageing fields has witnessed decline at an average of 6-7% every year.

Comments

 

Other News

More tests, more oxygen: PM spells out focus

The expansion of the testing and treatment network and more availability of oxygen top the government’s priorities in combating the spread of Covid-19, prime minister Narendra Modi indicated on Tuesday. The PM chaired a video conference with the chief ministers of all states and UTs o

Now, mandatory Covid test to enter Maharashtra

From Wednesday, all passengers travelling to Maharashtra from the NCR of Delhi, Rajasthan, Gujarat and Goa – the four states with high numbers of Covid-19 infection in recent days – will have to compulsorily provide RT_PCR tests before boarding flights and trains.    

India’s active caseload remains below 5%, recovery rate remains above 93%

India’s present active caseload (4,43,486) is 4.85% of the total positive cases, and has been sustained below the 5% mark, the health ministry said in a bulletin Monday. The Recovery Rate continues to be above 93% as 93.68% of all cases have recovered as of date. In the 24 hours to Mon

Covid-19 too will be history one day: Dr. Harsh Vardhan

Covid-19 will soon be a “past episode”, Dr. Harsh Vardhan, minister for health and family welfare, has said, hoping that “vaccines available very soon, and the cases will significantly go down in the next few months”. “It is not the first one and definitely not

India’s reforms could support medium-term growth

The revival of the government’s reform agenda in response to the coronavirus pandemic shock has the potential to raise India’s medium-term growth rate, Fitch Ratings has said in a new analysis, while also taking note of downside pressures to growth and adding that it will take time to assess wh

Govt working towards resolving MSME issues through banking reforms: Patra

Acknowledging that much needs to be done in the banking sector, BJP national spokesperson Sambit Patra has said that the government was working on the nitty-gritties. “As far as the Indian banking system is concerned, a lot is still to be done and rest assured work is under progress. T



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter