The oil ministry plans to amend the PNGRB Act, bringing oil companies’ dedicated pipelines under the regulatory board’s purview. This move aims to enhance monitoring, ensure safety compliance, and potentially convert these pipelines into common carriers. The goal is to foster fair competition and protect consumer interests by enabling third-party access and regulating transportation tariffs.
India has asked state-run fuel retailers to increase the storage capacity of liquefied petroleum gas to meet 30-days’ demand, Sujata Sharma, a joint secretary in the federal oil ministry said on Friday.
Delhi’s electricity bills are set to increase. The Appellate Tribunal for Electricity has ordered the Delhi power regulator to start recovering over Rs 38,500 crore owed by electricity distribution companies. This move comes after the tribunal rejected a request for a CAG audit, directing an independent chartered accountant instead. The process must begin within three…
Following US tariffs and penalties on India’s trade relationship with Russia, state-run refiners like IOCL, BPCL, HPCL, and MRPL have ceased spot market purchases of Russian crude oil. This shift will likely increase costs as refiners turn to Middle Eastern and other sources. Reliance Industries and Nayara Energy, however, may continue their term-based Russian oil…
The Indian government has significantly increased export duties on diesel and aviation turbine fuel. This move aims to boost government revenue amidst fiscal challenges. The export duty on diesel has risen substantially, and a similar increase has been applied to aviation turbine fuel. Export duties on petrol remain unchanged. These changes are effective immediately.
India has received Iranian oil shipments. This marks the first imports in seven years. The nation is securing volumes before a US grace period ends. Tankers are discharging crude on India’s east and west coasts. This move aims to manage global energy flow disruptions. India is leveraging waivers for previously restricted oil.
India’s oil ministry proposes a draft contract offering compensation to explorers if the government seizes assets or contractual rights under oilfield agreements. This move addresses international energy companies’ concerns about expropriation, aiming to attract foreign investment in exploration. However, compensation is conditional and won’t apply in certain situations, such as failure to submit a field…
Assam’s fuel supply remains stable. IndianOil, BPCL, and HPCL confirm adequate stocks of Petrol, Diesel, and LPG. The entire supply chain operates smoothly. LPG for domestic use is prioritised. Consumers are urged to avoid panic buying and rely on official updates. The Oil Industry ensures seamless fuel availability across the region.
Financial support to developers will be provided at a maximum of 20% of the cost of plant and machinery through a competitive bidding process, where incentives will be disbursed in four equal instalments linked to project milestones. The incentive for a project will be capped at Rs 5,000 crore and for any single product, except…