The U.S. and Iran are reportedly discussing a phased plan to reopen the Strait of Hormuz after a potential agreement to end hostilities, according to a Nikkei report citing a Middle East diplomatic source.
Parliamentary panel members questioned Oil Ministry officials about petrol and diesel shortages. Officials confirmed crude oil stocks for 78 days. Thirteen Indian ships remain stranded in West Asia due to the Strait of Hormuz closure. The government is working to ensure no shortages, but war uncertainty persists. Fertiliser availability is also assured.
India has banned customers using piped natural gas from purchasing LPG cylinders. This move comes as LPG supplies to some industries are reduced due to disruptions in the Strait of Hormuz. The government is encouraging the use of piped gas. India relies heavily on LPG imports, with a significant portion coming from the Middle East.
State-owned NTPC is exploring new nuclear power projects. Site selection studies have begun in Andhra Pradesh, Madhya Pradesh, Gujarat, and Odisha. This initiative is part of NTPC’s extensive 30 GW nuclear energy plan. The company aims to contribute significantly to India’s ambitious nuclear capacity target. Investments will be substantial, spanning multiple states. NTPC is diversifying…
State-owned oil companies have seen their daily losses reduce to under Rs 600 crore. This comes after four rounds of petrol and diesel price increases. Previously, losses stood at about Rs 1,000 crore daily. These figures include losses from domestic LPG sales. Fuel prices were frozen despite rising crude oil costs.
In a strategic alliance, ONGC has teamed up with BP to enhance the extraction of oil and gas from its aging offshore fields in the west. This partnership is aimed at revitalising production levels, drawing from the encouraging outcomes observed in their earlier collaboration at Mumbai High.
The Indian government has sacrificed nearly Rs 14,000 crore in tax revenue by lowering excise duty on petrol and diesel. This move aims to protect consumers from rising fuel prices driven by the West Asia crisis. Despite this, oil companies continue to face daily losses.
Petrol, diesel price hike: Despite the latest round of increases, officials acknowledged that current retail prices are still insufficient to fully offset the sharp rise in international crude costs, leaving public sector fuel retailers exposed to substantial daily losses.
India is set for a massive power transmission investment of nearly Rs 9 trillion by 2032, according to a Kotak Neo report. This will support the country’s clean energy goals by building essential grid infrastructure. Renewable energy capacity is growing rapidly, requiring extensive transmission lines and substations. High-Voltage Direct Current systems will be crucial.