All posts tagged: crude

OMCs cuts ATF prices by nearly Rs 5 per litre as global crude prices ease

OMCs cuts ATF prices by nearly Rs 5 per litre as global crude prices ease

Published by Webster

State-owned oil marketing companies (OMCs) have reduced aviation turbine fuel (ATF) prices by nearly Rs 5 per litre, effective from Wednesday, following a decline in international crude oil prices after easing geopolitical tensions in West Asia.  According to the latest price notification, the price of jet fuel in Delhi has been cut to about Rs 110 per litre, coming into effect from July 1. The latest price cut is expected to lower operating costs for domestic carriers, although the actual benefit will depend on individual airlines’ fuel procurement and hedging strategies. The reduction follows a softening in global crude oil prices in recent weeks as geopolitical tensions in West Asia eased and concerns over supply disruptions subsided, providing relief to airlines for which fuel is the single-largest operating expense. Earlier in June, the government had fixed the basic price of aviation turbine fuel (ATF) for domestic airlines at Rs 86.32 per litre for up to three years under the new price stabilisation scheme to keep airlines financially viable and passenger tickets affordable. Under the voluntary …

‘Doubled in months’: Karnataka hoteliers seek LPG price rollback amid crude rate decline

‘Doubled in months’: Karnataka hoteliers seek LPG price rollback amid crude rate decline

Published by Parlour News

The KSHA on Friday urged the Central Government to immediately slash commercial LPG cylinder prices, which have nearly doubled in recent months, citing a sharp decline in global crude oil prices. India has removed restrictions on supplies of commercial liquified petroleum gas imposed during the Middle East war when energy supplies were hit by the closure of the Strait of Hormuz. (AFP) G K Shetty, President of the Karnataka State Hotels Association, in a press release, said commercial LPG cylinders were priced at around ₹1,800 in February. After dealer discounts, hotels procured them for approximately ₹1,650 to ₹1,700 per cylinder. He said the conflict in the Middle East severely disrupted global gas supplies, which gradually recovered to nearly 70 per cent of normal levels. These disruptions resulted in a steep increase in commercial LPG prices, Shetty said. Hotels and restaurants are now paying ₹3,198 per commercial LPG cylinder – almost double what they were paying a few months ago. As international crude oil prices have now declined to around USD 70 per barrel, roughly the …

Centre may ask airlines to review surcharges and additional prices if crude rates stabilise

Centre may ask airlines to review surcharges and additional prices if crude rates stabilise

Published by Parlour News

The Union government may ask airlines to review surge charges and additional fares if fuel prices remain stable over a longer period, Civil Aviation Minister K Ram Mohan Naidu said on Thursday. The Union government may ask airlines to review surge charges and additional fares if fuel prices remain stable over a longer period, Civil Aviation Minister K Ram Mohan Naidu said on Thursday. (PTI (File)) Speaking with reporters, Naidu said the Centre was closely monitoring aviation turbine fuel (ATF) prices and was in discussions with airlines to assess whether the recent decline in prices was sustainable. Also Read| Oil prices today: Brent crude falls to $73 as Trump orders DOJ probe into oil companies over gas prices Currently government reviews ATF prices on a fortnightly basis, based on movement of global crude prices. Besides it has also created a ₹10,000 crore price stabilisation fund to support airlines in times of distress due to West Asia crisis. “Secondly, now that we are seeing prices coming down, we still have to see if this is a …

Congress president Mallikarjun Kharge questions fuel price hike despite lower crude oil rates

Congress president Mallikarjun Kharge questions fuel price hike despite lower crude oil rates

Published by Webster

Kharge cited an official statement by the PIB to state that exactly 12 years ago today — on May 26, 2014 — when Prime Minister Narendra Modi assumed office, the price of crude oil in the Indian basket stood at USD 108.05 per barrel, and the Dollar-Rupee exchange rate was Rs 58.59. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Recent fuel price hike a form of belt tightening amid rise in crude prices, says experts

Recent fuel price hike a form of belt tightening amid rise in crude prices, says experts

Published by Webster

Senior executives from state-run oil companies ONGC and BPCL have said the recent increase in petrol and diesel prices reflect the impact of prolonged geopolitical tensions in West Asia, rising global crude oil prices and mounting pressure on oil marketing companies due to under-recoveries. Speaking on the impact of the West Asia conflict, ONGC Director (Exploration) Sushma Rawat said crude oil prices have remained highly volatile amid uncertainty over the conflict. “Whenever there is a declaration that there is a peace accord, the crude prices start to dip. And when you realise that there is no solution, the prices go up again,” Rawat said. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

79 crude bombs recovered in Bengal; NIA launches probe

79 crude bombs recovered in Bengal; NIA launches probe

Published by Webster

The National Investigation Agency has registered a case to investigate the recovery of 79 crude bombs in West Bengal ahead of elections. The move follows directions from the Election Commission of India to intensify action against illegal bomb manufacturing in the state Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Nifty, Sensex opens in red as crude oil crosses USD 100 amid global tensions

Nifty, Sensex opens in red as crude oil crosses USD 100 amid global tensions

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Equity benchmark indices Sensex and Nifty fell sharply in early trade on April 23, tracking a surge in crude oil prices above USD 100 per barrel and weak global cues. Rising geopolitical tensions and FII outflows further weighed on investor sentiment Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Crude oil jumps over 6 per cent amid Iran-US standoff in key shipping lane

Crude oil jumps over 6 per cent amid Iran-US standoff in key shipping lane

Published by Webster

Amid the ongoing global turmoil, oil prices rose on Monday, April 20. The hike in oil prices comes after a standoff between Iran and the US prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies. As per news agency AP, prices of US crude oil increased 6.4 per cent to USD 87.88 per barrel after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 6.5 per cent to USD 96.25 per barrel. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Crude oil prices fall up to 3 pc as US-Iran de-escalation hopes rise

Crude oil prices fall up to 3 pc as US-Iran de-escalation hopes rise

Published by Webster

International crude oil prices slipped on Wednesday after early gains, declining nearly 3 per cent from intraday highs as hopes of easing tensions between the United States and Iran weighed on market sentiment, reported news agency IANS. Brent and WTI Retreat After Early Rally Brent crude futures dropped to an intraday low of USD 102.79 per barrel, down about 2.9 per cent from the day’s high of USD 105.86. At the time of reporting, Brent was trading around USD 103.19 per barrel, nearly 1 per cent lower, reported IANS. Similarly, US West Texas Intermediate (WTI) crude declined by as much as 2.19 per cent from its intraday high of USD 103.31, settling near USD 101.25 per barrel. The fall came after both benchmarks had posted strong gains earlier in the day, reported IANS. Volatility Driven by Geopolitical Developments Analysts attributed the sharp price swings to ongoing geopolitical developments and mixed macroeconomic signals. Market sentiment improved after US President Donald Trump indicated that the US could potentially step back from the conflict within two to three …

`India`s crude oil reserves can cover only 20-40 days, not several months`

`India`s crude oil reserves can cover only 20-40 days, not several months`

Published by Webster

India`s reserves of liquid fuel can cater for only about 20 to 40 days and cannot be built to last for several months, according to the Secretary of the Petroleum and Natural Gas Regulatory Board (PNGRB), Anjan Kumar Mishra. “We are already having some reserve for the liquid fuel, but you cannot build a reserve which will be lasting for maybe six months` time,” Mishra told ANI adding, “It may cater for 20 to 40 days, but it may not be able to cater for six months` time or for longer period,” Speaking on the sidelines of the PHDCCI`s Hydrocarbons Summit 2026 held in the national capital, Mishra said the crisis in West Asia region is affecting India, but the government has put in place measures and is closely monitoring the situation. “I won`t be lying that it is affecting India itself, but definitely the government has come up with all the plans and we have been monitoring the situation very closely,” he said. The PNGRB official said there is no shortage of fossil fuel …