The Brent crude oil is currently around $75.41 per barrel. With OPEC reaching an agreement to raise crude production, oil prices were expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval, it was expected.
With this move, electricity consumers will get relief of about Rs 100 crore per month, an official spokesperson said.He said the power distribution companies have achieved a substantial reduction in the average power purchase cost of about 46 paise per unit during 2020-21 over the previous year due to better planning and scheduling.
The state-owned company had reported a net profit of 59.41 billion rupees ($798.92 million) in the quarter ending June 30, compared with a profit of 19.11 billion rupees a year earlier, when lockdowns due to the COVID-19 pandemic hammered fuel demand and squeezed margins.
Indian Oil Petronas Pvt Ltd (IPPL), a two-decade-old joint venture in which the two firms hold equal stakes, will now get into retailing of transportation fuels as well as natural gas in India, Indian Oil Chairman S M Vaidya said.
As part of the Atmanirbhar Package of May 2020, Government of India has provided a scheme of Rs 1,25,000 crore to enable the discoms to retire their payment obligations until March 31, 2020. Therefore, once the past issue is resolved, we should be addressing the need for future sustainability. To facilitate this, a few steps are required.
"It is an inherently sustainable market, underpinned by a growing economy and appetite for energy, with a well-defined goal that will need over 25 GW of solar to be deployed every year for the next nine years," said Mark Widmar, chief executive officer, First Solar.
As per the current policy for plants above 1,000 MW, the timeline to sign long-term PPAs for 25 provisional mega certified projects will end between September 2021 and April 2022
It is subject to the existing sectoral policy and regulatory framework in the oil marketing sector and the policy of the government on private participation in exploration of oil and the discovered fields Of national oil companies, according to the Press Note 3 (2021 Series).
Coal supplies to power plants stood at 643.7 million tonnes in 2018-19, 638.7 million tonnes in 2019-20 and 596.3 million tonnes in 2020-21.
The ESG adherence is Tata Power's core philosophy and drives its business strategy. It leads its way in the development of the company's clean energy portfolio, decides its social innovations and governance protocols, the company said.
Bulk of the incremental demand is expected to be absorbed by existing thermal capacities. Though 13 GW of renewable capacities (predominantly solar) will be added during the fiscal, these are likely to contribute only 10-12 BUs of generation. That is because their PLFs are expected to be low at 20-25% and their commissioning will be spread out through the year.
Junior oil minister Rameswar Teli said the "Barge Master decided to position the vessel at nearby location" keeping in view "safety of vessel and persons on board." But "the anchors of the vessel gave way leading to stranding and subsequent submerging of the vessel," he added.
In a written reply to questions in the Upper House of Parliament, the minister said the world's third-largest oil consumer has taken up with producing nations the need to price oil at reasonable levels.
Last year, it was worse for these companies as lockdowns across several countries slowed the movement of equipment and experts from abroad while project sites faced a shortage of workers for months as tens of thousands of labourers had gone back home. This year the projects faced limited restrictions.
Indian Oil Corp spent a total of Rs 431 crore in Odisha from its CSR budget in five years ending March 2021, the government said. ONGC was the second-biggest spender, its expenditure of Rs 122 crore made up 16% of total CSR spending by state-run oil companies.
The go-ahead was given in the meeting of board of directors held on Monday, Larsen & Toubro said in a filing to BSE.
The transaction will create a manufacturer of highly engineered, performance-critical bearings and motion control components, ABB said in a statement.
The company has set up its City Gate Station (or the Mother Station) at Vallur near Ennore in Tiruvallur district through which piped gas supply can be made to over 33 lakh residences.
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision. Already, crude has firmed a bit for last few days and this could prevent price cut by OMCs.
"Mitigating the impact of global warming requires swift and strong action. Tata Power has committed to SBTi and is working on an ambitious plan to drive the transition to decarbonized energy models, aiding the global climate action agenda," Tata Power CEO and MD Praveer Sinha said.
A study by CEEW suggested that power distribution utilities or discoms in India could save up to Rs 9,000 crore (USD 1.23 billion) each year by prioritising coal power despatch based on efficiency rather than the prevailing system which prioritises based on variable costs.
"With the commissioning of this groundbreaking UHVDC link, we have kept our promise to enable more clean and reliable power for millions of people, helping to build a future where electricity will be the backbone of the entire energy system," said N Venu, Managing Director and CEO, Hitachi ABB Power Grids in India.
RIL-BP are developing three deep-water gas developments in block KG-D6 - R Cluster, Satellite Cluster and MJ - which together are expected to produce around 30 million standard cubic meters per day of natural gas by 2023, meeting up to 15 per cent of India's gas demand.
The Electricity (Amendment) Bill, 2021 could come up for consideration and approval before the Union Cabinet in the next few days as the government plans to introduce it in the monsoon session of Parliament which concludes on August 13, 2021," the source in the government said.
With no change in prices on Saturday, in the national capital petrol continues to be sold for Rs 101.84 per litre, while diesel remains at the unchanged price of Rs 89.87 a litre.
India produced 2.77 billion cubic meters of natural gas in June, up from 2.32 bcm in the same month last year, as per the data released by the Ministry of Petroleum and Natural Gas.
With no change in prices, petrol continues to be sold for Rs 101.84 per litre in the national capital, while diesel is also being sold at the unchanged rate of Rs 89.87 a litre.
LNG prices in the spot market have risen as high as $14 per metric million British thermal units (mmBtu), curbing demand and prompting many consumers to switch back to cheaper fuel oil.
A senior government official said the discoms would need approvals from their state cabinets to become part of the scheme. Tripartite agreements between states, discoms and nodal agencies for the scheme will be signed.
Four of the cargoes are for loading from the Cove Point plant in the United States while one is for loading from Sabine Pass export terminal, one of the sources said.
U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $66.85 a barrel at 0153 GMT, after rising $1 on Tuesday.
Decline in demand for road fuel will be steepest in Europe and the U.S. and an anticipated rise in fuel use in countries such as India and China will fail to materialize, Bloomberg’s energy data and analysis firm said in a report published Tuesday. BloombergNEF, which forecast just a year ago that road fuel would peak in 2031, sees the change as bringing a significant drop in sales to those regions for fuel producers during the next decade.
Ahmedabad-based Pipara & Co’s offices were raided by anti-corruption bureau sleuths in March in connection with alleged misconduct in the audit of Gujarat State Land Development Corporation.
The pump price of fuel has been static since Sunday. It rose on Saturday with petrol being revised upwards by 30 paise per litre while diesel prices remained unchanged. In the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.
"The Government has been taking up the issue, bilaterally with crude oil-producing countries as well as with the Organization of Petroleum Exporting Countries (OPEC) for affordable crude prices for consuming countries like India," Teli said in a written reply to a question in the Lok Sabha.
Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre, according to a written reply to a question given by the Minister of State for Petroleum and Natural Gas Rameswar Teli in the Lok Sabha.
Distribution companies (discoms) owed a total Rs 97,111 crore to power generation firms in May 2020, according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators).
In the national capital, petrol was sold for Rs 101.84 per litre, while diesel was also sold at the unchanged price of Rs 89.87 a litre.
The development comes after Saudi Arabia and the United Arab Emirates (UAE) reached a compromise last week in a dispute over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices.
The benchmark Brent crude declined by 3 per cent to settle at around $73 a barrel, while US crude has fallen by about 4 per cent to settle at about $71 a barrel.
In Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 107.85 per litre on Saturday. Diesel prices in the city is also at Rs 97.45, the highest among metros.
The power giant said its wholly-owned subsidiary "NTPC Vidyut Vyapar Nigam Ltd has invited online bids on a two-stage bidding basis for the EPC (engineering-procurement-construction) package of waste-to-energy facility at Ramna, Varanasi."
"Highlighted the crucial role of Saudi Arabia in rapidly growing energy needs of India in the coming years, and my strong desire to work with His Royal Highness to further diversify our bilateral strategic energy partnership beyond buyer-seller to see greater two-way investments," Oil Minister Hardeep Singh Puri said.
India, the world's third-biggest oil importer and consumer, shipped in about 3.9 million barrels per day of crude last month, about 7% down from May, but 22% higher from year-ago levels, data showed.
Sales of gasoline rose to 1.03 million tonnes in the first fortnight of July, a jump of about 3.44% over the corresponding 2019 period, preliminary industry data showed on Friday.
The retail price of petrol in Mumbai stands at Rs 107.54 per litre, which is a 34 paise hike from the last price point, whereas diesel prices were increased by 15 paise, at Rs 97.45 per litre.
Currently in the country the petrol being sold with 10% ethanol which is E10 and then the target is to reach E20 by 2025 which we will certainly achieve-- said Tarun Kapoor, Oil Secretary.