indian oil

The government on Friday raised petrol and diesel prices by Rs 3 per litre nationwide. In Delhi, petrol prices increased from Rs 94.77 to Rs 97.77 per litre, while diesel rates moved up from Rs 87.67 to Rs 90.67 per litre.

Public sector oil companies are facing daily losses of Rs 1,000 crore, potentially forcing fuel price hikes soon. Minister Hardeep Singh Puri highlighted significant under-recoveries, warning that companies cannot sustain these losses indefinitely. While elections are not the reason for the freeze, a drop in crude prices or reopening of the Strait of Hormuz could offer relief.

Panic buying led to kilometres-long queues and traffic snarls at fuel stations across Odisha on Friday, despite assurances of adequate supply amid the West Asia conflict. Boat operators and farmers also reported difficulties in procuring fuel, highlighting widespread concerns over potential disruptions.

Delhi Metro Rail Corporation has launched an integrated hydrogen-powered shuttle bus service in the Central Vista area, featuring two buses with a 35-passenger capacity each. Supported by indian oil Corporation Limited, this initiative aims to provide an environmentally friendly last-mile connectivity option.

India has successfully navigated the Middle East crisis, ensuring stable fuel supplies and uninterrupted maritime operations. Despite global price surges, consumers are shielded through excise duty cuts and increased domestic production. State-run oil companies are absorbing significant daily losses to maintain current prices, while Indian seafarers in the Gulf remain safe and maritime operations at Indian ports are normal.

Panic buying gripped Bhubaneswar and Cuttack as residents rushed to fuel stations amid fears of supply disruption due to the West Asia conflict. Despite assurances of adequate stocks, long queues and traffic snarls were witnessed, impacting boat operators and farmers.

Soaring crude oil prices, averaging $105.4 a barrel, are straining oil companies' finances as they sell fuel below cost. Despite government excise duty cuts, losses are unsustainable. Experts suggest gradual price hikes and innovative strategies to manage the transition to renewables while supporting companies' investments and the macroeconomy.

India's state-run oil companies are absorbing nearly Rs 30,000 crore in monthly losses to maintain stable petrol, diesel, and LPG prices amidst soaring global energy costs. This financial burden arises from crude oil price surges and supply disruptions in West Asia, with the government prioritizing consumer protection.

Fuel prices in Bengaluru have seen a significant increase, with petrol now costing Rs 106.17 per litre and diesel at Rs 94.10 per litre. This hike, attributed to sustained high global crude oil prices and geopolitical tensions, also affects XP95 petrol and CNG. Private outlets like Shell continue to have higher rates.

India's crude oil security is set for a significant boost as the UAE's ADNOC agrees to increase crude storage to 30 million barrels. This move will add over four million tonnes to India's existing strategic reserves, enhancing energy supply stability amidst regional conflicts. Agreements also explore LNG and LPG storage, strengthening India-UAE energy ties.

Petrol Breaches 100 Mark, Diesel Stands At 92.5 In City

Prime Minister Narendra Modi arrives in Hyderabad to dedicate development projects worth Rs 9,400 crore, including a PM Mitra Park and a cancer hospital. He will also lay foundation stones for industrial areas and highway upgrades. The visit culminates in a public meeting, signaling the BJP's focus on Telangana's political landscape.