Oil & Gas
September LNG shipments through Hormuz hit highest since start of US-Iran war
In September, the number of liquefied natural gas cargoes shipped through the Strait of Hormuz increased significantly. A total of 19 cargoes were shipped, primarily from Qatar and the United Arab Emirates, marking the highest month since the US-Israel war started. Shipments included many vessels that operated with their transponders switched off for safety. Analysts express concerns about sustaining this level of exports amid potential military escalations from Iran.
US wants European allies to do this 'immediately' to lower diesel prices
The US has urged European allies to release strategic diesel reserves immediately as global fuel prices surge amid supply disruptions linked to the Iran war. Washington is also considering a diesel export ban, putting pressure on France and Germany to tap stockpiles. US diesel prices have climbed more than 70% since the war began, reaching $6.39 a gallon.
India’s fuel demand splits in September as petrol, diesel rise and LPG falls
Petrol and diesel sales increased in September by 7.2% and 4.9% year-on-year, respectively. The rise in petrol consumption was supported by higher vehicle sales during the month. Meanwhile, diesel demand was boosted due to below-normal monsoon rainfall and increased economic activity. Aviation turbine fuel sales experienced flat growth, indicating subdued air traffic. LPG consumption fell by 9% as disruptions from the war impacted supplies.
Govt warns Nayara, RIL-BP against fuel sales caps amid diesel curb reports
Oil secretary Neeraj Mittal stated that restricting fuel sales at pumps is unacceptable during a press conference. He emphasized that no companies are permitted to cap fuel sales. Reports indicate that Nayara Energy and Reliance Industries-BP joint venture have limited diesel sales. The increase in international diesel prices has affected the domestic supply. Mittal reiterated that the government's stance on this issue remains unchanged.
Vedanta plans $200 million push to lift Rajasthan oil output
Vedanta Oil and Gas is increasing investment in Rajasthan to enhance crude output from existing wells. The company aims to invest approximately $200 million in 2026-27 across several fields in the region. Further, Vedanta plans to develop a new hub for gas growth in the northeast region. Enhanced-recovery techniques are being employed to increase production efficiency from their wells.
Crude prices back above $101 as China suspends oil exports
Oil prices experienced a 2% rise as China halted oil product exports to regions outside Hong Kong and Macau. This suspension is likely to tighten fuel markets which are already dealing with supply shortages globally. Investors are reacting to ongoing diplomatic efforts concerning the US-Israeli situation with Iran. The market response was volatile, reflecting the uncertainty caused by these developments.
India will ask private fuel retailers to end sales rationing
India's Oil Secretary Neeraj Mittal announced that private fuel retailers must not ration fuel sales. Despite rising oil prices, there have been no changes to retail diesel and gasoline prices since May. Reliance Industries and Nayara Energy have limited fuel sales to curb losses from selling below market rates. State-run retailers are reportedly losing around 50 rupees per liter on diesel sales.
India imports 50% of gas needs, targets 10X CBG output: Hardeep Singh Puri
India's Petroleum and Natural Gas Minister Hardeep Singh Puri emphasized the need for enhanced domestic energy production. Rising energy demand, outpacing the global average, requires India to become less reliant on imports. The government is implementing a new compressed biogas framework to increase domestic production significantly.
India steps up palm oil buying as tax cut spurs restocking
India is increasing its palm oil imports after reducing import duties, prompting refiners to restock. More than 200,000 tons of crude palm oil have been bought recently as inventories run low. The government cut taxes on edible oil imports, adding urgency to the purchases. This buying activity is crucial ahead of the Diwali festival and the wedding season.
No global oil shortage, supply route disruptions driving crude prices, oil minister says
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri highlights the current oil supply situation. He states that global oil production exceeds consumption, but disruptions are causing price increases. Puri notes geopolitical factors, particularly the Russia-Ukraine conflict and challenges in shipping routes. Additionally, he discusses India's efforts to enhance domestic oil and gas production. Puri expresses optimism about managing India's energy challenges through collaboration and increased local production.
Must Watch
India oil refiners change tactics and hire ships to cross Hormuz
Indian oil refiners are now hiring tankers to pick up crude oil within the Persian Gulf. This approach helps cut costs and secure supply chains amid changing geopolitical conditions. Recent Iraqi crude sales are on a free-on-board basis, giving Indian refiners better logistics control. The recovery of oil flows through the Strait of Hormuz significantly contributed to this strategic shift.
MRPL explosion: One dead, eight injured; minister says senior officer appointed to probe cause
A serious explosion occurred at Mangalore Refinery and Petrochemicals Limited, causing one fatality and injuring eight individuals. Karnataka Minister UT Khader visited the site to assess the situation and announced an investigation. The incident, which took place in the hydro sulphur treatment unit, left one worker dead and others receiving treatment. Emergency teams successfully controlled the fire following the explosion with no further casualties reported.
Commercial LPG cylinder price hiked by Rs 62.50 in Delhi, ATF costlier by Rs 16 ahead of festive season
From October 1, the price of a 19-kg commercial LPG cylinder in Delhi increased to Rs 2,810. This rise of Rs 62.50 marks a 2.3 percent increase just before the festival season. Meanwhile, the cost of domestic LPG used in households remains unchanged at Rs 942 for a 14.2-kg cylinder. The government recently reduced windfall taxes on diesel and aviation turbine fuel exports, effective October 1.
Centre cuts windfall tax on diesel, ATF exports from October 1
The Centre has decreased the windfall tax on diesel exports to ₹16 per litre and ATF exports to ₹10.5. This decision, effective from October 1, follows a previous reduction on September 16. The petrol export tax remains unchanged at ₹0.5 per litre during this period. Export duties are reviewed every fortnight based on international prices of crude oil and petroleum products.
Aramco Trading sells 10 million bbls Khafji crude to Asian refiners, sources say
Aramco Trading concluded a tender for 10 million barrels of Khafji crude, attracting interest from Asian refiners. South Korea's GS Caltex and China's Shenghong Petrochemical each purchased 2 million barrels through this tender. Additionally, India's Hindustan Petroleum Corp Ltd, Indian Oil Corp, and Reliance acquired 2 million barrels each. The crude oil is scheduled to be loaded via ship-to-ship transfers at Fujairah from late October to November.
TERI study finds CNG has lower lifecycle environmental burden than EVs under India's current power mix
As India steps up efforts to accelerate electric mobility and reduce its dependence on imported crude oil, a new study by The Energy and Resources Institute (TERI) has found that compressed natural gas (CNG) currently has a lower overall lifecycle environmental burden than electric vehicles (EVs) across most vehicle categories, primarily due to the country's coal-dependent electricity generation mix.
