Fuel demand likely to grow 2.7% in India

India’s fuel consumption is expected to rise 2.7% in the next fiscal year beginning on April 1, initial government estimates showed. Fuel consumption in 2024-25, a proxy for oil demand, could rise to 238.954 million tonnes from the revised estimate of 232.561 million tonnes for the current fiscal year, according to data from the website

Venezuelan crude oil may come to India soon

Venezuelan crude oil may start flowing to India from next month after three years as domestic refiners are moving away from Russia to more economical energy imports after sanction-hit Moscow drastically reduced discounts to around $2 a barrel, three people aware of the development said. In contrast, Venezuelan crude can be bought with effective discounts

OMCs may cut down fuel prices next month: Report  

The oil marketing companies (OMCs) have abstained from altering prices since April 2022, but with crude oil costs softening, a comprehensive pricing review is imminent, according to a report by Hindustan Times. State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are

ONGC starts oil production in KG basin

State-run Oil and Natural Gas Corporation (ONGC) said its deep-water block in the Krishna-Godavari basin off the coast of Bay of Bengal has started producing oil, a development that is expected to boost India’s quest for energy self-sufficiency. This development is set to boost ONGC’s overall oil and gas output by 11% and 15%, respectively,

India taking global leadership role in biofuels supply chain

India’s GDP growth was 7.7% in the first six months of the current fiscal year, said Hardeep Singh Puri, Minister for Petroleum & Natural Gas and Housing & Urban Affairs. Elaborating on the growth-energy correlation in Indian context, he said that the growth-energy correlation is evident in India as it is now the world’s 3rd

India to buy crude oil from Guyana

India, the world’s third largest energy consumer and importer, is looking to diversify its sources of oil imports and the South American nation is one of the countries it is tapping for that. The Union Cabinet approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of

GAIL signs deal with Vitol for LNG supply

GAIL (India) Limited has signed a deal with global commodity trader Vitol Asia to buy around one million metric tons of liquefied natural gas (LNG) annually for 10 years, starting 2026, the state-owned firm said on January 5. Vitol will deliver LNG from its global LNG portfolio to GAIL at various locations in India, GAIL

MoU between India, USAID to help Railways achieve net-zero emissions

The Union Cabinet during a meeting chaired by Prime Minister Narendra Modi approved an MoU signed between India and USAID/India to help the Indian Railways achieve net-zero carbon emission by 2030. A press statement issued by the Indian Railways on Friday said the Cabinet was apprised of the signing of the Memorandum of Understanding (MoU)

India’s leadership in sustainable future

India has stood out as a world leader in making real moves toward an eco-friendlier future. The year 2023 has proven to be a time of notable progress, spotlighting India’s dedication towards constructing an environmentally sound future. In 2023, India took some important steps to show its commitment to a better, sustainable future: Met its

Sustainable hydrogen push to biofuels pact

India’s energy transition journey, which has gained pace in the past few years, witnessed traction with major domestic initiatives including the launch of the National Green Hydrogen Mission and viability gap funding for battery energy storage systems (BESS) to increase in its international outreach through the Global Biofuels Alliance. A major policy initiative for its