iran india gas field row

Country needs time to build up domestic capacities, till then reduce dependence on those ‘perfect’ imports

India is closely monitoring its crude oil and fuel supply amid escalating Middle East tensions. The government assures domestic availability and affordability of petroleum products. Disruptions in Qatar's LNG production and Saudi Arabia's oil refinery have already impacted global markets, with European gas prices surging.

The shadow of the Russia-Ukraine conflict looms large over the first G20 ministerial meeting under India’s presidency, with the West seeking to highlight the issue and seek a mention in the communique at the gathering of finance ministers and central bank governors.

In India, the spiraling price of natural gas is leading many industrial consumers to shift towards liquified petroleum gas (LPG) as an alternative fuel. This is because the costs of purchasing and using natural gas are significantly denting their business viability. For example, the ceramic industry in Morbi, which is widely dependent on compressed natural gas (CNG), has begun gradually shifting towards propane and LPG. Meanwhile, there is a significant increase in the number of domestic LPG customers over the past couple of years.

Stock prices of oil marketing companies like Bharat Petroleum, Hindustan Petroleum and Indian Oil slid on Monday, while that of producers like ONGC and Oil India rallied after the Opec+ block of major crude exporters globally decided on Sunday for a surprise production cut from May.

The Barauni Refinery has achieved the highest crude throughput in 58 years in the year 2022-23, said R K Jha, executive director and head of the refinery, on Saturday.

The Haryana State Pollution Control Board (HSPCB) on Thursday asked brick kilns across the state to come up with a roadmap to reduce emissions. The plan will have to be submitted to the board within 15 days.

US government may delay decision on electric vehicles biofuel program

Nestle India delivered its highest growth in a decade, with net profit growing 66% to Rs 628 crore in the fourth quarter ended December (the FMCG giant follows a calendar accounting year) as compared to Rs 379 crore in the corresponding quarter of the previous year. Domestic sales rose around 14% in the quarter to Rs 4,062 crore from Rs 3,568 crore.

The money will be used to support new-age energy solutions ranging from green hydrogen and ammonia, battery storage and transmission lines for evacuating renewable power and biofuels such as biogas and ethanol — petrol laced with ethyl alcohol.