Clearing the Strait of Hormuz of mines could take 40-50 days, impacting oil supplies, according to Western maritime security sources cited by Reuters. An agreement between the US and Iran, set for signing June 19, includes a 60-day ceasefire and lifting of a maritime blockade.
Russian Deputy Prime Minister Alexander Novak announced that most oil companies have signed fuel agreements to stabilize the domestic market until year-end. The deals regulate fuel volumes and retail prices, considering inflation.
India's public sector oil companies have reduced Aviation Turbine Fuel (ATF) prices for international flights by nearly 27%, while increasing commercial LPG cylinder prices by Rs 42. ATF for international airlines now costs $1,103 per kilolitre.
Public sector oil companies in India increased petrol and diesel prices by nearly 90 paise per litre on Saturday, the third hike since May 15. This move aims to partially offset losses from selling fuels below market rates amid rising global crude prices.
Petrol and diesel prices in India saw another hike of 87-91 paise per litre on Saturday, bringing the total increase in less than 10 days to nearly Rs 5 per litre. This rise is attributed to increasing international crude oil prices and a weaker rupee.
Congress has criticized PM Narendra Modi for the third fuel price hike in 10 days, labeling him 'Mehengai Man' and accusing his government of favoring oil companies over citizens. Petrol and diesel prices increased by under Rs 1 per litre, with CNG also seeing a rise.
Petrol and diesel prices saw a third hike in under 10 days, with prices rising by up to 87 paise for petrol and 91 paise for diesel per litre. This surge is attributed to escalating global crude oil prices driven by the West Asia conflict and disruptions at the Strait of Hormuz.
Congress criticizes PM Modi's government after petrol and diesel prices increased by ~90 paise, the second hike in a week. The party labels Modi 'Inflation Man' and claims prices have risen by Rs 4 in 4 days, reaching Rs 109 for petrol and Rs 96 for diesel.
Fuel prices in India have seen a Rs 3 per litre hike for petrol and diesel, and Rs 3 per kg for CNG, driven by rising global crude oil prices due to Middle East tensions. This marks the end of a four-year stable period for fuel costs.
India raises petrol and diesel prices by Rs 3/litre amid rising global crude oil costs and losses for state-run oil companies. Experts predict further staggered increases if the West Asia conflict persists and crude oil stays above $100/barrel.
India's opposition parties condemn the NDA government's decision to raise petrol and diesel prices by Rs 3 per litre, citing increased inflation and economic strain amid the global energy crisis.
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.
India's government is urging citizens to cut petrol and diesel use. This comes as the Strait of Hormuz situation tightens and global oil prices climb. Prime Minister Narendra Modi has appealed for reduced consumption. Public transport and electric vehicles are encouraged. Fuel supplies remain stable for consumers. However, state-owned oil companies face significant losses.
India's government is urging citizens to cut petrol and diesel use. This comes as the Strait of Hormuz situation tightens and global oil prices climb. Prime Minister Narendra Modi has appealed for reduced consumption. Public transport and electric vehicles are encouraged. Fuel supplies remain stable for consumers. However, state-owned oil companies face significant losses.
A distant Middle East conflict is now impacting Indian households, driving up costs for everyday essentials like LPG, cooking oil, and dry fruits. Furniture, electronics, and even paint are becoming pricier due to rising petrochemical and shipping expenses. Air travel and fuel prices are also climbing, with potential for further hikes as oil companies face significant losses.
State-owned oil companies are facing over Rs 1 lakh crore in losses due to soaring global fuel prices, with daily under-recoveries reaching Rs 1,700 crore. Despite this, petrol and diesel prices remain unchanged, impacting the financial health of these crucial energy providers. A fuel price hike now appears inevitable, with the government facing a political decision on timing and extent.
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.
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.
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.
The war in Iran has pushed global oil prices higher, which boosts oil company revenues. But major U.S. oil companies aren't signaling plans to increase production to bring down prices at the pump.
The war in Iran has pushed global oil prices up, but there's no sign of a huge surge in U.S. production and the future of Venezuelan oil remains murky.
Shell plc (SHEL), along with other large integrated oil companies, have benefited from higher oil prices and should warrant investor attention.
Countries would be able to exempt companies from the rules on energy security grounds, even before major disruption occurs, under draft guidelines seen by POLITICO.
