Cairn India has been ranked the fastest growing oil and gas exploration firm in the world, even as heavyweights like ONGC and Reliance Industries slipped in a list of top-performing energy firms globally.

With a three-year compounded growth rate (CGR) of 116.5%, Cairn was ranked by energy information provider Platts as the fastest growing E&P company in 2010.

With yet another petrol price hike looming large, the Petroleum Ministry said on Wednesday that it was up to the oil marketing companies (OMCs) to decide on the issue since the fuel has been deregu

“Allowing oil firms to control market will hurt economy”

A massive campaign will be taken up during the next five years, with the assistance of the local public sector units as well as the private sector, to grow 40 lakh trees in and around Visakhapatnam

State-run oil marketing companies fear that they will not be able to meet the country’s fuel demand after two and a half months unless the government raises fuel prices or immediately transfers cas

New Delhi: The oil mafia has struck at the IOC depot at Shakurbasti causing heavy losses to the Northern Railways.

The government is already working on a roadmap for the direct transfer of the kerosene subsidy to beneficiaries in the form of cash, with the intention of doing away with the current practice of supplying subsidised fuel under the public distribution system (PDS). The EGoM during its last meeting on August 8 had considered the recommendations of the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertilizer. It had also debated the LPG subsidy issue but had deferred a decision. A 14.2-kg LPG cylinder costs Rs. 395.35 in Delhi.

New Delhi Prices of the fuel have gone up 33% since being decontrolled last year

Easing global crude oil price — $103 a barrel on Monday, down from an average $113 a barrel in the first quarter — has nearly covered the losses that retailers IOC, HPCL and BPCL make on petrol, encouraging the government to indicate a price cut in the auto fuel. Since it was decontrolled in June last year, petrol prices have gone up 33%.

Restricting the supply of subsidised cooking fuel may no longer be a politically difficult task, with a Parliamentary panel asking the government to do away with the sale of subsidised domestic LPG to people with more than Rs 6 lakh annual income. If the recommendation goes through, those with income over the specified level will have to pay Rs 642.35 for a 14.2-kg cylinder, as against the current price of Rs 395.35 (in Delhi).

Iran has threatened to block supplies of oil to India because of $5bn in unpaid fees that are blocked due to international sanctions against Iran.

Indian refiners have started looking for oil sources in different markets as Iran says it will block supplies for the month of August, people familiar to the matter in New Delhi told the Financial Times.