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Explained: What's next for oil prices and inflation after OPEC+ cuts?
World

Explained: What's next for oil prices and inflation after OPEC+ cuts?

The decision by the OPEC+ alliance to cut two million barrels a day starting next month comes as the Western allies are trying to cap the oil money flowing into Moscow's war chest after it invaded Ukraine

Russia is sending oil and gas workers to fight in Ukraine: What does it mean for the energy sector?
World

Russia is sending oil and gas workers to fight in Ukraine: What does it mean for the energy sector?

Russia’s call-up of reservists includes workers from companies specifically focused on oil. This has led analysts to question whether supply disruptions might spread to oil, either by accident or on purpose

Sri Lanka crisis: Over six million people 'food insecure', says World Food Programme
World

Sri Lanka crisis: Over six million people 'food insecure', says World Food Programme

The economic crisis has led to an acute shortage of essential items like food, medicine, cooking gas, fuel and toilet paper, with Sri Lankans being forced to wait in lines for hours outside stores to buy fuel and cooking gas

High gas prices in United Arab Emirates stand out where cheap fuel was the norm
World

High gas prices in United Arab Emirates stand out where cheap fuel was the norm

The unprecedented fuel cost in the UAE remains below the grim records reached in the United States and Britain as the war in Ukraine unleashes the biggest commodity shock in decades

Petrol, diesel to get cheaper in Maharashtra as CM Eknath Shinde announces tax cut
Politics

Petrol, diesel to get cheaper in Maharashtra as CM Eknath Shinde announces tax cut

Maharashtra will reduce the Value Added Tax on fuel, bringing down the prices in the state, said new chief minister Eknath Shinde in one of his first decisions after winning the trust vote

India's fuel sales soar in June; diesel sales jump 35%
India

India's fuel sales soar in June; diesel sales jump 35%

The start of the cropping season helped diesel demand register a double-digit growth over the pre-pandemic period -- a record in recent years

Demanding higher commission, petrol pump dealers to not purchase fuel from OMCs today
India

Demanding higher commission, petrol pump dealers to not purchase fuel from OMCs today

The Petrol Pump Dealers Association said its members in 22 states will join the protest

Fuel price hike necessary to avoid bankruptcy, says Pakistan's Shehbaz Sharif
World

Fuel price hike necessary to avoid bankruptcy, says Pakistan's Shehbaz Sharif

Sharif also blamed the previous government for the current hike in petroleum as it has committed with the IMF for this increase

Sri Lanka allows private companies to import fuel to ease burden on state-run Ceylon Petroleum Corporation
World

Sri Lanka allows private companies to import fuel to ease burden on state-run Ceylon Petroleum Corporation

The severe depreciation of the Sri Lankan rupee against the US dollar, and the soaring global prices of crude following the ongoing conflict in Ukraine were some of the reasons why the state-owned entity has been struggling to import fuel

Tanker strike worsens fuel woes in crisis-hit Sri Lanka
World

Tanker strike worsens fuel woes in crisis-hit Sri Lanka

Tanker operators say running costs are up due to diesel prices being raised 138 per cent, while insurance, spare parts and wages have spiked due to the sharp depreciation of Sri Lanka's currency

Sri Lanka fuel prices rise ahead of crucial bailout talks with IMF
World

Sri Lanka fuel prices rise ahead of crucial bailout talks with IMF

Lanka IOC, a fuel retailer which accounts for a third of the market, said it raised the cost of diesel by 75 rupees to 327 a litre while petrol was hiked by 35 to 367 rupees

Sri Lankan delegation heads to US to seek $4 billion bailout package from IMF
World

Sri Lankan delegation heads to US to seek $4 billion bailout package from IMF

The people of Sri Lanka are facing crippling 12-hour power cuts, and an extreme scarcity of food, fuel and other essential items such as medicines

Sri Lanka begins fuel rationing for vehicles amid severe economic crisis
World

Sri Lanka begins fuel rationing for vehicles amid severe economic crisis

According to the Ceylon Petroleum Corporation (CPC) statement, now motorcycles and other two-wheelers can purchase fuel up to worth Rs 1,000 per visit to a fuel station

Fuel leak foils NASA's dress rehearsal for moon rocket
World

Fuel leak foils NASA's dress rehearsal for moon rocket

The launch team had just begun loading fuel into the core stage of the rocket when the hydrogen leak cropped up

Global energy giant Shell to set up LNG stations, bullish on gas market in India
India

Global energy giant Shell to set up LNG stations, bullish on gas market in India

Shell operates a 5 million tonnes a year liquefied natural gas (LNG) import facility at Hazira in Gujarat and has a small network of petrol pumps. It is now looking at the LNG for trucks/buses market as a growth avenue

Hike in prices of fuel, fertilisers has exposed Modi government's anti-farmer attitude: SKM
India

Hike in prices of fuel, fertilisers has exposed Modi government's anti-farmer attitude: SKM

The farmers' body also expressed concerns over the hike in the prices of DAP and NPKS fertilisers

Playing big brother: How India is providing timely aid as Sri Lanka battles its worst economic crisis
World

Playing big brother: How India is providing timely aid as Sri Lanka battles its worst economic crisis

India has been extending financial as well as humanitarian assistance to the ailing island nation. From a $1.5 billion line of credit to providing more than 2,70,000 tonnes of fuel, the Narendra Modi-led government has stepped up

Sri Lanka economic crisis: India extends credit, fuel, food to help the island nation
World

Sri Lanka economic crisis: India extends credit, fuel, food to help the island nation

The Reserve Bank of India has extended a currency swap of $400 million and deferred payments owed by the Central Bank of Sri Lanka under the Asian Clearance Union worth several hundred million dollars

Moody’s lowers India's GDP growth forecast for 2022 from 9.5% to 9.1%
India

Moody’s lowers India's GDP growth forecast for 2022 from 9.5% to 9.1%

High fuel and fertiliser costs will weigh on government finances down the road, potentially limiting its planned capital spending, according to the credit ratings major

Sri Lanka runs out of cash to buy fuel as foreign-exchange crisis deepens
World

Sri Lanka runs out of cash to buy fuel as foreign-exchange crisis deepens

Earlier this month, Sri Lanka bought 40,000 metric tonnes of diesel and petrol from India's oil major Indian Oil Corporation to meet the urgent energy requirements