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New Delhi, India's consumption of <keyword id="118558" type="General" weightage="20" keywordseo="petroleum-products" source="Orion">petroleum products</keyword> rose to a seven-month high in December to about 20.05 million metric tons, according to data compiled by the Petroleum Ministry. Total consumption rose by 6.2 per cent from 18.89 million tons in November and was 2.6 per cent higher than the corresponding figure for December last year. Sales of diesel, mainly used in the transport and farm sectors increased by 0.9 per cent month-on-month to 7.6 million tons. However, <keyword id="3146552" type="General" weightage="20" keywordseo="petrol-sales" source="Orion">petrol sales</keyword> fell by 4.5 per cent in December to 2.99 million tons compared to the previous month. LPG sales rose by 5.6 per cent to 2.63 million tons as more households are shifting to the clean gas from firewood nationwide. Sales of bitumen, used for making roads, jumped by 12.9 per cent from November reflecting the increase in construction in big highway projects that has gathered momentum. Naphtha sales jumped by 27.9 per cent to 1.33 million tons while fuel oil recorded a 9.6 per cent increase in December.

India's petroleum product sales hit seven-month high in December

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to <keyword id="19949381" type="General" weightage="20" keywordseo="fitch-ratings" source="keywords">Fitch Ratings</keyword>. Both petrol and diesel sales recorded robust 4-6 per cent increases in the first nine months of 2023-24, fuelled by heightened economic activities in the agriculture and power sectors, coupled with a surge in holiday travel and auto sales. Fitch said it expects Indian refiners' gross refining margins (GRM) to moderate during 2024-25 from the strong levels expected in 2023-24, but remain above mid-cycle levels. By 2025-26, it foresees a shift closer to mid-cycle levels, but remaining resilient, bolstered by the escalating demand for end-products. "The gradual normalisation of the crude supply mix away from Russian imports is likely to narrow GRMs, although we expect margins to stay strong, supported by the rising demand for end-products," the rating agency said. In the upstream segment, domestic oil and gas production has modestly increased, driven by a 5 per cent rise in gas production in the first nine months of 2023-24. "We expect production to continue to rise moderately as technological investments in enhanced oil recovery techniques will offset natural declines," the rating agency said. Fitch forecasts the oil and gas sector's high capex intensity to continue in the medium term, particularly with upstream companies investing in production enhancement. In the downstream segment, <keyword id="20039004" type="General" weightage="20" keywordseo="hindustan-petroleum-corporation-limited" source="keywords">Hindustan Petroleum Corporation Limited</keyword> should maintain higher capex due to planned investments by its subsidiary, HPCL <keyword id="20521636" type="General" weightage="20" keywordseo="rajasthan-refinery-limited" source="keywords">Rajasthan Refinery Limited</keyword>. The capex of other oil marketing companies, including HPCL-Mittal Energy Limited, should be minimal as they have completed their expansion projects, it said. India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand. (ANI)

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

<ul><li><keyword id="6355988" type="COMPANY" weightage="20" keywordseo="assocham">ASSOCHAM</keyword> (Associated Chambers of Commerce and Industry) of India has suggested to rope in <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">Petroleum</keyword> products into the Goods &amp; Services Tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) net. </li><li>The Centre earned a whopping ₹2.4 trillion as excise duty from the petroleum sector in the 2017-18 fiscal. </li><li>The chamber also suggested relaxation on GST to restaurants and real estate sectors.</li></ul>Petroleum products should be brought under the Goods &amp; Services Tax (GST) ambit, according to industry body ASSOCHAM (Associated Chambers of Commerce and Industry). ''The two-year period for keeping petroleum products outside GST is almost over. Also, these products being outside GST leads to increase in cost for businesses. Therefore, these products should be brought under the GST," Asscham’s memorandum to the GST Council said. The industry body said that this move will help streamline businesses and seamless credit of Input Tax Credit (ITC). Some of the many taxes that petroleum products now attract includes, local and state taxes such as <keyword id="6391795" type="UNKNOWN" weightage="20" keywordseo="stamp-duty">stamp duty</keyword>, vehicle tax, mandi tax and road tax. Bringing it under GST can minimize the surging effect of taxes. In return, Assocham wants some relaxation on GST to restaurants and real estate players. It also sought clarity on the tax imposed on international transactions. The Centre collected a large chunk of its taxes from petrol and diesel due to the increasing rates during November 2014 to January 2016 period. It earned nearly ₹2.4 trillion as <a href="https://www.livemint.com/Industry/VfkjBX4mdrO24LnteA1BBN/Reduction-in-taxes-best-solution-to-check-fuel-price-rise-A.html">excise duty</a> from the petroleum sector in 2017-18 fiscal.

Petrol and diesel should come under GST, says industry body Assocham

New Delhi, Mar 11 () Industry chamber PHD Chamber has urged the government to reduce excise duty and VAT (value added tax) on petrol and diesel by 25 per cent to bring down the prices by Rs 9 to 10 per litre. "Prices of the petroleum products should be in sync with the deceleration in the international crude oil prices and all the movement in the International crude oil prices must be captured and implemented in the domestic prices in the same way," PHD Chamber of Commerce and Industry President D K Aggarwal said in a statement. He further said this can be a boon for the Indian economy as inflationary conditions will be benign and price cost margin of the businesses will improve. International crude oil prices have declined significantly from USD 63.27 per barrel as on January 6, 2020 to USD 31.13 as on March 9, 2020, while petrol prices in India (Delhi) decreased from Rs 75.69 to Rs 70.59 during the same period. He said the significant 50 per cent fall in international crude oil prices has only resulted in 7 per cent decline in the domestic petrol prices. The build-up of petroleum product prices because of various taxes, duties and commissions (fixed excise duties at Rs 19.98/litre and VAT at Rs 15.25/litre in Delhi) is so high that any significant crude oil price decline is also not reflected in the prices of petroleum products in India, Aggarwal said. At this juncture, we suggest to reduce excise duties and VAT on petroleum, diesel and allied products by at least 25 per cent to bring down the prices of petroleum products, which will be a big relief to the industry, boost and kick start economic growth while reviving the spirit in the economy, he said. KKS ABM

PHD Chamber seeks 25 pc cut in excise duty, VAT on petroleum products

To understand what the general public is hearing about oil, I watched a Yahoo video yesterday with Katie Couric <a href="http://news.yahoo.com/katie-couric-explains-falling-oil-prices-162456746.html">explaining</a> the decline in oil prices.
In general the piece was very good. Couric started by explaining that the decline in oil prices could be explained in two words: Supply and Demand. &#xa0;She discussed reasons for more supply and softening demand.
Note: from Professor Hamilton "[In October] I discussed the <a href="http://econbrowser.com/archives/2014/10/lower-oil-prices">three main factors in the recent fall in oil prices</a>: (1) signs of a return of Libyan production to historical levels, (2) surging production from the U.S., and (3) growing indications of weakness in the world economy."
I'd add to the discussion that the short run supply and demand curves are both very steep for oil, so small changes in supply and / or demand can cause a large change in price (see <a href="http://www.calculatedriskblog.com/2014/12/a-comment-on-oil-prices.html">A Comment on Oil Prices</a>).
But then Couric mentioned a myth I've heard several times recently. She said:

"Who knew?" &#xa0;No one, because it is not true. Yes, the U.S. is the largest producer this year (ahead of Saudi Arabia and Russia), but the U.S. is NOT "selling more to other countries than it's been buying".
The source of this error is that the U.S. is a net exporter of refined petroleum products, such as refined gasoline. Here is the EIA data on <a href="http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm">Weekly Imports &amp; Exports</a> of crude oil and petroleum products. &#xa0;The U.S. is importing around 9 million barrels per day of crude oil and products, and exporting around 4 million per day (mostly refined products). The U.S. is a large net importer!
Note: Here is <a href="http://www.eia.gov/naturalgas/importsexports/annual/#tabs-supply-2">some data on natural gas</a> (the U.S. is net importer).
Another data source is the <a href="http://www.census.gov/foreign-trade/Press-Release/current_press_release/exh9.txt">monthly trade balance report</a> from the Department of Commerce that shows about a net petroleum trade deficit of about $15 to $20 billion per month this year. The good news is the petroleum contribution to the trade deficit has been declining, but it is still very large.
Couric was correct about supply and demand, but it is important to note the U.S. is still a large importer of oil.
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Katie Couric Repeated A Myth About US Petroleum Exports

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

New Delhi, Feb 27 () Hindustan Petroleum Corp Ltd (HPCL) on Thursday said it has acquired 17.28 per cent stake in Petronet MHB Ltd, a firm that owns a petroleum product pipeline at Mangalore, for Rs 185.38 crore. HPCL and its parent, Oil and Natural Gas Corp (ONGC), presently hold 32.72 per cent stake each in the company that transports petroleum products. In a regulatory filing, HPCL said Petronet MHB Ltd had a networth of Rs 796.30 crore as of March 31, 2019. "The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximization," HPCL said, adding that no governmental or regulatory approvals are required for the acquisition. The acquisition is expected to be completed by March 31. "The company has entered into a share purchase agreement dated February 27, 2020, with consortium of 8 nationalised banks, who hold equity shares in Petronet MHB Ltd, for acquisition of 9.48 crore equity shares aggregating ot 17.28 per cent of the paid-up equity share capital at a price of Rs 19.55 per share," HPCL said. "Post-acquisition the shareholding of HPCL in Petronet MHB will be about 49.996 per cent," it added. Petronet MHB Ltd was incorporated on July 31, 1998 on a common carrier principle to provide petroleum product transportation facility from Mangalore refinery to the oil marketing company terminals at Hassan and Devangonthi (Bangalore). ONGC owns 51.11 per cent stake in HPCL. Petronet MHB had revenue from operation of Rs 128.33 crore in 2016-17, which rose to Rs 130.89 crore in 2017-18 and Rs 158.44 crore in the following year. In a separate filing, Bank of Baroda said it sold its 4.90 per cent stake in Petronet MHB for Rs 52.56 crore. ANZ RVK

HPCL buys 17.28 pc stake in Petronet MHB for Rs 185.38 cr

<ul class="summary-list"><li>Group of Seven nations are in talks for two price caps on Russia's refined petroleum products, according to Bloomberg. </li><li>The separate price caps would target products that are above the price of crude as well as those sold at a discount. </li></ul>Group of Seven nations are in talks to impose two separate price caps on Russian refined petroleum products, according to a Tuesday <a href="https://www.bnnbloomberg.ca/g-7-eyes-two-prices-caps-for-russian-refined-petroleum-products-1.1868057" target="_blank" rel="noopener">Bloomberg</a> report.The upcoming price caps would coincide with the European Union's plan to ban imports of refined Russian products, such as diesel, naphtha and fuel oil, on February 5.One price cap would target Russian products that are more expensive than crude and the other price cap would target those that sell at a discount, Bloomberg said.The move will follow the EU's December 5 ban on seaborne Russian crude imports and the $60-a-barrel price cap that bars European companies from financing and insuring exports priced above that mark.Talks regarding the new mechanisms and specific price levels remain ongoing, although the ban could pose more complications than the prior one. One G-7 official told reporters that diesel and kerosene historically trade at a premium compared to crude, and that fuel oil trades hands for cheaper. The looming February ban shouldn't pose any new supply issues for diesel, they noted. <h2>A softening global market </h2>Russian officials have said they would not acknowledge any price cap measures, and have threatened to <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-price-outlook-g7-price-cap-ukraine-war-2022-12?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">slash oil output in retaliation</a>.Despite being the world's second largest crude exporter before the war, behind only Saudi Arabia, Moscow has lost most of its buyers since February 2022 and is struggling to replace European customers.On Friday, <a href="https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1?utm_medium=ingest&amp;utm_source=markets">Russian Urals traded far below the price cap</a> level at $37.80 a barrel, Argus Media data shows. That's less than half the price of where Brent futures moved that day. But that steep discount is more a reflection of an easing global market than any sanctions, according to oil historian Gregory Brew. Cheaper oil is largely a consequence of <a href="https://markets.businessinsider.com/news/commodities/russia-oil-crude-g7-price-cap-western-sanctions-eu-ban-2023-1?utm_medium=ingest&amp;utm_source=markets">China's subdued demand</a>, and coming price fluctuations will depend on how Beijing moves forward with its zero-COVID policies. "Softer market conditions have made the [price] cap somewhat moot," Brew told <a href="https://markets.businessinsider.com/news/commodities/oil-china-russia-crude-markets-global-fuel-oil-historian-brew-2023-1">Insider</a>. "The market is somewhat oversupplied, and to say this is the result of the cap is a bit hard to argue."

Russia could face 2 new price caps for refined petroleum products as another EU embargo looms, report says

Petrol dealers across the nation have threatened that they will go on full strike on November 15th, if their demands to increase commission aren’t fulfilled. Presently, the dealers are on a two-day no-purchase strike. 
 Also, it has been confirmed by the Consortium of Indian Petroleum Dealers (<keyword id="281869" type="ORGANIZATION" weightage="20" keywordseo="CIPD">CIPD</keyword>) that from tomorrow onwards, fuel will be sold on <keyword id="116241" type="UNKNOWN" weightage="20" keywordseo="petrol-pumps">petrol pumps</keyword> for limited hours and the petrol pumps won’t be operating on Sundays or any government holidays. 
 <keyword id="1073643" type="PERSON" weightage="20" keywordseo="Rajiv-Amaram">Rajiv Amaram</keyword>, joint secretary of CIPD, a one-day strike will be observed by all the petrol pumps across the country id the companies don’t pay heed to their demands. He also said in Telangana alone, over 1,400 truckloads of petrol and diesel was not lifted yesterday and today by petroleum dealers in the state. 
 
"We have stopped purchasing petroleum products yesterday and today. From tomorrow, we will sell petrol or diesel or any other product according to government office timings like 9 AM to 6 PM. We will also not sell on Sundays or any other government holidays. If the government does not listen to us then we will call for a strike on November 15," Amaram told PTI. 
 The CIPD has demanded implementation of the recommendations made by the <keyword id="3765562" type="UNKNOWN" weightage="20" keywordseo="Apoorva-Chandra-committee">Apoorva Chandra Committee</keyword> in 2011 which were over Rs 4 for petrol and about Rs 3 for diesel per litre

Petrol pumps may observe nationwide strike on Nov 15th, here’s why

New Delhi, Apr 23 () Reliance Industries Ltd has cut crude oil processing at its exports-only refinery at Jamnagar in Gujarat in March by close to one-fourth as it joins public sector oil firms in cutting run-rate to align production with a coronavirus-induced slump in fuel consumption. RIL's 35.2 million tonnes a year SEZ refinery processed 2.51 million tonnes of crude oil into fuel in March, a drop of 24 per cent year-on-year, according to data released by the Ministry of Petroleum and Natural Gas on Thursday. However, the company's older refinery at the same site processed 5.7 per cent more crude at 3.01 million tonnes. Refiners started to cut down on crude processing only in the latter half of March after travel restrictions first imposed by states followed by a nationwide lockdown beginning March 25 evaporated fuel demand. Fuel demand in nations where Indian refiners exported products like diesel and petrol has also stalled following the outbreak of the pandemic. Public sector refineries in India processed almost 4 per cent less fuel in March. Private sector Nayara Energy's Vadinar refinery in Gujarat too cut crude processing by a similar proportion. The data showed that RIL's SEZ refinery operated at 83.98 per cent capacity in March, as compared to 110.51 per cent capacity utilisation in the same month a year back. Its old refinery, that caters predominately to the domestic market, operated at 101.67 per cent of its 33 million tonnes a year capacity. PSU refineries operated at 101 per cent of their installed capacity as they used cheap crude to fill depots and storage bunks. RIL's twin refineries at Jamnagar produced 4.16 per cent more petroleum products in March at 7.3 million tonnes. Nayara Energy produced 3.33 per cent fewer petroleum products at 1.64 million tonnes while PSU refineries produced almost 2 per cent less product at 11.95 million tonnes. Overall, Indian refineries processed 5.7 per cent less crude oil at 21.2 million tonnes in March and produced 22.9 million tonnes of petroleum products. Prime Minister Narendra Modi had announced a 21-day lockdown beginning March 25, shutting offices and factories, barring those involved in essential services. Also, flights were suspended, trains stopped plying, vehicles went off the road and cargo movement stopped as most people were asked to stay home to help check the spread of coronavirus. The lockdown has been extended till May 3. In March 2020, the country's petroleum product consumption fell 17.79 per cent to 16.08 million tonnes. Diesel, the most consumed fuel in the country, saw demand contract by 24.23 per cent to 5.65 million tonnes. This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 per cent to 2.15 million tonnes, while ATF consumption fell 32.4 per cent to 4,84,000 tonnes. However, LPG sales rose 1.9 per cent to 2.3 million tonnes in March. April consumption is likely to be worse with petrol sales collapsing 64 per cent, while diesel slumping by 61 per cent. Aviation turbine fuel (ATF) consumption dropped by 94 per cent as most airlines have stopped flying. ANZ DRR

Reliance cuts crude processing at Jamnagar SEZ refinery by 24 pc

Anglo-Australian mining giant <keyword id="6402887" type="COMPANY" weightage="60" keywordseo="BHP">BHP</keyword> Billiton on Tuesday raised its <keyword id="6357528" type="COMPANY" weightage="60" keywordseo="Iron-ore">iron ore</keyword> production forecast after operations in Western Australia achieved record output in July-September.
The world's biggest diversified miner said overall production for all commodities had increased 11 percent year on year in the three months to September 30.
The upbeat numbers sent BHP's share price up 2.35 percent to close at Aus$37.05.
In an operational review the firm said petroleum production for the quarter came in at a record 62.7 million barrels of oil equivalent, underscored by growth in United States volumes and the start-up of a new production well.
On iron ore, BHP lifted its production guidance for the 2014 financial year to 212 million tonnes, thanks to expanding production in Western Australia's resource-rich Pilbara region designed to meet demand from Asia.
BHP said the Western Australian Iron Ore (WAIO) business achieved record production of 54 million tonnes for the quarter.
Full year production guidance for petroleum, copper and coal was maintained.
"Our pursuit of productivity gains and operating excellence is already yielding strong results," chief executive Andrew Mackenzie said.
"There is no better example than in our iron ore business, where the deployment of mobile crushing units and the continued de-bottlenecking of the supply chain has underpinned a five million tonne increase in Western Australia iron ore's production guidance for the 2014 financial year."
BHP said it remained focussed on the four pillars of petroleum, copper, coal and iron ore -- a commodity that has been subject to volatile prices over the past 18 months due to a slowdown in activity in China.
"In addition, a 25 percent reduction in capital and exploration expenditure to US$16 billion in the 2014 financial year has significantly increased internal competition for capital," the company said.
"Our rate of expenditure will decline again next year and if our investment criteria cannot be met in any one project, product or geography, we will redirect our capital elsewhere or we will not invest."
BHP's report comes after rival Rio Tinto last week posted solid third-quarter production across its commodities, with strong growth in energy coal and copper and record output at its flagship Australian iron ore operations

Massive Mining Company Lifts Its Forecast For Iron Ore Production

New Delhi, Mar 19 () India's fuel demand has dropped by a steep 10-11 per cent in the first two weeks of March as the outbreak of coronavirus (Covid-19) led to the cancellation of flights and reduction in industrial activity. The country had consumed 19.5 million tonnes of petroleum products in March 2019, official data showed. Assuming consumption in two halves of the month was almost the same, as much as 10 million tonnes of fuel was consumed during the first fortnight of March 2019. "The petroleum industry is witnessing the impact of coronavirus on sales of all petroleum products. The overall demand for liquid fuels has gone down by 10-11 per cent in the first fortnight of March 2020," said Indian Oil Corp (IOC), the country's largest fuel retailer, in a statement. Restrictions and travel advisories, as well as a slowdown in industrial activity, has led to the fall in demand. While diesel sales as dropped by over 13 per cent, jet fuel sales has slumped by over 10 per cent. Petrol sales have seen a decline of over 2 per cent. "Due to restriction in movement and travel advisories, the aviation turbine fuel (ATF) sales have dropped by over 10 per cent. The bunker fuel sales are also down by approximately 10 per cent," IOC said. Crisil said the Covid-19 pandemic has made the already subdued demand outlook ever grimmer. "The airlines industry accounts for 6-8 per cent of total crude consumption. As more countries are implementing bans over Covid-19 in both international and domestic travel, the impact is likely to worsen. And if the pandemic is not contained over the next two-three months, the consequences will be severe," it said in a note. Covid-19, it said, is further drying up demand from the road transport and airlines segments in India as well. "Hence, consumption growth of petroleum products is expected to be low at 2-3 per cent in fiscal 2021," it said. Separately, Morgan Stanley cuts India's fuel demand estimate for the next financial year by five per cent. Prior to the outbreak of coronavirus, Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) had projected fuel demand to grow to 222.79 million tonnes in the fiscal year starting April (2020-21) from an estimated 216 million tonnes in 2019-20. ATF consumption was projected to rise to 8.7 from an estimated 8.19 million tonnes in 2019-20 while diesel demand was to grow to 86.5 million tonnes from 84.26 million tonnes. Petrol consumption was projected to rise to 33.4 million tonnes from almost 31 million tonnes in the current fiscal. In the first 11 months of 2019-20, fuel demand was 197.6 million tonnes. ATF consumption came at 7.5 million tonnes in April 2019 to February 2020 while diesel demand was 77 million tonnes. Petrol consumption came at 27.8 million tones in April-February. ANZ ANSANS

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