Ogra proposes up to 15pc hike in petroleum prices

The Oil and Gas Regulatory Authority (Ogra) has calculated an increase of Rs 14.38 and Rs 4.89 per litre in the price of petrol and high-speed diesel (HSD) respectively for the month of May. The oil and gas regulator has estimated a 15 per cent increase in prices of all petroleum products following the rise in international crude prices amid rumors of supply shortage. In addition to the petrol and HSD, Ogra has also calculated an increase of Rs 7.45 and Rs 6.41 per litre price for kerosene oil and light diesel oil (LDO).

HSD is usually used as fuel for heavy vehicles and machinery whereas LDO is used in vehicles with older engine models and small-scale mills which are mostly found in the rural areas. Ogra has forwarded the summary of increase in petroleum prices to the Ministry of Energy (Petroleum Division) on Monday but sources at the division said the government is likely to bring down general sales tax (GST) on diesel from 17pc and make adjustments in petroleum levy (PL) on other products to prevent a sharp rise in prices ahead of Ramazan.

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4th World Congress on Petroleum and Refinery
May 20-21 2019 Osaka Japan
Theme: Fueling the Innovations and Advancements in Petroleum Engineering

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Anadarko Petroleum profit beats on higher sales volumes, lower costs

Anadarko Petroleum Corp, the target of a bidding war between Occidental Petroleum Corp and Chevron Corp, beat analysts' estimates for quarterly profit on Thursday, fueled by higher sales volume and lower costs. Occidental made a counterbid for Anadarko's vast shale holdings in the prolific Permian Basin of West Texas and New Mexico on Wednesday, offering $57 billion compared with Chevron's $50 billion bid, both including debt.

If Anadarko's board accepts Occidental's offer, it may lead Chevron to raise its bid or the second-largest U.S. oil producer could walk away from the deal with a $1 billion breakup fee. Average sales volumes of oil, natural gas and natural gas liquids rose 11.2 percent to 715,000 barrels of oil equivalent per day (boe/d) in the first quarter, while total expenses fell 4.4 percent to $2.38 billion. This helped the Woodlands, Texas-based company cushion an 11.2 percent fall in average sales price of oil to $56.51 per barrel. Anadarko said adjusted net income fell to $259 million in the three months ended March 31 from $279 million. On a per share basis, the company earned 53 cents per share and beat expectation of 25 cents, according to IBES data from Refinitiv. Shares of the company, which have risen 16.2 percent since Chevron's bid, were trading flat at $71.80 after the bell. Anadarko has not scheduled an investor conference call to discuss the results.

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Government to ensure adequate supply of crude oil: Ministry of Petroleum

Indian refineries fully prepared to meet national demand for petroleum products

The Ministry of Petroleum and Natural Gas has issued a statement on the announcement by US to discontinue the Significant Reduction Exemption to all purchases of crude oil from Iran.

The ministry has stated that Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards. There will be additional supplies from other major oil producing countries from different parts of the world. The Indian refineries are fully prepared without any problem to meet the national demand for petrol, diesel and other petroleum products in the country.

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Hindustan Petroleum Corporation Ltd in demand

Hindustan Petroleum Corporation Ltd is quoting at Rs 275.4, up 2.46% on the day as on 12:54 IST on the NSE. The stock is down 7.07% in last one year as compared to a 10.7% gain in NIFTY and a 18.94% gain in the Nifty Energy index.

Hindustan Petroleum Corporation Ltd rose for a third straight session today. The stock is quoting at Rs 275.4, up 2.46% on the day as on 12:54 IST on the NSE. The benchmark NIFTY is up around 0.24% on the day, quoting at 11753.85. The Sensex is at 39132.13, up 0.2%. Hindustan Petroleum Corporation Ltd has dropped around 0.6% in last one month.

Meanwhile, Nifty Energy index of which Hindustan Petroleum Corporation Ltd is a constituent, has dropped around 0.59% in last one month and is currently quoting at 16305.75, up 0.85% on the day. The volume in the stock stood at 43.15 lakh shares today, compared to the daily average of 72.24 lakh shares in last one month.

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