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Indian refiners postpone maintenance shutdowns to meet local fuel demand, govt says
April 6 (Reuters) - Indian refiners have postponed maintenance shutdowns of their units to meet local fuel demand, a government official said on Monday.
Indian Oil Corporation IOC.NS and Bharat Petroleum Corporation BPCL.NS were among the companies that had planned to shut units at some of their refineries for routine maintenance, Sujata Sharma, joint secretary in the federal oil ministry said.
(Reporting by Nidhi Varma, writing by Shilpa Jamkhandikar; Editing by Toby Chopra)
April 6 (Reuters) - Indian refiners have postponed maintenance shutdowns of their units to meet local fuel demand, a government official said on Monday.
Indian Oil Corporation IOC.NS and Bharat Petroleum Corporation BPCL.NS were among the companies that had planned to shut units at some of their refineries for routine maintenance, Sujata Sharma, joint secretary in the federal oil ministry said.
(Reporting by Nidhi Varma, writing by Shilpa Jamkhandikar; Editing by Toby Chopra)
India looks to turn LPG import crisis into push for piped gas
Iran war caused shortfall in LPG for cooking in India
High subsidies on LPG weigh on government finances
India pushes adoption of piped gas, sold closer to market price
India's LPG imports to reduce as customers switch to piped gas
New piped gas connections surge in March
By Nidhi Verma
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.
The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.
Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.
"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.
In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.
India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.
LPG DISRUPTION EXPOSES IMPORT DEPENDENCE
The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.
India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.
India satisfies half of its natural gas consumption with imports of liquefied natural gas.
"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.
Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.
Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.
Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.
India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.
Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.
The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.
"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.
(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Iran war caused shortfall in LPG for cooking in India
High subsidies on LPG weigh on government finances
India pushes adoption of piped gas, sold closer to market price
India's LPG imports to reduce as customers switch to piped gas
New piped gas connections surge in March
By Nidhi Verma
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.
The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.
Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.
"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.
In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.
India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.
LPG DISRUPTION EXPOSES IMPORT DEPENDENCE
The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.
India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.
India satisfies half of its natural gas consumption with imports of liquefied natural gas.
"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.
Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.
Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.
Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.
India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.
Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.
The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.
"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.
(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Two India-bound LPG tankers clear Strait of Hormuz, government says
BENGALURU, March 29 (Reuters) - Two India-bound liquefied petroleum gas tankers carrying about 94,000 metric tons of the cooking gas have safely transited the Strait of Hormuz and are heading towards India, the government said on Sunday.
The carriers BW Tyr and BW Elm are expected to arrive in Mumbai on March 31 and New Mangalore on April 1 respectively, the petroleum ministry said in a statement.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran has said "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The ships are the latest Indian-flagged vessels to make it through the chokepoint. Four LPG tankers have already completed the crossing, while three more are still in the western section of the strait, LSEG ship tracking data showed on Friday.
A total of 18 Indian-flagged vessels with 485 Indian seafarers remain in the western Gulf region, the government said.
India, the world's second-largest LPG importer, last year consumed 33.15 million tons of the gas, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
Port operations across India remain normal with no congestion reported, the government said.
(Reporting by Munsif Vengattil in Bengaluru. Editing by Mark Potter)
BENGALURU, March 29 (Reuters) - Two India-bound liquefied petroleum gas tankers carrying about 94,000 metric tons of the cooking gas have safely transited the Strait of Hormuz and are heading towards India, the government said on Sunday.
The carriers BW Tyr and BW Elm are expected to arrive in Mumbai on March 31 and New Mangalore on April 1 respectively, the petroleum ministry said in a statement.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran has said "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The ships are the latest Indian-flagged vessels to make it through the chokepoint. Four LPG tankers have already completed the crossing, while three more are still in the western section of the strait, LSEG ship tracking data showed on Friday.
A total of 18 Indian-flagged vessels with 485 Indian seafarers remain in the western Gulf region, the government said.
India, the world's second-largest LPG importer, last year consumed 33.15 million tons of the gas, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
Port operations across India remain normal with no congestion reported, the government said.
(Reporting by Munsif Vengattil in Bengaluru. Editing by Mark Potter)
Two India-bound LPG tankers crossing Strait of Hormuz out of Gulf, data shows
By Nidhi Verma
NEW DELHI, March 28 (Reuters) - Two liquefied petroleum gas tankers, BW Elm and BW Tyr, are crossing the Strait of Hormuz bound for India, according to ship tracking data from LSEG and Kpler.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran said this week that "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The two India-flagged vessels have crossed the Gulf area and are in the eastern Strait of Hormuz, the data showed.
India is gradually moving its stranded LPG cargoes out from the strait, with four LPG tankers moved so far - Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
As of Friday, 20 Indian-flagged ships including five LPG carriers were stranded in the Gulf, Rajesh Kumar Sinha, special secretary in the federal shipping ministry, said.
LPG carriers Jag Vikram, Green Asha and Green Sanvi are still in the western Strait of Hormuz, LSEG data show.
India, the world's second-largest LPG importer, is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is also loading LPG onto its empty vessels stranded in the Gulf.
(Reporting by Nidhi Verma; Editing by Jan Harvey)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, March 28 (Reuters) - Two liquefied petroleum gas tankers, BW Elm and BW Tyr, are crossing the Strait of Hormuz bound for India, according to ship tracking data from LSEG and Kpler.
The U.S.-Israeli war against Iran has all but halted shipping through the strait, but Iran said this week that "non-hostile vessels" may transit the waterway if they coordinate with Iranian authorities.
The two India-flagged vessels have crossed the Gulf area and are in the eastern Strait of Hormuz, the data showed.
India is gradually moving its stranded LPG cargoes out from the strait, with four LPG tankers moved so far - Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
As of Friday, 20 Indian-flagged ships including five LPG carriers were stranded in the Gulf, Rajesh Kumar Sinha, special secretary in the federal shipping ministry, said.
LPG carriers Jag Vikram, Green Asha and Green Sanvi are still in the western Strait of Hormuz, LSEG data show.
India, the world's second-largest LPG importer, is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is also loading LPG onto its empty vessels stranded in the Gulf.
(Reporting by Nidhi Verma; Editing by Jan Harvey)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India cuts excise duties on petrol, diesel as global oil prices surge
Excise duties cut as oil prices stay volatile
Fiscal hit estimated at $739 million per fortnight
Sets windfall tax on export of diesel at 21.5 rupees per litre
Windfall tax on aviation turbine fuel exports 29.5 rupees/litre
Adds details on fiscal impact
By Chris Thomas and Nikunj Ohri
NEW DELHI, March 27 (Reuters) - India has slashed excise duties on petrol and diesel to protect consumers and curb a potential spike in inflation, while imposing windfall taxes on aviation fuel and diesel exports, amid volatile global oil markets due to the Iran war.
Global oil prices have surged past $100 per barrel after the near closure of the Strait of Hormuz, which serves as a conduit for 40% of India's crude oil imports, since the U.S. and Israel first struck Iran on February 28.
In a government order late Thursday, India's finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees. It also cut the duty on diesel to zero from 10 rupees per litre.
The move comes ahead of elections next month in four Indian states and one federal territory, with voters very sensitive to higher prices.
India will lose 70 billion rupees ($739 million) a fortnight from the excise cuts, although it will recover part of this - 15 billion rupees - through separate export taxes on some fuel products, Vivek Chaturvedi, chairman of Central Board of Indirect Taxes and Customs, told a press briefing.
The net hit to government finances will be 55 billion rupees per fortnight.
The yield on 10-year government bonds rose 7 basis points to 6.95%, its highest level in 20 months on concerns that the government may struggle to meet its fiscal deficit target of 4.3% of GDP for the financial year beginning April.
The tax cuts also ease the burden for oil marketing companies. While fuel prices in India are technically deregulated, state-run oil companies, which control 90% of the retail network, do not always raise prices when crude climbs.
As a result, consumers are shielded from volatility, with either the government or the companies absorbing the increases.
"Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies, approximately 24 rupees a litre for petrol and 30 rupees a litre for diesel, at this time of sky high international prices, are reduced," Oil Minister Hardeep Singh Puri said in a post on X.
The government said that at current crude rates, the combined daily under-recoveries being absorbed by oil firms stand at 24 billion rupees.
Shares of oil marketing companies such as Bharat Petroleum Corp BPCL.NS and HPCL HPCL.NS reversed early gains to close slightly higher.
WINDFALL TAX ON EXPORTS
The diesel export tax was set at 21.5 rupees a litre, along with a 29.5 rupees a litre tax on aviation fuel exports, the order said.
Between April 2025 and January 2026, India exported 14 million metric tons of gasoline and 23.6 million tons of gasoil. Most refiners have stopped exporting fuels. Reliance Industries RELI.NS is the country's biggest fuel exporter.
Finance Minister Nirmala Sitharaman said the government will ensure there is no shortage of petrol, diesel and jet fuel.
It will support oil marketing companies so that citizens are spared price hikes and ensure that jet fuel prices do not rise, she told news agency ANI.
India, the world's third-biggest oil importer and consumer, relies heavily on overseas supplies.
In a letter dated Thursday, the petroleum ministry said it will raise the allocation of liquefied petroleum gas to commercial and industrial users by 20%, taking total supply to 70% of pre-crisis levels.
The increase builds on an existing 50% allocation, with priority to sectors such as steel, automobiles, textiles and other essential industries. India had cut gas allocation for non-cooking purposes after the start of the Iran war.
India consumed 33.15 million tons of cooking gas last year, with imports covering about 60% of demand. About 90% of those imports came from the Middle East.
Prime Minister Narendra Modi and his government have stressed adequate arrangements are in place, including for fertiliser supplies for the summer sowing season and coal to meet rising electricity demand.
The government, in a separate statement, assured the public that retail petrol and diesel prices will not change.
($1 = 94.1980 Indian rupees)
(Reporting by Chris Thomas and Nikunj Ohri. Additional reporting by Tanvi Mehta, Aditi Shah and Rajesh Kumar Singh. Editing by YP Rajesh, Arun Koyyur and Mark Potter)
Excise duties cut as oil prices stay volatile
Fiscal hit estimated at $739 million per fortnight
Sets windfall tax on export of diesel at 21.5 rupees per litre
Windfall tax on aviation turbine fuel exports 29.5 rupees/litre
Adds details on fiscal impact
By Chris Thomas and Nikunj Ohri
NEW DELHI, March 27 (Reuters) - India has slashed excise duties on petrol and diesel to protect consumers and curb a potential spike in inflation, while imposing windfall taxes on aviation fuel and diesel exports, amid volatile global oil markets due to the Iran war.
Global oil prices have surged past $100 per barrel after the near closure of the Strait of Hormuz, which serves as a conduit for 40% of India's crude oil imports, since the U.S. and Israel first struck Iran on February 28.
In a government order late Thursday, India's finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees. It also cut the duty on diesel to zero from 10 rupees per litre.
The move comes ahead of elections next month in four Indian states and one federal territory, with voters very sensitive to higher prices.
India will lose 70 billion rupees ($739 million) a fortnight from the excise cuts, although it will recover part of this - 15 billion rupees - through separate export taxes on some fuel products, Vivek Chaturvedi, chairman of Central Board of Indirect Taxes and Customs, told a press briefing.
The net hit to government finances will be 55 billion rupees per fortnight.
The yield on 10-year government bonds rose 7 basis points to 6.95%, its highest level in 20 months on concerns that the government may struggle to meet its fiscal deficit target of 4.3% of GDP for the financial year beginning April.
The tax cuts also ease the burden for oil marketing companies. While fuel prices in India are technically deregulated, state-run oil companies, which control 90% of the retail network, do not always raise prices when crude climbs.
As a result, consumers are shielded from volatility, with either the government or the companies absorbing the increases.
"Government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies, approximately 24 rupees a litre for petrol and 30 rupees a litre for diesel, at this time of sky high international prices, are reduced," Oil Minister Hardeep Singh Puri said in a post on X.
The government said that at current crude rates, the combined daily under-recoveries being absorbed by oil firms stand at 24 billion rupees.
Shares of oil marketing companies such as Bharat Petroleum Corp BPCL.NS and HPCL HPCL.NS reversed early gains to close slightly higher.
WINDFALL TAX ON EXPORTS
The diesel export tax was set at 21.5 rupees a litre, along with a 29.5 rupees a litre tax on aviation fuel exports, the order said.
Between April 2025 and January 2026, India exported 14 million metric tons of gasoline and 23.6 million tons of gasoil. Most refiners have stopped exporting fuels. Reliance Industries RELI.NS is the country's biggest fuel exporter.
Finance Minister Nirmala Sitharaman said the government will ensure there is no shortage of petrol, diesel and jet fuel.
It will support oil marketing companies so that citizens are spared price hikes and ensure that jet fuel prices do not rise, she told news agency ANI.
India, the world's third-biggest oil importer and consumer, relies heavily on overseas supplies.
In a letter dated Thursday, the petroleum ministry said it will raise the allocation of liquefied petroleum gas to commercial and industrial users by 20%, taking total supply to 70% of pre-crisis levels.
The increase builds on an existing 50% allocation, with priority to sectors such as steel, automobiles, textiles and other essential industries. India had cut gas allocation for non-cooking purposes after the start of the Iran war.
India consumed 33.15 million tons of cooking gas last year, with imports covering about 60% of demand. About 90% of those imports came from the Middle East.
Prime Minister Narendra Modi and his government have stressed adequate arrangements are in place, including for fertiliser supplies for the summer sowing season and coal to meet rising electricity demand.
The government, in a separate statement, assured the public that retail petrol and diesel prices will not change.
($1 = 94.1980 Indian rupees)
(Reporting by Chris Thomas and Nikunj Ohri. Additional reporting by Tanvi Mehta, Aditi Shah and Rajesh Kumar Singh. Editing by YP Rajesh, Arun Koyyur and Mark Potter)
Indian private refiner Nayara raises gasoline, gasoil prices
By Nidhi Verma
NEW DELHI, March 26 (Reuters) - Russia-backed Indian private refiner Nayara Energy has raised pump prices of gasoline and gasoil, petrol pump dealers said on Thursday, to mitigate some of its revenue losses from retail sales.
Indian refiners, hit hard by a declining rupee and rising oil prices, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
Nayara, India's top private fuel retailer, has raised the price of gasoline by 5 rupees per litre to 100.71 rupees ($1.07), and gasoil by 3 rupees to 91.31 rupees, the dealers said.
Nayara, which sells gasoline and gasoil through its 6,697 retail outlets, plans to shut its 400,000 barrels per day (bpd) Vadinar refinery from April 10 for a month-long maintenance.
Apart from direct sales to customers, the private refiner also sells fuels to the state refiners after it was sanctioned by the European Union last year for links with Russian entities, including oil major Rosneft.
No immediate comment was available from Nayara.
Indian refiners are facing a revenue loss of more than 50 rupees per litre on gasoil and about 20 rupees on gasoline for selling fuels at below-market rates to cushion customers from a spike in global markets, industry sources said.
Indian state refiners have not raised the retail prices of gasoline and gasoil despite a surge in global oil prices LCOc1 to more than $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israel war on Iran.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS.
($1 = 94.1040 Indian rupees)
(Reporting by Nidhi Verma; Editing by Arun Koyyur)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, March 26 (Reuters) - Russia-backed Indian private refiner Nayara Energy has raised pump prices of gasoline and gasoil, petrol pump dealers said on Thursday, to mitigate some of its revenue losses from retail sales.
Indian refiners, hit hard by a declining rupee and rising oil prices, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
Nayara, India's top private fuel retailer, has raised the price of gasoline by 5 rupees per litre to 100.71 rupees ($1.07), and gasoil by 3 rupees to 91.31 rupees, the dealers said.
Nayara, which sells gasoline and gasoil through its 6,697 retail outlets, plans to shut its 400,000 barrels per day (bpd) Vadinar refinery from April 10 for a month-long maintenance.
Apart from direct sales to customers, the private refiner also sells fuels to the state refiners after it was sanctioned by the European Union last year for links with Russian entities, including oil major Rosneft.
No immediate comment was available from Nayara.
Indian refiners are facing a revenue loss of more than 50 rupees per litre on gasoil and about 20 rupees on gasoline for selling fuels at below-market rates to cushion customers from a spike in global markets, industry sources said.
Indian state refiners have not raised the retail prices of gasoline and gasoil despite a surge in global oil prices LCOc1 to more than $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israel war on Iran.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS.
($1 = 94.1040 Indian rupees)
(Reporting by Nidhi Verma; Editing by Arun Koyyur)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India buys first Iran LPG cargo in years after US eases sanctions, sources say
India buys Iranian LPG cargo after US sanctions eased
LPG shipment diverted from China to India amid shortages
Cargo to be shared among state fuel retailers nationwide
Recasts headline and story, adds bullet points and details
By Nidhi Verma
NEW DELHI, March 25 (Reuters) - India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.
India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.
Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources said and LSEG data showed.
The South Asian nation has been hit hard by the disruption of energy shipments via the Strait of Hormuz caused by the U.S.-Israeli war with Iran.
THREE RETAILERS TO SHARE LPG CARGO
The Iranian LPG cargo will be shared among the three fuel retailers, Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.
The cargo has been purchased from a trader, and payment will be made in rupees, the sources said, adding India is exploring buying more Iranian LPG cargoes.
Still, an official said he was not aware of Iranian cargoes being bought.
"(There are) no loaded cargoes from Iran, we have not heard of that," said Rajesh Kumar Sinha, special secretary in the federal shipping ministry said Wednesday at a press conference.
The three companies and India's oil ministry did not immediately respond to Reuters requests for comments.
MOST OF IMPORTED LPG FROM MIDDLE EAST
The world's second-largest LPG importer is battling its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.
India consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is gradually moving out its stranded LPG cargoes from the Strait of Hormuz, with four LPG tankers moved so far--Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
India is also loading LPG onto its empty vessels stranded in the Persian Gulf.
(Reporting by Nidhi Verma; Editing by Bernadette Baum)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India buys Iranian LPG cargo after US sanctions eased
LPG shipment diverted from China to India amid shortages
Cargo to be shared among state fuel retailers nationwide
Recasts headline and story, adds bullet points and details
By Nidhi Verma
NEW DELHI, March 25 (Reuters) - India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.
India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.
Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources said and LSEG data showed.
The South Asian nation has been hit hard by the disruption of energy shipments via the Strait of Hormuz caused by the U.S.-Israeli war with Iran.
THREE RETAILERS TO SHARE LPG CARGO
The Iranian LPG cargo will be shared among the three fuel retailers, Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.
The cargo has been purchased from a trader, and payment will be made in rupees, the sources said, adding India is exploring buying more Iranian LPG cargoes.
Still, an official said he was not aware of Iranian cargoes being bought.
"(There are) no loaded cargoes from Iran, we have not heard of that," said Rajesh Kumar Sinha, special secretary in the federal shipping ministry said Wednesday at a press conference.
The three companies and India's oil ministry did not immediately respond to Reuters requests for comments.
MOST OF IMPORTED LPG FROM MIDDLE EAST
The world's second-largest LPG importer is battling its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.
India consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.
India is gradually moving out its stranded LPG cargoes from the Strait of Hormuz, with four LPG tankers moved so far--Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.
India is also loading LPG onto its empty vessels stranded in the Persian Gulf.
(Reporting by Nidhi Verma; Editing by Bernadette Baum)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
BPCL appoints Manoj Heda to lead Singapore trade unit, sources say
Corrects name in second paragraph to Manish, not Manoj
By Nidhi Verma
NEW DELHI, March 24 (Reuters) - India's state-run Bharat Petroleum Corp BPCL.NS has appointed its international trade head, Manoj Heda to lead its Singapore-based trading unit, company sources said.
Bharat Petroleum Global Energy Services (Singapore) Pte is expected to start operations in April with a staff of four, they said, adding that Manish Parikh will be the chief financial officer.
Amit Bilolikar and Vaibhav Gandhi will join as crude traders, they also said.
BPCL did not immediately respond to a request for comment. The sources declined to be identified as the appointments have not been publicly announced.
Heda, who joined BPCL in 1999 as a senior manager for finance, has been an executive director for international trade and risk management since May 2023, according to his LinkedIn profile.
BPCL Chairman Sanjay Khanna in January said that the new entity will help identify opportunities to buy crude for BPCL and also expand the company's presence in the trading of liquefied natural gas and refined fuels.
BPCL controls about 706,000 barrels per day of crude capacity across three refineries and is looking to build a new refinery in the southern Indian state of Andhra Pradesh.
(Reporting by Nidhi Verma; Editing by Edwina Gibbs)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Corrects name in second paragraph to Manish, not Manoj
By Nidhi Verma
NEW DELHI, March 24 (Reuters) - India's state-run Bharat Petroleum Corp BPCL.NS has appointed its international trade head, Manoj Heda to lead its Singapore-based trading unit, company sources said.
Bharat Petroleum Global Energy Services (Singapore) Pte is expected to start operations in April with a staff of four, they said, adding that Manish Parikh will be the chief financial officer.
Amit Bilolikar and Vaibhav Gandhi will join as crude traders, they also said.
BPCL did not immediately respond to a request for comment. The sources declined to be identified as the appointments have not been publicly announced.
Heda, who joined BPCL in 1999 as a senior manager for finance, has been an executive director for international trade and risk management since May 2023, according to his LinkedIn profile.
BPCL Chairman Sanjay Khanna in January said that the new entity will help identify opportunities to buy crude for BPCL and also expand the company's presence in the trading of liquefied natural gas and refined fuels.
BPCL controls about 706,000 barrels per day of crude capacity across three refineries and is looking to build a new refinery in the southern Indian state of Andhra Pradesh.
(Reporting by Nidhi Verma; Editing by Edwina Gibbs)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India may review fuel exports to protect domestic supply
India asks oil, gas companies to disclose import, export data
India hit hard by Middle East crisis
Relies heavily on region for imports of oil, LPG and LNG
Recasts with comments from oil ministry
By Nidhi Verma
March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.
"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.
India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.
India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.
India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.
The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.
He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.
"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.
Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.
All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.
India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.
So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.
However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.
India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.
Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.
The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)
India asks oil, gas companies to disclose import, export data
India hit hard by Middle East crisis
Relies heavily on region for imports of oil, LPG and LNG
Recasts with comments from oil ministry
By Nidhi Verma
March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.
"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.
India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.
India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.
India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.
The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.
He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.
"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.
Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.
All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.
India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.
So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.
However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.
India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.
Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.
The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)
India fuel retailers seek advance payments from dealers as global price surges
By Nidhi Verma
NEW DELHI, March 17 (Reuters) - Indian state-owned fuel retailers are seeking advance payments for gasoline and gasoil supplied to fuel pumps nationwide, dealers said, as the companies are suffering significant revenue losses from retail sales.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp JPCL.NS.
Indian refiners, hit hard by a declining rupee, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
India has not raised the retail prices of gasoline and gasoil to shield consumers despite a surge in global oil prices LCOc1 to over $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israeli war on Iran.
The three fuel retailers did not respond to Reuters email seeking comments.
The state refiners were previously giving a five-day credit to the dealers for the sale of gasoline and gasoil, dealers said.
"Dealers are very upset because we also run our business on credit, and some dealers sell fuel to the clients, such as government departments and transporters, on a credit basis," said Ajay Bansal, President of All India Petroleum Dealers Association, which represents about 92,000 fuel stations in the country.
(Reporting by Nidhi Verma; Editing by Michael Perry)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, March 17 (Reuters) - Indian state-owned fuel retailers are seeking advance payments for gasoline and gasoil supplied to fuel pumps nationwide, dealers said, as the companies are suffering significant revenue losses from retail sales.
About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp JPCL.NS.
Indian refiners, hit hard by a declining rupee, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.
India has not raised the retail prices of gasoline and gasoil to shield consumers despite a surge in global oil prices LCOc1 to over $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israeli war on Iran.
The three fuel retailers did not respond to Reuters email seeking comments.
The state refiners were previously giving a five-day credit to the dealers for the sale of gasoline and gasoil, dealers said.
"Dealers are very upset because we also run our business on credit, and some dealers sell fuel to the clients, such as government departments and transporters, on a credit basis," said Ajay Bansal, President of All India Petroleum Dealers Association, which represents about 92,000 fuel stations in the country.
(Reporting by Nidhi Verma; Editing by Michael Perry)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India's LPG consumption declines due to shortages in wake of Iran war
Add details on jet fuels
By Nidhi Verma
NEW DELHI, March 16 (Reuters) - Indian state fuel retailers' sale of liquefied petroleum gas (LPG) slowed in the first half of March, preliminary data showed, as the country reels from its worst LPG crisis in decades due to shipping disruption in the Strait of Hormuz.
India buys about 90% of its imports of LPG - mainly used for cooking - from the Middle East and its supplies have been disrupted after traffic through the strait ground to a near standstill in the wake of the U.S.-Israeli war on Iran.
State fuel retailers Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS sell cooking gas in India.
The three companies sold about 1.15 million metric tons of LPG in the first half of March, a decline of 17.3% from a year earlier and 26.3% from the same period in the previous month, the data showed.
India has 22 tankers, including six LPG ships, four crude carriers and one liquefied natural gas vessel, stranded in the Strait of Hormuz, said Rajesh Kumar Sinha, special secretary in the federal shipping ministry.
The federal government has cut supplies of LPG for industries to shield households from any shortage of cooking gas.
Sales of jet fuel by the three retailers totalled 327,900 tons in the first half of this month, a decline of about 12.3% from the previous month and a 4% fall from the same period a year ago, the data showed.
Since the United States and Israel launched air strikes on Iran , Tehran has largely halted traffic through the strait, which runs past its coast and normally supplies around 20% of global oil and seaborne LNG.
Iran has said it will not permit any supplies for the United States or its allies to leave the strait, but India has sought exemptions.
(Reporting by Nidhi Verma;
Editing by Bernadette Baum and Emelia Sithole-Matarise)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Add details on jet fuels
By Nidhi Verma
NEW DELHI, March 16 (Reuters) - Indian state fuel retailers' sale of liquefied petroleum gas (LPG) slowed in the first half of March, preliminary data showed, as the country reels from its worst LPG crisis in decades due to shipping disruption in the Strait of Hormuz.
India buys about 90% of its imports of LPG - mainly used for cooking - from the Middle East and its supplies have been disrupted after traffic through the strait ground to a near standstill in the wake of the U.S.-Israeli war on Iran.
State fuel retailers Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS sell cooking gas in India.
The three companies sold about 1.15 million metric tons of LPG in the first half of March, a decline of 17.3% from a year earlier and 26.3% from the same period in the previous month, the data showed.
India has 22 tankers, including six LPG ships, four crude carriers and one liquefied natural gas vessel, stranded in the Strait of Hormuz, said Rajesh Kumar Sinha, special secretary in the federal shipping ministry.
The federal government has cut supplies of LPG for industries to shield households from any shortage of cooking gas.
Sales of jet fuel by the three retailers totalled 327,900 tons in the first half of this month, a decline of about 12.3% from the previous month and a 4% fall from the same period a year ago, the data showed.
Since the United States and Israel launched air strikes on Iran , Tehran has largely halted traffic through the strait, which runs past its coast and normally supplies around 20% of global oil and seaborne LNG.
Iran has said it will not permit any supplies for the United States or its allies to leave the strait, but India has sought exemptions.
(Reporting by Nidhi Verma;
Editing by Bernadette Baum and Emelia Sithole-Matarise)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
BREAKINGVIEWS-Iran war pushes Indian rupee towards perfect storm
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 11 (Reuters Breakingviews) - India's hunger for energy imports remains its Achilles heel. Pair that with a war roiling the petro-states of the Gulf, home to some 10 million Indian expatriates who account for 38% of the country's inward remittances, and it's easy to see why the U.S.-Israel war against Iran has put the world's fifth-largest economy on edge.
Opposition politicians jeered Subrahmanyam Jaishankar, India's foreign minister, on Monday during his speech in parliament on the conflict after crude shot up to $119 a barrel and the Indian rupee hit a fresh low of 92.35 against the U.S. dollar. It was already the worst-performing major Asian currency in 2025.
There will be limited relief from Washington's green light for Indian companies including Reliance Industries RELI.NS to buy otherwise-sanctioned Russian oil. Juicy discounts on that supply narrowed long ago, and now there will be more competition from other buyers.
And in a situation of very limited supply, India's stockpile can only meet its needs for 25 days, per a Reuters report citing refining sources. India's demand for liquefied natural gas is a problem too. It imports 80% of its needs from the Middle East. New Delhi on Tuesday curbed supply to industries, a day after extending waiting periods for cooking gas.
India has multiple levers it can pull to shield consumers from any price shock. New Delhi can ask state-backed fuel retailers like Bharat Petroleum BPCL.NS and Indian Oil IOC.NS to absorb the increased cost. At a pinch, the government could cut excise duties, albeit at the cost of a wider budget gap. Inflation in India is also low: retail prices grew 2.75% year-on-year in January.
Protecting the rupee, however, is harder. Bigger fiscal deficits in national accounts will hurt. India's central bank intervened on Monday to stem the currency's slide. Though the price of oil receded to $92 per barrel after U.S. President Donald Trump claimed the war would be over "very soon", it remains volatile. If it held at $100 per barrel for three months, India’s current account deficit could rise to 2% of GDP from the baseline assumption of 1.6%, according to Gaura Sengupta, an economist at IDFC First Bank. That would be close to the 2.3% level clocked in 2008-09, soon after the global financial crisis.
India's currency is already suffering from weak net foreign direct investment and capital outflows, in part because of worries about the threat new artificial intelligence tools pose to India's services exports. A prolonged war in the Middle East will really grease the rupee's problems.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
India does not expect inflation to rise substantially from a jump in global crude oil prices triggered by the war in the Middle East, as domestic price levels remain near the lower end of the central bank's tolerance band, Finance Minister Nirmala Sitharaman said on March 9.
The Indian rupee fell to an all-time low of 92.3475 against the U.S. dollar on the same day, as surging crude prices sparked concerns over growth and inflation in the world's fifth-largest economy.
India has a high current account deficit relative to its GDP https://www.reuters.com/graphics/BRV-BRV/dwpkydxlkpm/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 11 (Reuters Breakingviews) - India's hunger for energy imports remains its Achilles heel. Pair that with a war roiling the petro-states of the Gulf, home to some 10 million Indian expatriates who account for 38% of the country's inward remittances, and it's easy to see why the U.S.-Israel war against Iran has put the world's fifth-largest economy on edge.
Opposition politicians jeered Subrahmanyam Jaishankar, India's foreign minister, on Monday during his speech in parliament on the conflict after crude shot up to $119 a barrel and the Indian rupee hit a fresh low of 92.35 against the U.S. dollar. It was already the worst-performing major Asian currency in 2025.
There will be limited relief from Washington's green light for Indian companies including Reliance Industries RELI.NS to buy otherwise-sanctioned Russian oil. Juicy discounts on that supply narrowed long ago, and now there will be more competition from other buyers.
And in a situation of very limited supply, India's stockpile can only meet its needs for 25 days, per a Reuters report citing refining sources. India's demand for liquefied natural gas is a problem too. It imports 80% of its needs from the Middle East. New Delhi on Tuesday curbed supply to industries, a day after extending waiting periods for cooking gas.
India has multiple levers it can pull to shield consumers from any price shock. New Delhi can ask state-backed fuel retailers like Bharat Petroleum BPCL.NS and Indian Oil IOC.NS to absorb the increased cost. At a pinch, the government could cut excise duties, albeit at the cost of a wider budget gap. Inflation in India is also low: retail prices grew 2.75% year-on-year in January.
Protecting the rupee, however, is harder. Bigger fiscal deficits in national accounts will hurt. India's central bank intervened on Monday to stem the currency's slide. Though the price of oil receded to $92 per barrel after U.S. President Donald Trump claimed the war would be over "very soon", it remains volatile. If it held at $100 per barrel for three months, India’s current account deficit could rise to 2% of GDP from the baseline assumption of 1.6%, according to Gaura Sengupta, an economist at IDFC First Bank. That would be close to the 2.3% level clocked in 2008-09, soon after the global financial crisis.
India's currency is already suffering from weak net foreign direct investment and capital outflows, in part because of worries about the threat new artificial intelligence tools pose to India's services exports. A prolonged war in the Middle East will really grease the rupee's problems.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
India does not expect inflation to rise substantially from a jump in global crude oil prices triggered by the war in the Middle East, as domestic price levels remain near the lower end of the central bank's tolerance band, Finance Minister Nirmala Sitharaman said on March 9.
The Indian rupee fell to an all-time low of 92.3475 against the U.S. dollar on the same day, as surging crude prices sparked concerns over growth and inflation in the world's fifth-largest economy.
India has a high current account deficit relative to its GDP https://www.reuters.com/graphics/BRV-BRV/dwpkydxlkpm/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))
India to boost coal use for summer power as Mideast crisis hits LNG supplies
By Sethuraman N R
NEW DELHI, March 10 (Reuters) - India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said.
New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including costly gas-fired generation, to meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices.
But so far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days.
A second official said the power ministry is looking to bring coal plants out of planned outages and advising generators to avoid shutdowns during the peak summer months.
Top utility NTPC NTPC.NS has already told India's grid regulator it will not be able to supply gas-fired power during the April–June summer months, two company sources said.
NTPC and the federal power ministry did not respond to Reuters emails seeking comment.
EMERGENCY PROVISIONS
India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants.
India's Petronet LNG Ltd PLNG.NS, the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS after supplies from Qatar and Abu Dhabi National Oil Company were halted.
The country has about 20 gigawatts (GW) of gas-based generation capacity, which typically operates at 6-10% utilisation due to costly LNG, but rises to about 30% during the summer months.
Even if peak demand reaches 250–260 GW this summer, India is unlikely to face material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings.
India relies on coal power for nearly 75% of its power generation.
"India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.
(Reporting by Sethuraman NR; Editing by Saad Sayeed)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))
By Sethuraman N R
NEW DELHI, March 10 (Reuters) - India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said.
New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including costly gas-fired generation, to meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices.
But so far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days.
A second official said the power ministry is looking to bring coal plants out of planned outages and advising generators to avoid shutdowns during the peak summer months.
Top utility NTPC NTPC.NS has already told India's grid regulator it will not be able to supply gas-fired power during the April–June summer months, two company sources said.
NTPC and the federal power ministry did not respond to Reuters emails seeking comment.
EMERGENCY PROVISIONS
India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants.
India's Petronet LNG Ltd PLNG.NS, the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS after supplies from Qatar and Abu Dhabi National Oil Company were halted.
The country has about 20 gigawatts (GW) of gas-based generation capacity, which typically operates at 6-10% utilisation due to costly LNG, but rises to about 30% during the summer months.
Even if peak demand reaches 250–260 GW this summer, India is unlikely to face material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings.
India relies on coal power for nearly 75% of its power generation.
"India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.
(Reporting by Sethuraman NR; Editing by Saad Sayeed)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))
Indian refiners fall as Brent spikes to near 4‑year high on Iran conflict
Brent crude hits highest since July 2022, impacting Indian refiners
UBS downgrades Indian oil companies due to negative leverage to crude spike
Shares of Indian OMCs fall 4.6%-5.4%
India imports more than 80% of crude oil needs
Adds details throughout
March 9 (Reuters) - Indian refiners slumped on Monday as a widening U.S.-Israeli war with Iran pushed Brent crude to a nearly four-year high, threatening their near-term earnings and raising the risk of further government intervention.
State-run Indian Oil IOC.NS dipped 4.6%, Hindustan Petroleum HPCL.NS slid 4.9% and Bharat Petroleum BPCL.NS dropped 5.4%, with BPCL heading for its steepest fall since June 2024.
The rout dragged the Nifty oil and gas index .NIFOILGAS down 2.7% and the energy index .NIFTYENR 2.1% lower, while the benchmark Nifty 50 .NSEI slid 2.8%. The oil and gas index has fallen 6.6% since the U.S.-Israeli strike on Iran last week.
India's top refiner Reliance Industries RELI.NS was down 0.4% after slipping 2.5% earlier.
UBS said Indian oil marketing companies are exposed to the crude spike because their fuel sales far exceed their production - roughly double for IOC and BPCL, and even more for HPCL.
The brokerage downgraded IOC and BPCL to "neutral" and HPCL to "sell" from "buy".
It also reduced fiscal 2027 profit estimates by 19% for IOC, 15% for BPCL and 46% for HPCL.
RISKS OF PROLONGED CONFLICT
Oil prices surged about 26% to $119.5 per barrel - the highest since July 2022 - as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market.
Iraq and Kuwait have begun reducing oil output, adding to earlier liquefied natural gas (LNG) cuts from Qatar as the war disrupted shipments out of the Middle East.
Citi on Monday warned refiners' earnings will hinge on how long the geopolitical shock persists, flagging risks from any potential closure of the Strait of Hormuz and shutdowns in Qatar's LNG output - each supplying roughly half of India's crude and LNG needs.
India, the world's second-biggest importer of LPG, consumed 33.15 million metric tons of the cooking gas last year, with imports meeting about two-thirds of demand. Middle Eastern suppliers account for 85%-90% of India's LPG inflows.
New Delhi on Friday invoked emergency powers directing refiners to maximise liquefied petroleum gas production to prevent a cooking-gas shortage following supply disruptions.
Prolonged turmoil could force additional government intervention, including export curbs, duties on refined products or direct budgetary support, Citi added.
Meanwhile, Indian companies raised LPG prices for the first time in about a year on Friday, tracking global benchmarks as the war crimps flows from the Middle East.
India imports more than 80% of its crude oil needs and is the world's third largest oil importer.
Middle East conflict: Sector-wise impact on Indian companies https://reut.rs/4aWQyaa
(Reporting by Kashish Tandon and Yagnoseni Das in Bengaluru; Editing by Sumana Nandy)
((Kashish.tandon@thomsonreuters.com; 8800437922; Yagnoseni.Das@thomsonreuters.com;))
Brent crude hits highest since July 2022, impacting Indian refiners
UBS downgrades Indian oil companies due to negative leverage to crude spike
Shares of Indian OMCs fall 4.6%-5.4%
India imports more than 80% of crude oil needs
Adds details throughout
March 9 (Reuters) - Indian refiners slumped on Monday as a widening U.S.-Israeli war with Iran pushed Brent crude to a nearly four-year high, threatening their near-term earnings and raising the risk of further government intervention.
State-run Indian Oil IOC.NS dipped 4.6%, Hindustan Petroleum HPCL.NS slid 4.9% and Bharat Petroleum BPCL.NS dropped 5.4%, with BPCL heading for its steepest fall since June 2024.
The rout dragged the Nifty oil and gas index .NIFOILGAS down 2.7% and the energy index .NIFTYENR 2.1% lower, while the benchmark Nifty 50 .NSEI slid 2.8%. The oil and gas index has fallen 6.6% since the U.S.-Israeli strike on Iran last week.
India's top refiner Reliance Industries RELI.NS was down 0.4% after slipping 2.5% earlier.
UBS said Indian oil marketing companies are exposed to the crude spike because their fuel sales far exceed their production - roughly double for IOC and BPCL, and even more for HPCL.
The brokerage downgraded IOC and BPCL to "neutral" and HPCL to "sell" from "buy".
It also reduced fiscal 2027 profit estimates by 19% for IOC, 15% for BPCL and 46% for HPCL.
RISKS OF PROLONGED CONFLICT
Oil prices surged about 26% to $119.5 per barrel - the highest since July 2022 - as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market.
Iraq and Kuwait have begun reducing oil output, adding to earlier liquefied natural gas (LNG) cuts from Qatar as the war disrupted shipments out of the Middle East.
Citi on Monday warned refiners' earnings will hinge on how long the geopolitical shock persists, flagging risks from any potential closure of the Strait of Hormuz and shutdowns in Qatar's LNG output - each supplying roughly half of India's crude and LNG needs.
India, the world's second-biggest importer of LPG, consumed 33.15 million metric tons of the cooking gas last year, with imports meeting about two-thirds of demand. Middle Eastern suppliers account for 85%-90% of India's LPG inflows.
New Delhi on Friday invoked emergency powers directing refiners to maximise liquefied petroleum gas production to prevent a cooking-gas shortage following supply disruptions.
Prolonged turmoil could force additional government intervention, including export curbs, duties on refined products or direct budgetary support, Citi added.
Meanwhile, Indian companies raised LPG prices for the first time in about a year on Friday, tracking global benchmarks as the war crimps flows from the Middle East.
India imports more than 80% of its crude oil needs and is the world's third largest oil importer.
Middle East conflict: Sector-wise impact on Indian companies https://reut.rs/4aWQyaa
(Reporting by Kashish Tandon and Yagnoseni Das in Bengaluru; Editing by Sumana Nandy)
((Kashish.tandon@thomsonreuters.com; 8800437922; Yagnoseni.Das@thomsonreuters.com;))
India asks refiners to maximise LPG output
Repeats to widen distribution
By Nidhi Verma
NEW DELHI, March 6 (Reuters) - India has asked all its refiners to maximise production of liquefied petroleum gas and make the fuel available only to three state-run companies - Indian Oil, HPCL and BPCL, a government order showed.
Thursday's order also asked refiners not to use propane and butane for petrochemical production and ordered the public sector companies to sell LPG to domestic customers only.
Liquefied Petroleum Gas is a combination of propane and butane.
(Reporting by Nidhi Verma; Editing by Clarence Fernandez)
((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))
Repeats to widen distribution
By Nidhi Verma
NEW DELHI, March 6 (Reuters) - India has asked all its refiners to maximise production of liquefied petroleum gas and make the fuel available only to three state-run companies - Indian Oil, HPCL and BPCL, a government order showed.
Thursday's order also asked refiners not to use propane and butane for petrochemical production and ordered the public sector companies to sell LPG to domestic customers only.
Liquefied Petroleum Gas is a combination of propane and butane.
(Reporting by Nidhi Verma; Editing by Clarence Fernandez)
((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))
India's GAIL weighs supply cuts to gas customers after Petronet LNG force majeure
NEW DELHI, March 5 (Reuters) - India's GAIL (India) GAIL.NS said on Thursday it will assess curbing supplies to natural gas customers after a force majeure notice from long-term supplier Petronet LNG PLNG.NS over constraints on vessels as conflict escalates in the Middle East.
The U.S. and Israel's war on Iran has disrupted fuel shipments from the Gulf, affecting India's imports of liquefied natural gas from key supplier Qatar.
Fallout from the U.S.-Israeli attacks on Iran and a widening war has brought the transit of oil and LNG through the Strait of Hormuz to a near halt after some vessels in the area were hit.
The allocation of LNG from Petronet to GAIL has been reduced to zero with effect from March 4, GAIL said, adding that the potential impact from the force majeure could not be quantified.
LNG supplies to GAIL from other sources and suppliers are currently unaffected, the gas marketing company said in a statement to stock exchanges.
Petronet LNG, India's top gas importer, on Wednesday issued a force majeure notice to its supplier, QatarEnergy, and to local buyers like GAIL and Indian Oil Corp IOC.NS, after its LNG tankers were unable to reach the LNG loading terminal at Ras Laffan, it said in an exchange filing.
GAIL and IOC have already reduced gas supplies to industrial customers, Reuters reported on Tuesday.
India imported 27 million metric tons of LNG in 2024/25, about half of its overall gas consumption, according to government data. The bulk of the LNG comes from Qatar.
(Reporting by Sethuraman NR; Editing by Tom Hogue)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
NEW DELHI, March 5 (Reuters) - India's GAIL (India) GAIL.NS said on Thursday it will assess curbing supplies to natural gas customers after a force majeure notice from long-term supplier Petronet LNG PLNG.NS over constraints on vessels as conflict escalates in the Middle East.
The U.S. and Israel's war on Iran has disrupted fuel shipments from the Gulf, affecting India's imports of liquefied natural gas from key supplier Qatar.
Fallout from the U.S.-Israeli attacks on Iran and a widening war has brought the transit of oil and LNG through the Strait of Hormuz to a near halt after some vessels in the area were hit.
The allocation of LNG from Petronet to GAIL has been reduced to zero with effect from March 4, GAIL said, adding that the potential impact from the force majeure could not be quantified.
LNG supplies to GAIL from other sources and suppliers are currently unaffected, the gas marketing company said in a statement to stock exchanges.
Petronet LNG, India's top gas importer, on Wednesday issued a force majeure notice to its supplier, QatarEnergy, and to local buyers like GAIL and Indian Oil Corp IOC.NS, after its LNG tankers were unable to reach the LNG loading terminal at Ras Laffan, it said in an exchange filing.
GAIL and IOC have already reduced gas supplies to industrial customers, Reuters reported on Tuesday.
India imported 27 million metric tons of LNG in 2024/25, about half of its overall gas consumption, according to government data. The bulk of the LNG comes from Qatar.
(Reporting by Sethuraman NR; Editing by Tom Hogue)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
Indian gas firms restrict local supplies due to Middle East crisis
Recasts, adds details from sources
Middle East conflict disrupts India's LNG supply from Qatar
Force majeure declared by Indian gas firms, affecting fertiliser production
No gas supply cuts announced for households or automobile sector
By Nidhi Verma
NEW DELHI, March 4 (Reuters) - Several Indian companies have restricted the domestic supply of natural gas, including to the important fertiliser sector, under a force majeure clause due to an escalating conflict in the Middle East, gas importers and sources said on Wednesday.
The U.S and Israel's air war on Iran has disrupted fuel shipments in the region, affecting India's key supplier of liquefied natural gas, Qatar.
Sources familiar with the matter said lower gas supplies had already marginally hit production of some fertiliser companies including the Indian Farmers Fertiliser Cooperative Ltd and Kribhco Fertilizers Ltd.
The two companies did not respond to Reuters' request for comment outside normal working hours.
Gujarat Gas Ltd, which supplies gas for domestic and industrial clients, said in a stock exchange filing that it had declared a force majeure to restrict gas supplies to industries from Thursday. Its parent company, GSPC, gets most of the gas from Qatar and Abu Dhabi National Oil Co for sale to local customers.
India's top gas importer Petronet LNG Ltd PLNG.NS issued a force majeure notice to its supplier, QatarEnergy, and to local buyers GAIL (India) Ltd GAIL.NS, Indian Oil Corp IOC.NS, and Bharat Petroleum Corp BPCL.NS, after its three LNG tankers were unable to reach the Ras Laffan loading port, it said in an exchange filing.
GAIL and IOC have already reduced gas supplies to industries, Reuters reported on Tuesday.
QatarEnergy has also issued a notice to Petronet "indicating a potential event of force majeure" due to the hostilities in the region, the Indian company said.
So far the companies have not announced any cuts in gas supplies for households or the automobile sector.
India imported 27 million tonnes of LNG in 2024/25, about half of its overall gas consumption, according to the government data. The bulk of the LNG is imported from Qatar.
As a result of the attacks on Iran and Tehran's retaliatory strikes, transit through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally, as well as large quantities of liquefied natural gas, has ground to a near-halt after some vessels in the area were hit.
(Reporting by Nidhi Verma; Editing by Nivedita Bhattacharjee and Andrei Khalip)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Recasts, adds details from sources
Middle East conflict disrupts India's LNG supply from Qatar
Force majeure declared by Indian gas firms, affecting fertiliser production
No gas supply cuts announced for households or automobile sector
By Nidhi Verma
NEW DELHI, March 4 (Reuters) - Several Indian companies have restricted the domestic supply of natural gas, including to the important fertiliser sector, under a force majeure clause due to an escalating conflict in the Middle East, gas importers and sources said on Wednesday.
The U.S and Israel's air war on Iran has disrupted fuel shipments in the region, affecting India's key supplier of liquefied natural gas, Qatar.
Sources familiar with the matter said lower gas supplies had already marginally hit production of some fertiliser companies including the Indian Farmers Fertiliser Cooperative Ltd and Kribhco Fertilizers Ltd.
The two companies did not respond to Reuters' request for comment outside normal working hours.
Gujarat Gas Ltd, which supplies gas for domestic and industrial clients, said in a stock exchange filing that it had declared a force majeure to restrict gas supplies to industries from Thursday. Its parent company, GSPC, gets most of the gas from Qatar and Abu Dhabi National Oil Co for sale to local customers.
India's top gas importer Petronet LNG Ltd PLNG.NS issued a force majeure notice to its supplier, QatarEnergy, and to local buyers GAIL (India) Ltd GAIL.NS, Indian Oil Corp IOC.NS, and Bharat Petroleum Corp BPCL.NS, after its three LNG tankers were unable to reach the Ras Laffan loading port, it said in an exchange filing.
GAIL and IOC have already reduced gas supplies to industries, Reuters reported on Tuesday.
QatarEnergy has also issued a notice to Petronet "indicating a potential event of force majeure" due to the hostilities in the region, the Indian company said.
So far the companies have not announced any cuts in gas supplies for households or the automobile sector.
India imported 27 million tonnes of LNG in 2024/25, about half of its overall gas consumption, according to the government data. The bulk of the LNG is imported from Qatar.
As a result of the attacks on Iran and Tehran's retaliatory strikes, transit through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally, as well as large quantities of liquefied natural gas, has ground to a near-halt after some vessels in the area were hit.
(Reporting by Nidhi Verma; Editing by Nivedita Bhattacharjee and Andrei Khalip)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India's BPCL, Indian Oil drop as oil prices spike
** Indian oil marketing companies' (OMC) shares drop as oil prices surged more than 8% on Monday after Iran and Israel stepped up attacks
** BPCL BPCL.NS down nearly 3.5%, Hindustan Petroleum Corp HPCL.NS drops about 2.6%, Indian Oil Corp IOC.NS loses 4%
** Higher oil prices weigh on the margins of OMCs
** Analysts expect oil prices to remain elevated over the coming days
** Upstream oil companies ONGC ONGC.NS up 1.3%, Oil India OILI.NS rises 1.78%
(Reporting by Komal Salecha in Bengaluru)
** Indian oil marketing companies' (OMC) shares drop as oil prices surged more than 8% on Monday after Iran and Israel stepped up attacks
** BPCL BPCL.NS down nearly 3.5%, Hindustan Petroleum Corp HPCL.NS drops about 2.6%, Indian Oil Corp IOC.NS loses 4%
** Higher oil prices weigh on the margins of OMCs
** Analysts expect oil prices to remain elevated over the coming days
** Upstream oil companies ONGC ONGC.NS up 1.3%, Oil India OILI.NS rises 1.78%
(Reporting by Komal Salecha in Bengaluru)
BPCL Incorporates Subsidiary In Singapore For Energy Trading
Feb 26 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INCORPORATES SUBSIDIARY IN SINGAPORE FOR ENERGY TRADING
Source text: ID:nNSET4m4x
Further company coverage: BPCL.NS
Feb 26 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INCORPORATES SUBSIDIARY IN SINGAPORE FOR ENERGY TRADING
Source text: ID:nNSET4m4x
Further company coverage: BPCL.NS
Venezuela readies larger oil cargoes for export, targets India
Adds context in paragraph 2, details on Chevron's sale to Reliance in paragraph 8, details throughout
Chevron sells Venezuela oil to Reliance for the first time since 2023
Supertankers to speed up Venezuelan oil exports
Larger cargoes could reduce transportation costs
VLCC charters come amid tightened availability of medium-sized vessels
By Marianna Parraga, Shariq Khan and Arathy Somasekhar
Feb 24 (Reuters) - Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.
The use of larger vessels, which can carry up to 2 million barrels of oil each, is expected to cut transportation costs for traders and buyers, alleviate a shortage of smaller tankers and accelerate the pace of deliveries starting next month, which could drain the millions of barrels stored in Venezuela more rapidly.
At least three VLCCs chartered by Vitol and Trafigura, the Nissos Kea, Nissos Kythnos and Arzanah, have been assigned March loading windows at Venezuela's main oil terminal, Jose, which is operated by state energy firm PDVSA and handles up to 70% of total crude exports. The tankers are bound for India, the sources said.
Another supertanker, Olympic Lion, was signaling Venezuela as its destination this week with the expected arrival in late March, according to LSEG ship tracking. The charterer was not immediately known.
Most of Venezuela's crude exports had moved since January in Panamaxes and Aframaxes, medium-sized tankers that can carry between 450,000 and 700,000 barrels of heavy oil each, to U.S. refineries. The oil has also moved on Suezmax vessels, which can carry up to 1 million barrels, to terminals in the Caribbean, where traders have been storing oil and shipping it to U.S. and European ports, according to vessel movement data.
BIGGER CARGOES, LOWER COSTS?
The larger cargoes could reduce costs for trading houses, which have complained that prices around $15 per barrel below Brent for Venezuela's Merey heavy crude agreed last month for initial purchases have become too expensive, amid the market's backwardation, in which shipments for later delivery are cheaper than near-term supplies.
U.S. oil major Chevron CVX.N sold its first cargo of Venezuelan crude to India's Reliance Industries RELI.NS since December 2023, according to shipping data and two sources. The Boscan crude cargo, expected to be shipped on the Ottoman Sincerity vessel, marks the first sale of the heavy oil in about six years.
Reliance also bought a 2-million-barrel cargo from Vitol for March loading, and is seeking direct purchases from PDVSA, separate sources said.
Chevron did not immediately comment on the cargoes, but said in its annual report on Tuesday it would continue delivering Venezuelan crude to the international market, which it had not previously disclosed, and to the U.S. Reliance did not respond outside office hours.
Trading houses Vitol and Trafigura have been exporting Venezuelan crude this year as part of a $2 billion deal between the U.S. and Venezuela, and have recently sold Venezuelan heavy crude cargoes to Indian refiners, including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and HPCL Mittal Energy (HMEL) as the Asian country tries to reduce Russian oil imports.
India was the third-largest buyer of Venezuelan crude before Washington imposed sanctions in 2019. The country's oil exports bounced to some 800,000 barrels per day in January as a U.S. oil blockade ended, but the rapid increase from some 500,000 bpd exported in December has left millions of barrels originally intended for U.S. and European buyers unsold in storage.
PDVSA and Vitol did not reply to requests for comment. Trafigura declined to comment.
MORE CARGOES TO THE U.S.
Chevron and U.S. refiners, including Valero Energy VLO.N, Phillips 66 PSX.N and Citgo Petroleum are preparing to boost Venezuelan oil processing at their refineries, which is also expected to raise exports.
Chevron and some U.S. refiners have hired dozens of Aframaxes and Panamaxes, mostly under time-charter contracts for Venezuela, two of the sources said, which means they will exclusively transport Venezuelan oil in the contract period.
Valero, Phillips 66 and Citgo did not respond to requests for comment.
The trading houses' move to larger tankers should ease the search for medium-sized vessels to depart from the Caribbean, which many companies have struggled with, two sources said.
Trafigura, Vitol and Chevron have been exporting the OPEC country's oil under individual U.S. licenses, but in late January, the U.S. Treasury Department issued a general license broadly allowing oil exports.
The new authorization is expected to progressively expand the pool of buyers and the cargoes' destinations.
(Reporting by Marianna Parraga, Shariq Khan, Arathy Somasekhar, Georgina McCartney and Nicole Jao. Editing by Julia Symmes Cobb, Rod Nickel)
((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters Messaging: @mariannaparraga))
Adds context in paragraph 2, details on Chevron's sale to Reliance in paragraph 8, details throughout
Chevron sells Venezuela oil to Reliance for the first time since 2023
Supertankers to speed up Venezuelan oil exports
Larger cargoes could reduce transportation costs
VLCC charters come amid tightened availability of medium-sized vessels
By Marianna Parraga, Shariq Khan and Arathy Somasekhar
Feb 24 (Reuters) - Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.
The use of larger vessels, which can carry up to 2 million barrels of oil each, is expected to cut transportation costs for traders and buyers, alleviate a shortage of smaller tankers and accelerate the pace of deliveries starting next month, which could drain the millions of barrels stored in Venezuela more rapidly.
At least three VLCCs chartered by Vitol and Trafigura, the Nissos Kea, Nissos Kythnos and Arzanah, have been assigned March loading windows at Venezuela's main oil terminal, Jose, which is operated by state energy firm PDVSA and handles up to 70% of total crude exports. The tankers are bound for India, the sources said.
Another supertanker, Olympic Lion, was signaling Venezuela as its destination this week with the expected arrival in late March, according to LSEG ship tracking. The charterer was not immediately known.
Most of Venezuela's crude exports had moved since January in Panamaxes and Aframaxes, medium-sized tankers that can carry between 450,000 and 700,000 barrels of heavy oil each, to U.S. refineries. The oil has also moved on Suezmax vessels, which can carry up to 1 million barrels, to terminals in the Caribbean, where traders have been storing oil and shipping it to U.S. and European ports, according to vessel movement data.
BIGGER CARGOES, LOWER COSTS?
The larger cargoes could reduce costs for trading houses, which have complained that prices around $15 per barrel below Brent for Venezuela's Merey heavy crude agreed last month for initial purchases have become too expensive, amid the market's backwardation, in which shipments for later delivery are cheaper than near-term supplies.
U.S. oil major Chevron CVX.N sold its first cargo of Venezuelan crude to India's Reliance Industries RELI.NS since December 2023, according to shipping data and two sources. The Boscan crude cargo, expected to be shipped on the Ottoman Sincerity vessel, marks the first sale of the heavy oil in about six years.
Reliance also bought a 2-million-barrel cargo from Vitol for March loading, and is seeking direct purchases from PDVSA, separate sources said.
Chevron did not immediately comment on the cargoes, but said in its annual report on Tuesday it would continue delivering Venezuelan crude to the international market, which it had not previously disclosed, and to the U.S. Reliance did not respond outside office hours.
Trading houses Vitol and Trafigura have been exporting Venezuelan crude this year as part of a $2 billion deal between the U.S. and Venezuela, and have recently sold Venezuelan heavy crude cargoes to Indian refiners, including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and HPCL Mittal Energy (HMEL) as the Asian country tries to reduce Russian oil imports.
India was the third-largest buyer of Venezuelan crude before Washington imposed sanctions in 2019. The country's oil exports bounced to some 800,000 barrels per day in January as a U.S. oil blockade ended, but the rapid increase from some 500,000 bpd exported in December has left millions of barrels originally intended for U.S. and European buyers unsold in storage.
PDVSA and Vitol did not reply to requests for comment. Trafigura declined to comment.
MORE CARGOES TO THE U.S.
Chevron and U.S. refiners, including Valero Energy VLO.N, Phillips 66 PSX.N and Citgo Petroleum are preparing to boost Venezuelan oil processing at their refineries, which is also expected to raise exports.
Chevron and some U.S. refiners have hired dozens of Aframaxes and Panamaxes, mostly under time-charter contracts for Venezuela, two of the sources said, which means they will exclusively transport Venezuelan oil in the contract period.
Valero, Phillips 66 and Citgo did not respond to requests for comment.
The trading houses' move to larger tankers should ease the search for medium-sized vessels to depart from the Caribbean, which many companies have struggled with, two sources said.
Trafigura, Vitol and Chevron have been exporting the OPEC country's oil under individual U.S. licenses, but in late January, the U.S. Treasury Department issued a general license broadly allowing oil exports.
The new authorization is expected to progressively expand the pool of buyers and the cargoes' destinations.
(Reporting by Marianna Parraga, Shariq Khan, Arathy Somasekhar, Georgina McCartney and Nicole Jao. Editing by Julia Symmes Cobb, Rod Nickel)
((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters Messaging: @mariannaparraga))
US Cash Crude-Grades rise on first full day of volatile roll trading period
HOUSTON, Feb 23 (Reuters) - Grades rose on Monday, dealers said, on the first full day of the volatile roll trading period.
Traders use the three-day roll period to adjust their crude slates, square up positions and net out exposures following the expiration of the U.S. crude futures contract.
Prices to roll U.S. crude oil futures positions from March to April traded at minus 5 cents a barrel.
U.S. oil refiners are expected to have about 1.03 million barrels per day of capacity offline in the week ending February 27, increasing available refining capacity by 118,000 bpd, research company IIR Energy said.
Offline capacity is expected to fall to 751,000 bpd in the week ending March 6, IIR said.
Coastal grades climbed as WTI's discount to Brent traded at a discount of as much as minus $5.35 a barrel during the session, its widest point since January 30.
A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
Light Louisiana Sweet for March delivery rose 55 cents to a midpoint of a $2.80 premium and was seen bid and offered between a $2.70 and $2.90 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 70 cents to a midpoint of a 90-cent premium and was seen bid and offered between an 80-cent and $1 a barrel premium to U.S. crude futures CLc1
WTI Midland rose 25 cents to a midpoint of a 50-cent premium and was seen bid and offered between a 40-cent and 60-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour rose 30 cents to a midpoint of a $2.70 discount and was seen bid and offered between a $2.80 and $2.60 a barrel discount to U.S. crude futures CLc1
WTI at East Houston, also known as MEH, traded between a $1.15 and $1.35 a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 fell 27 cents to settle at $71.49 a barrel
WTI April crude CLc1 futures fell 17 cents to settle at $66.31 a barrel
The Brent/WTI spread narrowed 11 cents to last trade at minus $5.17, after hitting a high of minus $5.13 and a low of minus $5.35
(Reporting by Georgina McCartney in Houston and Siddharth Cavale in New York; Editing by Nia Williams)
HOUSTON, Feb 23 (Reuters) - Grades rose on Monday, dealers said, on the first full day of the volatile roll trading period.
Traders use the three-day roll period to adjust their crude slates, square up positions and net out exposures following the expiration of the U.S. crude futures contract.
Prices to roll U.S. crude oil futures positions from March to April traded at minus 5 cents a barrel.
U.S. oil refiners are expected to have about 1.03 million barrels per day of capacity offline in the week ending February 27, increasing available refining capacity by 118,000 bpd, research company IIR Energy said.
Offline capacity is expected to fall to 751,000 bpd in the week ending March 6, IIR said.
Coastal grades climbed as WTI's discount to Brent traded at a discount of as much as minus $5.35 a barrel during the session, its widest point since January 30.
A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
Light Louisiana Sweet for March delivery rose 55 cents to a midpoint of a $2.80 premium and was seen bid and offered between a $2.70 and $2.90 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 70 cents to a midpoint of a 90-cent premium and was seen bid and offered between an 80-cent and $1 a barrel premium to U.S. crude futures CLc1
WTI Midland rose 25 cents to a midpoint of a 50-cent premium and was seen bid and offered between a 40-cent and 60-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour rose 30 cents to a midpoint of a $2.70 discount and was seen bid and offered between a $2.80 and $2.60 a barrel discount to U.S. crude futures CLc1
WTI at East Houston, also known as MEH, traded between a $1.15 and $1.35 a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 fell 27 cents to settle at $71.49 a barrel
WTI April crude CLc1 futures fell 17 cents to settle at $66.31 a barrel
The Brent/WTI spread narrowed 11 cents to last trade at minus $5.17, after hitting a high of minus $5.13 and a low of minus $5.35
(Reporting by Georgina McCartney in Houston and Siddharth Cavale in New York; Editing by Nia Williams)
US Cash Crude-Midland, MEH stay weak as high freight rates hurt export demand
HOUSTON, Feb 20 (Reuters) - WTI Midland and WTI at East Houston, also known as MEH, remained weak on Friday, as high freight rates capped export demand.
WTI Midland traded at a 25-cent premium. It had touched its lowest in about seven months on Thursday. MEH traded at 95 cents, the lowest in over a month.
Coastal grades climbed as WTI's discount to Brent remained wide at minus $5.31 a barrel. A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
On the supply side, oil rigs held at 409 this week, Baker Hughes said.
Light Louisiana Sweet for March delivery eased 5 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.00 and $2.50 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 15 cents to trade at parity, and was seen bid and offered between a 20-cent premium and a 20-cent a barrel discount to U.S. crude futures CLc1
WTI Midland gained 10 cents to a midpoint of a 25-cent premium and was seen bid and offered between flat and a 50-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour rose 35 cents to a midpoint of a $3 discount and was seen bid and offered between a $3.25 and $3.75 a barrel discount to U.S. crude futures CLc1
WTI at East Houston, also known as MEH, traded between a 75-cent and $1.15 a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 rose 10 cents to settle at $71.76 a barrel
WTI March crude CLc1 futures eased 4 cents to settle at $66.39 a barrel
The Brent/WTI spread narrowed 6 cents to last trade at minus $5.31, after hitting a high of minus $5.19 and a low of minus $5.32
(Reporting by Arathy Somasekhar in Houston; Editing by Nia Williams)
((Arathy.s@tr.com))
HOUSTON, Feb 20 (Reuters) - WTI Midland and WTI at East Houston, also known as MEH, remained weak on Friday, as high freight rates capped export demand.
WTI Midland traded at a 25-cent premium. It had touched its lowest in about seven months on Thursday. MEH traded at 95 cents, the lowest in over a month.
Coastal grades climbed as WTI's discount to Brent remained wide at minus $5.31 a barrel. A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
On the supply side, oil rigs held at 409 this week, Baker Hughes said.
Light Louisiana Sweet for March delivery eased 5 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.00 and $2.50 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 15 cents to trade at parity, and was seen bid and offered between a 20-cent premium and a 20-cent a barrel discount to U.S. crude futures CLc1
WTI Midland gained 10 cents to a midpoint of a 25-cent premium and was seen bid and offered between flat and a 50-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour rose 35 cents to a midpoint of a $3 discount and was seen bid and offered between a $3.25 and $3.75 a barrel discount to U.S. crude futures CLc1
WTI at East Houston, also known as MEH, traded between a 75-cent and $1.15 a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 rose 10 cents to settle at $71.76 a barrel
WTI March crude CLc1 futures eased 4 cents to settle at $66.39 a barrel
The Brent/WTI spread narrowed 6 cents to last trade at minus $5.31, after hitting a high of minus $5.19 and a low of minus $5.32
(Reporting by Arathy Somasekhar in Houston; Editing by Nia Williams)
((Arathy.s@tr.com))
US Cash Crude-Offshore grades rise as WTI/Brent spread stays wide
HOUSTON, Feb 19 (Reuters) - Physically traded offshore grades rose on Thursday, dealers said, as the spread between WTI and Brent crude futures stayed wide and domestic crude stocks fell.
A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
Meanwhile, U.S. crude, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday, as demand rose from refineries to the fuel pump.
Crude inventories fell by 9 million barrels to 419.8 million barrels in the week ended February 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.1-million-barrel rise.
Oil futures rose around 2% to settle at their highest level in six months, as traders worried about escalating tensions between the United States and Iran, which have stepped up military activity in the oil-producing Middle East.
Light Louisiana Sweet for March delivery rose 5 cents to a midpoint of a $2.30 premium and was seen bid and offered between a $2.00 and $2.60 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 10 cents to a midpoint of a 15-cent discount and was seen bid and offered between a 25-cent and 5-cent a barrel discount to U.S. crude futures CLc1
WTI Midland fell 15 cents to a midpoint of a 15-cent premium and was seen bid and offered between a 5-cent and 25-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour fell 45 cents to a midpoint of a $3.35 discount and was seen bid and offered between a $3.45 and $3.25 a barrel discount to U.S. crude futures CLc1
WTI at East Houston , also known as MEH, traded between a 75-cent and 95-cent a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 rose $1.31 to settle at $71.66 a barrel
WTI March crude CLc1 futures rose $1.24 to settle at $66.43 a barrel
The Brent/WTI spread narrowed 6 cents to last trade at minus $5.24, after hitting a high of minus $5.18 and a low of minus $5.33
(Reporting by Georgina McCartney in Houston; Editing by Daniel Wallis)
HOUSTON, Feb 19 (Reuters) - Physically traded offshore grades rose on Thursday, dealers said, as the spread between WTI and Brent crude futures stayed wide and domestic crude stocks fell.
A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
Meanwhile, U.S. crude, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday, as demand rose from refineries to the fuel pump.
Crude inventories fell by 9 million barrels to 419.8 million barrels in the week ended February 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.1-million-barrel rise.
Oil futures rose around 2% to settle at their highest level in six months, as traders worried about escalating tensions between the United States and Iran, which have stepped up military activity in the oil-producing Middle East.
Light Louisiana Sweet for March delivery rose 5 cents to a midpoint of a $2.30 premium and was seen bid and offered between a $2.00 and $2.60 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 10 cents to a midpoint of a 15-cent discount and was seen bid and offered between a 25-cent and 5-cent a barrel discount to U.S. crude futures CLc1
WTI Midland fell 15 cents to a midpoint of a 15-cent premium and was seen bid and offered between a 5-cent and 25-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour fell 45 cents to a midpoint of a $3.35 discount and was seen bid and offered between a $3.45 and $3.25 a barrel discount to U.S. crude futures CLc1
WTI at East Houston , also known as MEH, traded between a 75-cent and 95-cent a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 rose $1.31 to settle at $71.66 a barrel
WTI March crude CLc1 futures rose $1.24 to settle at $66.43 a barrel
The Brent/WTI spread narrowed 6 cents to last trade at minus $5.24, after hitting a high of minus $5.18 and a low of minus $5.33
(Reporting by Georgina McCartney in Houston; Editing by Daniel Wallis)
US Cash Crude-Coastal grades firm as WTI/Brent discount trades at widest this month
HOUSTON, Feb 18 (Reuters) - U.S. coastal crude oil grades firmed on Wednesday as a wide discount for U.S. crude to the global benchmark Brent supported export demand.
Mars and Thunder Horse firmed 50 cents, while Southern Green Canyon firmed $1.
The spread between WTI and Brent widened to as much as minus $5.26, the most this month. A spread larger than minus $4 typically encourages export demand, driving prices higher.
U.S. crude stocks fell by 609,000 barrels in the week ended February 13, market sources said, citing American Petroleum Institute figures on Wednesday. Gasoline inventories fell by 312,000 barrels, while distillate inventories fell by 1.57 million barrels from a week earlier, the sources said.
U.S. refiners Phillips 66 PSX.N and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron CVX.N according to sources familiar with the efforts.
India's state-run Bharat Petroleum Corp BPCL.NS has made its first-ever purchase of Venezuelan oil, and private refiner HPCL Mittal Energy Ltd (HMEL) has bought the South American country's crude for the first time in two years, three sources familiar with the trade said on Wednesday.
In refining news, U.S. oil refiners are expected to have about 1.17 million barrels per day of capacity offline in the week ending February 20, increasing available refining capacity by 410,000 bpd, research company IIR Energy said on Wednesday.
Light Louisiana Sweet for March delivery rose 50 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.00 and $2.50 a barrel premium to U.S. crude futures CLc1
Mars Sour firmed 50 cents to a midpoint of a 25-cent discount and was seen bid and offered between a discount of 50 cents and parity to U.S. crude futures CLc1
WTI Midland eased 15 cents to a midpoint of a 30-cent premium and was seen bid and offered between parity and a 60-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour eased 15 cents to a midpoint of a $2.90 discount and was seen bid and offered between a $3.10 and $2.70 a barrel discount to U.S. crude futures CLc1
WTI at East Houston, also known as MEH, traded between a 70-cent and $1.20 a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 rose $2.93 to settle at $70.35 a barrel on Wednesday.
WTI March crude futures CLc1 rose $2.86 to settle at $65.19 a barrel on Wednesday.
The Brent/WTI spread widened 10 cents to last trade at minus $5.26, after hitting a high of minus $5.17 and a low of minus $5.33.
(Reporting by Arathy Somasekhar in Houston; Editing by Sonali Paul)
((arathy.s@tr.com; +1 832 610 7346; X: @ArathySom; https://www.linkedin.com/in/arathy-somasekhar-b7724371/))
HOUSTON, Feb 18 (Reuters) - U.S. coastal crude oil grades firmed on Wednesday as a wide discount for U.S. crude to the global benchmark Brent supported export demand.
Mars and Thunder Horse firmed 50 cents, while Southern Green Canyon firmed $1.
The spread between WTI and Brent widened to as much as minus $5.26, the most this month. A spread larger than minus $4 typically encourages export demand, driving prices higher.
U.S. crude stocks fell by 609,000 barrels in the week ended February 13, market sources said, citing American Petroleum Institute figures on Wednesday. Gasoline inventories fell by 312,000 barrels, while distillate inventories fell by 1.57 million barrels from a week earlier, the sources said.
U.S. refiners Phillips 66 PSX.N and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron CVX.N according to sources familiar with the efforts.
India's state-run Bharat Petroleum Corp BPCL.NS has made its first-ever purchase of Venezuelan oil, and private refiner HPCL Mittal Energy Ltd (HMEL) has bought the South American country's crude for the first time in two years, three sources familiar with the trade said on Wednesday.
In refining news, U.S. oil refiners are expected to have about 1.17 million barrels per day of capacity offline in the week ending February 20, increasing available refining capacity by 410,000 bpd, research company IIR Energy said on Wednesday.
Light Louisiana Sweet for March delivery rose 50 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.00 and $2.50 a barrel premium to U.S. crude futures CLc1
Mars Sour firmed 50 cents to a midpoint of a 25-cent discount and was seen bid and offered between a discount of 50 cents and parity to U.S. crude futures CLc1
WTI Midland eased 15 cents to a midpoint of a 30-cent premium and was seen bid and offered between parity and a 60-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour eased 15 cents to a midpoint of a $2.90 discount and was seen bid and offered between a $3.10 and $2.70 a barrel discount to U.S. crude futures CLc1
WTI at East Houston, also known as MEH, traded between a 70-cent and $1.20 a barrel premium to U.S. crude futures CLc1
ICE Brent April futures LCOc1 rose $2.93 to settle at $70.35 a barrel on Wednesday.
WTI March crude futures CLc1 rose $2.86 to settle at $65.19 a barrel on Wednesday.
The Brent/WTI spread widened 10 cents to last trade at minus $5.26, after hitting a high of minus $5.17 and a low of minus $5.33.
(Reporting by Arathy Somasekhar in Houston; Editing by Sonali Paul)
((arathy.s@tr.com; +1 832 610 7346; X: @ArathySom; https://www.linkedin.com/in/arathy-somasekhar-b7724371/))
Oil India Exec Says Have Option To Raise Stake To Over 10% In Planned Refinery By BPCL In Andhra Pradesh
Feb 11 (Reuters) - Oil India Ltd OILI.NS Exec:
TO OPERATE 9 MTPA NUMALIGARH REFINERY AT 50% CAPACITY IN MARCH QUARTER
ON COURSE TO CROSS LAST YEAR'S RECORD ANNUAL PRODUCTION LEVELS
HAS OPTION TO RAISE STAKE TO OVER 10% IN PLANNED REFINERY BY BPCL IN ANDHRA PRADESH
Source text: [ID:]
Further company coverage: OILI.NS
Feb 11 (Reuters) - Oil India Ltd OILI.NS Exec:
TO OPERATE 9 MTPA NUMALIGARH REFINERY AT 50% CAPACITY IN MARCH QUARTER
ON COURSE TO CROSS LAST YEAR'S RECORD ANNUAL PRODUCTION LEVELS
HAS OPTION TO RAISE STAKE TO OVER 10% IN PLANNED REFINERY BY BPCL IN ANDHRA PRADESH
Source text: [ID:]
Further company coverage: OILI.NS
Indian refiners avoid Russian oil in push for US trade deal
Indian refiners not taking March–April Russian crude offers
Trump says India committed to halting Russian oil imports
New Delhi has not announced halt to Russian purchases
Indian refiners cut Russian intake, buy from other suppliers
By Nidhi Verma
NEW DELHI, Feb 8 (Reuters) - Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.
The U.S. and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.
Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Reliance Industries RELI.NS are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.
These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.
TRUMP SAYS INDIA 'COMMITTED' TO HALTING PURCHASES
The three refiners and the oil ministry did not respond to requests for comment. The trade minister on Saturday referred questions about Russian oil to the foreign ministry.
A foreign ministry spokesperson said: "Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy" to ensure energy security for the world's most-populous nation.
Although a U.S.-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had "committed to stop directly or indirectly" importing Russian oil.
New Delhi has not announced plans to halt Russian oil imports.
India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.
INDIA'S RUSSIAN-OIL IMPORTS A FRACTION OF 2025 LEVELS
One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.
Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.
Nayara did not respond to an email seeking comment.
Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.
Trump's order said U.S. officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.
Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.
The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.
Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they scale back Russian oil purchases.
India-U.S. trade deal: Trump wants India to buy more U.S. energy https://reut.rs/4tmee05
(Reporting by Nidhi Verma; Editing by William Mallard)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Indian refiners not taking March–April Russian crude offers
Trump says India committed to halting Russian oil imports
New Delhi has not announced halt to Russian purchases
Indian refiners cut Russian intake, buy from other suppliers
By Nidhi Verma
NEW DELHI, Feb 8 (Reuters) - Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.
The U.S. and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.
Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Reliance Industries RELI.NS are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.
These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.
TRUMP SAYS INDIA 'COMMITTED' TO HALTING PURCHASES
The three refiners and the oil ministry did not respond to requests for comment. The trade minister on Saturday referred questions about Russian oil to the foreign ministry.
A foreign ministry spokesperson said: "Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy" to ensure energy security for the world's most-populous nation.
Although a U.S.-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had "committed to stop directly or indirectly" importing Russian oil.
New Delhi has not announced plans to halt Russian oil imports.
India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.
INDIA'S RUSSIAN-OIL IMPORTS A FRACTION OF 2025 LEVELS
One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.
Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.
Nayara did not respond to an email seeking comment.
Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.
Trump's order said U.S. officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.
Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.
The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.
Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they scale back Russian oil purchases.
India-U.S. trade deal: Trump wants India to buy more U.S. energy https://reut.rs/4tmee05
(Reporting by Nidhi Verma; Editing by William Mallard)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
India's Russian oil imports down 12% in Jan/Dec amid US-India trade talks
Corrects percent change to 12% from 9% in the headline and in paragraph 5
Feb 4 (Reuters) - India's Russian oil imports slipped in January, continuing a downturn that began in December as refiners sought more alternative barrels under Western sanctions pressure and ongoing U.S.–India trade talks, Reuters sources said and data showed.
On Monday, U.S. President Donald Trump announced a trade deal with India to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers.
Indian refiners have been redrawing crude import strategies in recent months to shift away from top supplier Russia and boost imports from the Middle East.
In January, India imported 1.215 million barrels per day (bpd) of Russian crude, of which the Nayara refinery accounted for 0.41 million bpd, IOC took 0.58 million bpd, and BPCL took 0.19 million bpd, while Reliance imported no Russian crude last month, according to provisional data from analytics firm Kpler.
India's Russian oil imports in January were down by some 12% on a daily basis from last December, Reuters calculations showed. December oil imports dropped about 22% from November to 1.38 million barrels per day.
While it remains unclear to what extent India may ultimately have to scale back its imports of Russian oil, any further reductions would make it increasingly difficult and costly for Moscow to secure alternative buyers for its crude, Reuters sources said.
Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following the trade deal with Washington.
Reliance Industries Ltd, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said last week.
The country's largest refiner overall, Indian Oil Corp, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports.
India’s reduction in purchases of Russian oil is affecting the freight market for its grades, as traders are increasingly using tankers to store Russia's Urals crude at seas.
(Reporting by Reuters; Editing by Hugh Lawson)
Corrects percent change to 12% from 9% in the headline and in paragraph 5
Feb 4 (Reuters) - India's Russian oil imports slipped in January, continuing a downturn that began in December as refiners sought more alternative barrels under Western sanctions pressure and ongoing U.S.–India trade talks, Reuters sources said and data showed.
On Monday, U.S. President Donald Trump announced a trade deal with India to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers.
Indian refiners have been redrawing crude import strategies in recent months to shift away from top supplier Russia and boost imports from the Middle East.
In January, India imported 1.215 million barrels per day (bpd) of Russian crude, of which the Nayara refinery accounted for 0.41 million bpd, IOC took 0.58 million bpd, and BPCL took 0.19 million bpd, while Reliance imported no Russian crude last month, according to provisional data from analytics firm Kpler.
India's Russian oil imports in January were down by some 12% on a daily basis from last December, Reuters calculations showed. December oil imports dropped about 22% from November to 1.38 million barrels per day.
While it remains unclear to what extent India may ultimately have to scale back its imports of Russian oil, any further reductions would make it increasingly difficult and costly for Moscow to secure alternative buyers for its crude, Reuters sources said.
Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following the trade deal with Washington.
Reliance Industries Ltd, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said last week.
The country's largest refiner overall, Indian Oil Corp, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports.
India’s reduction in purchases of Russian oil is affecting the freight market for its grades, as traders are increasingly using tankers to store Russia's Urals crude at seas.
(Reporting by Reuters; Editing by Hugh Lawson)
Indian refiners await government advice on Russian oil import halt, sources say
Refiners need time to complete ongoing Russian imports -sources
Shipments already booked would arrive in March, sources say
US wants India to shift to Venezuelan, US oil
Adds details on purchases
By Nidhi Verma
NEW DELHI, Feb 3 (Reuters) - Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following a trade deal with Washington.
On Monday, U.S. President Donald Trump announced a trade agreement with Indian Prime Minister Narendra Modi that included halting oil purchases from Russia, but without details on how and when such purchases by India would end.
While India has slowed Russian oil purchases, refineries have already booked cargoes loading in February and arriving in March, the sources said, declining to be named as they were not authorised to speak with the media.
Trump said the trade deal would slash U.S. tariffs on Indian goods to 18% from 50%, in exchange for India lowering trade barriers, ending Russian oil purchases and importing instead from the United States and potentially Venezuela.
Modi welcomed the tariff reduction but made no mention of halting Russian oil purchases.
COMPLETE HALT OF RUSSIAN IMPORTS 'WOULD HURT NAYARA'
India became the top buyer of discounted Russian seaborne crude after Moscow's war in Ukraine began in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.
India will gradually cut Russian oil imports, a third source said on Tuesday, adding that a complete halt would hurt operations at Russia-backed Nayara Energy's 400,000-barrel-per-day refinery. The plant has relied solely on Russian crude following European Union sanctions on the company last July.
However, Nayara is not planning to load Russian oil in April as it will be shutting its refinery for over a month for maintenance from April 10, the third source added.
Two other refiners have paused new orders in recent days after booking volumes for February and March, industry sources said on Tuesday. One of the sources said his company may delay lifting March cargoes into April to cap India’s overall Russian oil intake.
The sources, declining to be named as they were not authorised to speak to the media, said future purchases would depend on government guidance.
PREPARING TO SCALE BACK RUSSIAN IMPORTS
Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Nayara have been regular buyers of Russian oil.
Reliance Industries RELI.NS, which paused buying Russian oil for a month, will buy up to 150,000 barrels per day from February, a company executive said last week.
The four companies and India's oil ministry did not respond to emails seeking comment.
Last week, sources said that India was preparing to reduce Russian oil imports to below 1 million barrels per day, with one saying such imports eventually would total 500,000–600,000 bpd.
India's Russian oil imports peaked at around 2 million bpd last June.
Trump said on Saturday India would buy Venezuelan oil, but refining sources said on Tuesday that only Reliance and Nayara had the refining capability to process heavy crude in large volumes. State refiners, they said, could not simply switch to Venezualan oil and would only be able to replace less than 10% of Russian supplies.
India's Russian oil imports fell to their lowest level in two years in December, data from trade sources showed.
Indian refiners have been buying more from Middle Eastern, African and South American countries as they scale back Russian oil purchases, refining sources said last month.
Trump's tariff cut spells relief in India despite scant details L4N3YZ0RK
(Reporting by Nidhi Verma; Editing by Edmund Klamann, Raju Gopalakrishnan and Bernadette Baum)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Refiners need time to complete ongoing Russian imports -sources
Shipments already booked would arrive in March, sources say
US wants India to shift to Venezuelan, US oil
Adds details on purchases
By Nidhi Verma
NEW DELHI, Feb 3 (Reuters) - Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following a trade deal with Washington.
On Monday, U.S. President Donald Trump announced a trade agreement with Indian Prime Minister Narendra Modi that included halting oil purchases from Russia, but without details on how and when such purchases by India would end.
While India has slowed Russian oil purchases, refineries have already booked cargoes loading in February and arriving in March, the sources said, declining to be named as they were not authorised to speak with the media.
Trump said the trade deal would slash U.S. tariffs on Indian goods to 18% from 50%, in exchange for India lowering trade barriers, ending Russian oil purchases and importing instead from the United States and potentially Venezuela.
Modi welcomed the tariff reduction but made no mention of halting Russian oil purchases.
COMPLETE HALT OF RUSSIAN IMPORTS 'WOULD HURT NAYARA'
India became the top buyer of discounted Russian seaborne crude after Moscow's war in Ukraine began in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.
India will gradually cut Russian oil imports, a third source said on Tuesday, adding that a complete halt would hurt operations at Russia-backed Nayara Energy's 400,000-barrel-per-day refinery. The plant has relied solely on Russian crude following European Union sanctions on the company last July.
However, Nayara is not planning to load Russian oil in April as it will be shutting its refinery for over a month for maintenance from April 10, the third source added.
Two other refiners have paused new orders in recent days after booking volumes for February and March, industry sources said on Tuesday. One of the sources said his company may delay lifting March cargoes into April to cap India’s overall Russian oil intake.
The sources, declining to be named as they were not authorised to speak to the media, said future purchases would depend on government guidance.
PREPARING TO SCALE BACK RUSSIAN IMPORTS
Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Nayara have been regular buyers of Russian oil.
Reliance Industries RELI.NS, which paused buying Russian oil for a month, will buy up to 150,000 barrels per day from February, a company executive said last week.
The four companies and India's oil ministry did not respond to emails seeking comment.
Last week, sources said that India was preparing to reduce Russian oil imports to below 1 million barrels per day, with one saying such imports eventually would total 500,000–600,000 bpd.
India's Russian oil imports peaked at around 2 million bpd last June.
Trump said on Saturday India would buy Venezuelan oil, but refining sources said on Tuesday that only Reliance and Nayara had the refining capability to process heavy crude in large volumes. State refiners, they said, could not simply switch to Venezualan oil and would only be able to replace less than 10% of Russian supplies.
India's Russian oil imports fell to their lowest level in two years in December, data from trade sources showed.
Indian refiners have been buying more from Middle Eastern, African and South American countries as they scale back Russian oil purchases, refining sources said last month.
Trump's tariff cut spells relief in India despite scant details L4N3YZ0RK
(Reporting by Nidhi Verma; Editing by Edmund Klamann, Raju Gopalakrishnan and Bernadette Baum)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Indian refiners need wind-down period for Russian oil, sources say
Indian refiners need time to end Russian oil imports, refining sources say
Shipments already booked would arrive in March, sources say
US wants India to shift to Venezuelan oil
By Nidhi Verma
NEW DELHI, Feb 3 (Reuters) - Indian refiners will need a wind-down period to complete Russian oil deals before imports from that country can be halted, and they have so far not been ordered by the government to stop such imports, two refining sources said.
U.S. President Donald Trump on Monday announced a trade agreement with Indian Prime Minister Narendra Modi that included a halt to Indian oil purchases from Russia.
Indian companies have already booked cargoes loading in February and arriving in March, so a wind-down period would be needed to fulfil existing commitments, the sources said. They spoke on condition of anonymity because they were not authorised to speak with the media.
The trade deal with India would slash U.S. tariffs on Indian goods to 18% from 50% in exchange for India lowering trade barriers and stopping its purchases of Russian oil. It would buy oil instead from the U.S. and potentially Venezuela.
India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, generating a backlash among Western nations that targeted Russia's energy sector with sanctions.
The United States wants to curb Russia's oil revenues to make it harder for Moscow to fund the war.
"We spoke about many things, including Trade, and ending the War with Russia and Ukraine," Trump said of his discussion with Modi. "He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."
Modi followed with a post on social media that he was delighted with the reduced tariff, but made no mention of a halt to purchases of Russian oil.
Reuters last week reported that the United States had told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil. Trump said on Saturday that India would buy Venezuelan oil.
Indian Oil Minister Hardeep Singh Puri last month said India was diversifying its crude sources as its Russian oil imports fall.
Data from trade sources showed India's Russian oil imports fell to their lowest level in two years in December, while OPEC's share of Indian imports rose to an 11-month high.
Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they began scaling back Russian oil purchases, following discussions at a government meeting about accelerating a U.S.-India trade deal, refining sources said last month.
(Reporting by Nidhi Verma; Editing by Edmund Klamann)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Indian refiners need time to end Russian oil imports, refining sources say
Shipments already booked would arrive in March, sources say
US wants India to shift to Venezuelan oil
By Nidhi Verma
NEW DELHI, Feb 3 (Reuters) - Indian refiners will need a wind-down period to complete Russian oil deals before imports from that country can be halted, and they have so far not been ordered by the government to stop such imports, two refining sources said.
U.S. President Donald Trump on Monday announced a trade agreement with Indian Prime Minister Narendra Modi that included a halt to Indian oil purchases from Russia.
Indian companies have already booked cargoes loading in February and arriving in March, so a wind-down period would be needed to fulfil existing commitments, the sources said. They spoke on condition of anonymity because they were not authorised to speak with the media.
The trade deal with India would slash U.S. tariffs on Indian goods to 18% from 50% in exchange for India lowering trade barriers and stopping its purchases of Russian oil. It would buy oil instead from the U.S. and potentially Venezuela.
India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, generating a backlash among Western nations that targeted Russia's energy sector with sanctions.
The United States wants to curb Russia's oil revenues to make it harder for Moscow to fund the war.
"We spoke about many things, including Trade, and ending the War with Russia and Ukraine," Trump said of his discussion with Modi. "He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."
Modi followed with a post on social media that he was delighted with the reduced tariff, but made no mention of a halt to purchases of Russian oil.
Reuters last week reported that the United States had told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil. Trump said on Saturday that India would buy Venezuelan oil.
Indian Oil Minister Hardeep Singh Puri last month said India was diversifying its crude sources as its Russian oil imports fall.
Data from trade sources showed India's Russian oil imports fell to their lowest level in two years in December, while OPEC's share of Indian imports rose to an 11-month high.
Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they began scaling back Russian oil purchases, following discussions at a government meeting about accelerating a U.S.-India trade deal, refining sources said last month.
(Reporting by Nidhi Verma; Editing by Edmund Klamann)
((nidhi.verma@thomsonreuters.com; X: @nidhi712;))
Trafigura Says BPCL And Co Sign Landmark Crude Oil Supply Agreement
Jan 30 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
TRAFIGURA AG - BPCL AND TRAFIGURA SIGN LANDMARK CRUDE OIL SUPPLY AGREEMENT
TRAFIGURA - AWARDED TENDER TO SUPPLY IRAQI BASRAH AND OMAN CRUDE OIL TO BPCL ON TERM BASIS; DELIVERY WILL BEGIN IN APRIL 2026
TRAFIGURA - AGREEMENT MARKS THE FIRST OF ITS KIND FOR BPCL FOR IMPORTS OF BASRAH CRUDE
Source text: https://tinyurl.com/2av2dmvm
Further company coverage: BPCL.NS
Jan 30 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
TRAFIGURA AG - BPCL AND TRAFIGURA SIGN LANDMARK CRUDE OIL SUPPLY AGREEMENT
TRAFIGURA - AWARDED TENDER TO SUPPLY IRAQI BASRAH AND OMAN CRUDE OIL TO BPCL ON TERM BASIS; DELIVERY WILL BEGIN IN APRIL 2026
TRAFIGURA - AGREEMENT MARKS THE FIRST OF ITS KIND FOR BPCL FOR IMPORTS OF BASRAH CRUDE
Source text: https://tinyurl.com/2av2dmvm
Further company coverage: BPCL.NS
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What does BPCL do?
Bharat Petroleum Corporation is a leading Oil and Gas company, providing services to both retail and bulk customers. Through its extensive network of retail outlets and LPG distributorships, BPCL ensures a consistent and reliable supply of fuel and related services. In addition to serving retail customers, BPCL also caters to the energy needs of bulk customers, which include the Defense Forces, Indian Railways, State government organizations, State transport undertakings, power producers, etc. This comprehensive approach allows BPCL to play a crucial role in meeting the energy demands of multiple sectors, industries and retail consumers across the country.
Who are the competitors of BPCL?
BPCL major competitors are Indian Oil Corp., HPCL, MRPL, Chennai Petrol. Corp, Reliance Industries. Market Cap of BPCL is ₹1,20,741 Crs. While the median market cap of its peers are ₹69,399 Crs.
Is BPCL financially stable compared to its competitors?
BPCL seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does BPCL pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. BPCL latest dividend payout ratio is 32.04% and 3yr average dividend payout ratio is 32.35%
How has BPCL allocated its funds?
Companies resources are allocated to majorly unproductive assets like Capital Work in Progress
How strong is BPCL balance sheet?
Balance sheet of BPCL is strong. But short term working capital might become an issue for this company.
Is the profitablity of BPCL improving?
The profit is oscillating. The profit of BPCL is ₹22,300 Crs for TTM, ₹13,337 Crs for Mar 2025 and ₹26,859 Crs for Mar 2024.
Is the debt of BPCL increasing or decreasing?
The net debt of BPCL is decreasing. Latest net debt of BPCL is ₹29,330 Crs as of Sep-25. This is less than Mar-25 when it was ₹31,355 Crs.
Is BPCL stock expensive?
BPCL is not expensive. Latest PE of BPCL is 4.91, while 3 year average PE is 7.96. Also latest EV/EBITDA of BPCL is 3.86 while 3yr average is 9.03.
Has the share price of BPCL grown faster than its competition?
BPCL has given lower returns compared to its competitors. BPCL has grown at ~10.12% over the last 10yrs while peers have grown at a median rate of 13.74%
Is the promoter bullish about BPCL?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in BPCL is 52.98% and last quarter promoter holding is 52.98%.
Are mutual funds buying/selling BPCL?
The mutual fund holding of BPCL is decreasing. The current mutual fund holding in BPCL is 9.38% while previous quarter holding is 10.58%.