HINDPETRO

May 19 (Reuters) - India hiked petrol and diesel prices by around 0.9 rupees ($0.0093) per litre on Tuesday, local media reported, in what would be the country's second fuel price hike in a week.

The price of petrol was hiked to 98.64 rupees a litre from 97.77 rupees in Delhi while diesel was increased to 91.58 rupees a litre from 90.67 rupees, media reported.

Last Friday, India raised petrol and diesel prices for the first time in four years by 3 rupees per litre to recoup some of the losses incurred due to higher global crude oil prices.

($1 = 96.3450 Indian rupees)

(Reporting by Chris Thomas in Mexico City)

((chris.thomas@thomsonreuters.com;))

May 15 (Reuters) - Indian state fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.0313) per liter, according to retailers in Delhi, as they aim to recoup some of the losses incurred due to higher global oil prices.

($1 = 95.7625 Indian rupees)

(Reporting by Nidhi Verma and Chandini Monnappa; Editing by Muralikumar Anantharaman)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

** India state-run refiner Hindustan Petroleum's HPCL.NS quarterly profit jumped 46.1% y/y, helped by stronger refining margins and steady fuel demand

** Shares down ~4.8% at 371.75

HIGH CRUDE, WEAK MARKETING MARGINS CLOUD NEAR-TERM OUTLOOK

** Nomura ("Neutral," PT: 440 rupees) expects sharp losses in fuel and LPG marketing segment in Q1FY27, says earnings hinge on fuel price hikes

** Macquarie ("Outperform," PT: 510 rupees) projects a complete impact of elevated crude prices to hit in June quarter, weighing on near-term earnings

** Ambit Capital ("Sell," PT: 287 rupees) says elevated crude prices, currency pressure and insufficient retail fuel price hikes will keep integrated margins weak

** BOB Capital Markets ("Hold," PT: 438 rupees) says demand-led growth supports business, but sees challenges from crude supply, elevated prices and marketing margins

(Reporting by Bipasha Dey in Bengaluru)

((Bipasha.Dey@thomsonreuters.com))

May 13 (Reuters) - India's Hindustan Petroleum Corp Ltd HPCL.NS reported a rise in fourth-quarter profit on Wednesday, helped by stronger refining margins and steady fuel demand.

• The state-run refiner logged a net profit of about 49.02 billion rupees ($512.37 million) for the quarter ended March 31, up nearly 46.1% from a year earlier.

• Sale of products rose 4.5% to 1.23 trillion rupees, supported by higher fuel sales volumes.

• Gross refining margin-the profit from making refined products from one barrel of oil-climbed to $14.27 per barrel in the quarter, from $8.44 per barrel a year earlier.

• Fuel sales rose 2.4% year-on-year to 13.0 million tonnes, driven by resilient demand for diesel and petrol.

• The company declared a dividend of 19.25 rupees per share.

• Shares of HPCL were up 4.8% in afternoon trade, having fallen about 23% so far this year.

• ($1 = 95.6725 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru; Editing by Harikrishnan Nair)

((Bipasha.Dey@thomsonreuters.com;))

Adds details on price increase from government officials

By Neha Arora and Nikunj Ohri

NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.

Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.

A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to ​compensate oil marketing companies for these losses.

Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.

India is the world's third-largest oil importer and ​consumer, meeting more than 90% of its crude oil needs and about half of ⁠its natural gas demand through imports.

Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel ​prices since April 2022.

A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.

Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.

Both officials spoke on condition of anonymity due to the sensitivity of the matter.

Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.

Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.

The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.

(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)

((tanvi.mehta@thomsonreuters.com))

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NEW DELHI, May 4 (Reuters) - India has no plans to compensate state-run fuel retailers for losses from selling transport fuels below market prices, a senior petroleum ministry official said on Monday, even as companies raised prices for some industrial and bulk customers.

Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers.

Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS have also raised diesel prices for bulk buyers.

Sharma said bulk customers account for about 10% of overall diesel sales.

The government's efforts are focused on protecting the retail customers, she added.

(Reporting by Nidhi Verma, Editing by Louise Heavens)

((shanima.a@thomsonreuters.com;))

By Nidhi Verma

NEW DELHI, April 28 (Reuters) - India has asked motorists to avoid panic buying and clarified that there was no proposal to raise pump prices for diesel and gasoline, a government official said on Tuesday.

"We have adequate supplies of liquefied petroleum gas, petrol, and diesel. There has been no increase in prices. Please avoid panic buying and do not believe rumours," Sujata Sharma, Joint Secretary in the federal oil ministry, said at a news conference on Tuesday in an appeal to buyers.

India, the world's third-biggest oil importer and consumer, has been hit by rising oil prices triggered by the closure of the Strait of Hormuz after the U.S.-Isreli war on Iran.

India's crude import prices rose to $120 per barrel earlier this month, denting the margins of retailers on the sale of gasoline and gasoil, as the higher costs have not been factored into the pump prices.

Indian refiners have not raised pump prices of gasoline and gasoil in four years to shield consumers, despite volatility in global markets.

Analysts at Kotak Institutional Equities in a recent report estimated there was a need to raise the price of a liter of gasoline and gasoil by 25-28 rupees after elections in some states end on April 29.

According to estimates by Mumbai-based ICICI Securities, profit after tax for these oil retailers likely declined by 82% in the March quarter over a year ago, as crude oil costs soared but retail prices did not move up in tandem.

Reliance Industries RELI.NS, operator of the world's biggest refining complex and India’s biggest company by market value, late last week flagged "unprecedented" supply disruptions and a sharp hit to profit in its March-quarter earnings.

(Reporting by Nidhi Verma; Editing by Chizu Nomiyama)

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NEW DELHI, April 27 (Reuters) - Indian Oil Corp's IOC.NS, the country's top refiner and fuel retailers, sale of diesel and gasoline has surged more than 13% during April 1-26, 2026, its head of marketing, Saumitra Priya Srivastava, said in a post on social media platform X

• IOC, the country's top fuel retailer and refiner, is meeting the local demand through its over 42,000 fuel stations, he said

• Diesel sales in some parts, mainly in southern Andhra Pradesh, surged by about 30% to 33%, leading to some retail outlets facing shortages, said Sujata Sharma, a joint secretary in the federal petroleum ministry

• Sharma said India has sufficient stocks of diesel and gasoline, while some retail outlets have experienced problems due to panic buying

• She said India is not expected to import diesel and gasoline to meet local demand

• Earlier in the day, the chief minister of Andhra Pradesh Chandrababu Naidu said in a post on X that action should be taken against anyone attempting to engage in black marketing or to create artificial shortages of diesel and gasoline

  
  

(Reporting by Nidhi Verma, Editing by Louise Heavens)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

NEW DELHI, April 23 (Reuters) - Indian fuel retailers are suffering a revenue loss of 100 Indian rupees ($1.06) per liter on the local sale of diesel and 20 rupees per liter on gasoline for selling the two fuels at below market rates, Sujata Sharma, joint secretary in India's oil ministry said on Thursday.

Indian refiners last raised fuel prices in April 2021. India has no plans to raise fuel prices as of now to shield customers, she added.

($1 = 94.0950 Indian rupees)

(Reporting by Nidhi Verma; Editing by Sharon Singleton)

((hritam.mukherjee@thomsonreuters.com; @MukherjeeHritam;))

April 21 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL - LEAKAGE OF HYDROCARBONS THROUGH ONE OF VALVES/FLANGES IN HEAT EXCHANGER CIRCUIT CAUSED FIRE

• HPCL - THERE IS NO LOSS OF LIFE OR INJURY TO ANY PERSONNEL

• HPCL - FINANCIAL AND OPERATIONAL IMPACT BEING ASSESSED

• HPCL - FINANCIAL AND OPERATIONAL IMPACT, PRIMA FACIE IS NOT EXPECTED TO BE MATERIAL.

• HPCL - INVESTIGATION HAS BEEN INITIATED TO ASCERTAIN CAUSE OF INCIDENT AND TO UNDERTAKE NECESSARY REMEDIAL MEASURES

Source text: ID:nnAZN4SRT9Y

Further company coverage: HPCL.NS

((Reuters.Briefs@thomsonreuters.com;))

Updates story from April 16 to add market reaction on Friday in paragraph 4, context in paragraphs 7 and 10

By Nidhi Verma, Jaspreet Kalra and Nimesh Vora

NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.

A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. The rupee has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.

Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.

When Indian markets opened on Friday morning, the rupee INR=IN strengthened by 0.4% to 92.80 against the dollar, its strongest level in a week.

The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.

Since the large state-run lender already handles sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, one of the sources said.

The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, the source said, because pooling dollar demand with one lender would help better manage the market impact.

All three sources declined to be named as they were not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.

The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.

Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said. The credit line can alleviate immediate dollar demand from the market, supporting the rupee.

None of the refiners responded to emails seeking comment.

Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.

RUPEE STRAIN

The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.

Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.

The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.

The RBI has also sold dollars from its FX reserves to support the currency.

(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora; Editing by Mark Potter and Kate Mayberry)

((jaspreet.kalra@thomsonreuters.com; +91-8769636545;))

By Nidhi Verma, Jaspreet Kalra and Nimesh Vora

NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.

A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.

Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.

The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.

All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.

The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.

The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.

With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.

Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.

None of the refiners responded to emails seeking comment.

Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.

RUPEE STRAIN

The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.

Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.

The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.

The RBI has also sold dollars from its FX reserves to support the currency.

The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.

(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)

((jaspreet.kalra@thomsonreuters.com; +91-8769636545;))

By Nidhi Verma

NEW DELHI, April 13 (Reuters) - India's state-run Hindustan Petroleum Corp HPCL.NS has issued a rare tender seeking a liquefied petroleum gas tanker to immediately load propane and butane from Russia's Ust-Luga port, a tender document seen by Reuters on Monday showed.

The vessel, to be loaded with 12,000 metric tons of butane and 8,000 tons of propane for discharge on India's west coast, must not be under sanctions and must have no links to Iran, the document said.

HPCL did not immediately respond to a request for comment.

Indian state refiners are seeking to buy LPG, used as cooking gas, from more diversified sources including Russia as India faces its worst LPG supply crisis in decades.

Supplies from the Middle East have been disrupted by the closure of the Strait of Hormuz following the U.S.-Israeli war on Iran.

Indian authorities have previously said they are purchasing LPG from countries including the U.S., Norway, Canada, and Russia.

India consumed 33.15 million tons of LPG last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

(Reporting by Nidhi Verma. Editing by Mark Potter)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

April 9 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• INDIAN FUEL RETAILERS ARE BUYING DIESEL AT DISCOUNTED RATES FROM REFINERS - INDUSTRY SOURCE

Further company coverage: BPCL.NS

((reuters.briefs@thomsonreuters.com;))

LONDON, April 7 (Reuters) - Northwest European gasoline refinery profit margins fell 36 cents on Tuesday to about $15.33 a barrel.

• A total of 23,250 metric tons of E5 gasoline barges traded in the Argus window, with BP, ExxonMobil and Equinor selling to TOTSA and MB Energy.

• An additional 13,000 tons of E10 gasoline barges traded in the session, with Phillips 66, ExxonMobil and Equinor selling to TOTSA, Varo, MB Energy and Shell.

• NORSI, Russia's fourth-largest oil refinery, suspended operations on April 5 after a Ukrainian drone attack, two industry sources said on Tuesday.

• Indian refiner HPCL sold two parcels of naphtha to energy trader Trafigura at deep discounts of about $380 and around $290 a ton to Middle East quotes for mid-April delivery owing to high chloride content, six trade sources said on Tuesday.

(Reporting by Stephanie Kelly
Editing by David Goodman
)

((Stephanie.Kelly@tr.com))

SINGAPORE, March 31 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(Reporting by Jeslyn Lerh; Editing by Rashmi Aich)

((jeslyn.lerh@thomsonreuters.com))

SINGAPORE, March 30 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(Reporting by Jeslyn Lerh;)

((jeslyn.lerh@thomsonreuters.com))

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)

((munsif.vengattil@thomsonreuters.com;))

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;))

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)

((tanvi.mehta@thomsonreuters.com;))

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;))

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;))

SINGAPORE, March 19 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates on recent tenders closed)

(Reporting by Jeslyn Lerh;)

((jeslyn.lerh@thomsonreuters.com))

SINGAPORE, March 18 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates on recent tenders closed)

(Reporting by Jeslyn Lerh;)

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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)

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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)

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Updates with further details from paragraph 3

By Nidhi Verma and Jonathan Saul

NEW DELHI, March 13 (Reuters) - Iran has allowed two Indian-flagged liquefied petroleum gas carriers to sail through the Strait of Hormuz, four sources with direct knowledge of the matter said, a rare exception to the Iranian blockade that has disrupted global energy supplies.

The Indian-flagged LPG tanker Shivalik crossed the Strait under escort from the Indian Navy, said two of the sources, and the second vessel, Nanda Devi, was expected to clear in the next few hours.

Since the United States and Israel launched a bombing campaign 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 liquefied natural gas.

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. Prime Minister Narendra Modi said on Thursday he had spoken to Iran's President Masoud Pezeshkian and discussed the transit of goods and energy from the Gulf.

India has also given safe harbour to 183 Iranian sailors from a vessel that docked after the war broke out. The vessel was one of three that had participated in exercises in India; one of the others was sunk by a U.S. torpedo off Sri Lanka.

India is reeling under its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.

Shivalik and Nanda Devi are owned by state-run Shipping Corp of India.SCI.NS

Shivalik, which had arrived in Qatari waters on February 25, last reported its position on March 12 as within the exclusive economic zone waters up to 24 miles off the United Arab Emirates, according to tracking data on MarineTraffic.

Nanda Devi was last seen on Friday in Iranian waters close to the entrance of the Strait of Hormuz, according to MarineTraffic data. It had called at Qatar’s Ras Laffan anchorage on February 27 before sailing to UAE waters, the data showed.

Separately, a crude tanker is expected to arrive in India on Saturday carrying Saudi Arabian oil after sailing through the Strait around March 1, according to two of the sources and data from Lloyd's List Intelligence.

The Liberia flagged Smyrni crude oil suezmax tanker, which can carry a maximum capacity of 1 million barrels, is expected to arrive at an Indian port for state refiner Hindustan Petroleum Corp HPCL.NS.

India's foreign ministry, navy, Shipping Corp and HPCL did not respond to Reuters emails sent out after business hours.

India consumed 33.15 million metric tons of cooking gas last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

On Thursday India said 24 Indian-flagged vessels were stuck in the Gulf area past the narrow strait.

(Reporting by Nidhi Verma and Jonathan Saul
Editing by Ros Russell)

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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.

(Reporting by Kashish Tandon and Yagnoseni Das in Bengaluru; Editing by Sumana Nandy)

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Adds U.S. Treasury license in paragraph 2, Treasury Secretary comments in paragraphs 3-5

By Nidhi Verma, Jarrett Renshaw and Steve Holland

NEW DELHI/WASHINGTON, March 5 (Reuters) - Indian refiners are buying millions of barrels of prompt Russian crude oil cargoes as the South Asian nation seeks to navigate an oil supply crunch triggered by the Middle East conflict, six sources familiar with the matter said.

After months of Washington pressuring New Delhi to avoid buying Russian barrels in an effort to reduce money flowing to Moscow's war effort in Ukraine, the U.S. Treasury Department issued a 30-day waiver on Thursday allowing India to buy Russian oil currently stuck at sea.

"To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil," Treasury Secretary Scott Bessent said.

"This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea," he said in a statement.

He called it a stopgap measure, as Washington expects India to eventually buy more U.S. oil.

India is vulnerable to energy supply shocks, with crude stocks covering only about 25 days of demand. India gets about 40% of its oil imports from the Middle East through the Strait of Hormuz.

India was the top buyer of Russian seaborne crude after Moscow's 2022 Ukraine invasion, but in January, its refiners started to reduce purchases under pressure from Washington.

Cutting Russian oil purchases helped New Delhi avoid 25% tariffs and clinch an interim trade deal with the U.S.

It is unclear whether the United States has allowed India to increase Russian purchases to offset potential Middle Eastern supply losses.

A source directly involved with the matter said India had approached U.S. President Donald Trump's administration seeking approval to buy Russian crude imports due to the Iran conflict.

India's oil and foreign ministries did not respond to Reuters emails seeking comments. The White House and the U.S. Treasury Department did not immediately respond to requests for comment.

State refiners Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS are talking to traders for prompt delivery of Russian cargoes, according to the Reuters sources.

One of the sources said Indian state refiners have bought about 20 million barrels of Russian oil from traders so far.

HPCL and MRPL last received Russian oil in November, according to data obtained from industry sources.

The traders are selling Russian Urals to India at a premium of $4-$5 per barrel to Brent on a delivered basis for arrival at Indian ports in March and early April, three of the sources said.

This is in contrast to a discount of about $13 per barrel for cargoes traded in February, traders said.

HPCL had bought two cargoes of Russian oil at a $13 discount before the war started on February 28.

"India refiners are back in the market ... nowadays more than prices, availability of molecules is the issue," said one of the traders involved in Russian oil sales to India.

This source said Reliance Industries RELI.NS also approached his company for the purchase of prompt Russian oil cargoes.

Refiners in India had already started tapping Russian oil aboard vessels floating off the country's coast to make up for the loss of Middle Eastern crude, two sources with direct knowledge of the matter said earlier in the day.

Indian refiners did not immediately respond to Reuters emails sent out after business hours.

(Reporting by Nidhi Verma in New Delhi and Jarrett Renshaw and Steve Holland in Washington and additional reporting by Ismail Shakil; Editing by David Gregorio and Sonali Paul)

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