New Delhi: Public sector oil marketing companies may not be able to sustain losses of Rs 1,000 crore per day from selling petrol and diesel below market prices, Petroleum Minister Hardeep Singh Puri said on Tuesday, a strong indication that petrol prices will rise in the coming days.“They are incurring losses to protect consumers. (But) … Read more
An Iranian drone struck a key oil facility at Kuwait’s Mina Ahmadi refinery on Friday, sparking a fire at the site, Kuwait’s state-run Kuwait Oil Co said, adding that no casualties were reported.The company said firefighters were working to control the blaze after the attack, marking another escalation of attacks on critical energy infrastructure in … Read more
As President Donald Trump’s 48-hour deadline approaches, Tehran has responded to his threat to “destroy” Iran’s power plants with a threat of its own and is showing no signs of backing down. Iran’s Revolutionary Guards have now declared that energy facilities in countries where U.S. bases are located will become “legitimate targets” if Trump follows … Read more
President Donald Trump said the United States would crack down on Iran “next week,” shortly after the United States issued a 30-day partial exemption for purchases of sanctioned Russian oil in hopes of easing a rise in oil prices triggered by the U.S.-Israeli war with Iran. Trump’s changing comments on the likely duration of the … Read more