Two supertankers and an LNG tanker, with transponders off, exited the Strait of Hormuz bound for India and China. These vessels, carrying crude oil and naphtha, are heading to ports in China and India, despite overall limited traffic through the key waterway. The ongoing conflict has significantly impacted shipping in the region.
India’s Centre has lowered royalty rates for crude oil and natural gas production. This move aims to encourage more domestic exploration and production. Deepwater and ultra-deepwater fields will see significant royalty reductions. New policies offer zero royalty for initial years in these challenging areas.
India’s ambitious 100 GW nuclear power plan requires careful supplier selection. NTPC Chairman Gurdeep Singh advises against over-reliance on any single country for nuclear technology. He stresses prioritizing domestic control, even if initial costs are higher. Clear rules and guidelines are essential for converting policy into investment.
The government has also extended the deadline for the eleventh round under the Open Acreage Licensing Policy (OALP), launched in March. he new bid submission deadline for both rounds is June 19, according to the Directorate General of Hydrocarbons (DGH), the oil ministry’s upstream regulator that oversees licensing rounds.
Bangladesh’s High Court has ordered the Adani Group not to move ahead with its planned international arbitration in Singapore over a payment dispute with the Bangladesh Power Development Board (BPDB) until an ongoing investigation into their power purchase agreement is completed.
Jayant Patil, a senior NCP (SP) leader, has appealed to the Maharashtra government. He wants the state to immediately remove VAT and surcharge on petrol and diesel. This move, he claims, will lower fuel prices. It will offer much-needed relief to citizens facing rising inflation.
Iran’s parliament speaker, Mohammad Bagher Ghalibaf, stated on Wednesday that the Islamic Republic will not reopen the Strait of Hormuz while the US naval blockade persists. He described the blockade as a “blatant violation of the ceasefire,” asserting that a complete ceasefire is meaningless under such conditions.
India is set to introduce electricity futures contracts, a move approved by SEBI for both NSE and MCX. This initiative aims to help distribution companies and industries manage price volatility and improve long-term planning amidst economic growth and energy transition. Experts believe this will stabilize prices, offer supply certainty, and incentivize peak demand management.
In a suo motu ruling, the Central Electricity Regulatory Commission (CERC) said monthly tariffs must be revised-or refunds issued-to reflect the GST rate cut to 5% from 12%. The directive, industry executives said, raises the bar on internal systems, audit trails and disclosures for both developers and discoms, aiming to curb disputes and enforce greater…
Indraprastha Gas Limited has increased compressed natural gas prices again. This is the second hike in two days. Commuters in Delhi-NCR will now pay more for fuel. CNG in Delhi now costs Rs 80.09 per kg. Noida and Ghaziabad rates are Rs 88.70 per kg. Gurugram’s new rate is Rs 84.12 per kg.