HINDPETRO

May 26 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL, TATA MOTORS PARTNER TO DEVELOP SCALABLE CIRCULAR ECONOMY MODEL FOR USED AUTOMOTIVE LUBRICANTS - STATEMENT

Source text: [ID:]

Further company coverage: HPCL.NS

(([email protected];))

Adds details throughout

By Nidhi Verma and Ananya Palyekar

May 25 (Reuters) - India's state-owned fuel retailers increased diesel prices by 2.71 rupees ($0.0283) per litre and petrol by 2.61 rupees, dealers said on Monday, the fourth hike in May to recoup some losses driven by higher crude costs due to the Iran war.

Indian state fuel retailers, which control 90% of the market, began raising pump prices from May 15 after elections were over in some key states.

Since then the state companies - Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS - have raised the prices of diesel by about 8.6% and petrol by about 7.8%.

A litre of petrol in New Delhi will now cost 102.12 rupees ($1.07), while diesel will be priced at 95.20 rupees ($0.9949) per litre.

Rising crude prices and supply disruptions after the closure of the Strait of Hormuz have hit India, the world’s third-largest oil importer and consumer.

New Delhi has also introduced austerity measures to curb fuel consumption and contain its oil import bill as policymakers brace for a prolonged energy shock.

Prices vary across states due to local taxes.

State retailers' losses on fuel sales have also risen as some bulk customers are turning to cheaper retail pumps, causing shortages in some areas.

IOC in a statement on Saturday said its retail sales of diesel for May 1-22 had risen by 18% from a year earlier, and petrol sales were up by 14%.

($1 = 95.6900 Indian rupees)

(Reporting by Nidhi Verma in New Delhi and Ananya Palyekar in Bengaluru; Editing by Christian Schmollinger and Sonali Paul)

(([email protected];))

May 23 (Reuters) - Indian state-fuel retailers raised petrol and diesel prices by less than a rupee on Saturday, dealers said, the third such increase this month as the government looks to recover some losses from high crude prices caused by the Iran war.

Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel will be priced 0.91 rupees higher at 92.49 rupees per litre, dealers said.

($1 = 95.6900 Indian rupees)

(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City;)

(([email protected];))

Adds companies planning a staggered increase in pump prices

NEW DELHI, May 19 (Reuters) - India state-fuel retailers raised petrol and diesel prices by less than a rupee per litre on Tuesday, the second increase in a week to recover some losses from high crude prices resulting from the Iran war.

After the rise of roughly 0.9 rupees ($0.0093), consumers will pay 98.64 rupees for a litre of petrol in New Delhi and 91.58 rupees for a litre of diesel, dealers said. Prices vary across the country because of regional taxes.

Although petrol and diesel prices are deregulated in India, the government exerts significant influence on prices as the majority shareholder of the key retail companies.

Sujata Sharma, a joint secretary in the oil ministry, said on Monday the state fuel retailers have been losing 7.5 billion rupees daily. The government has no plans to provide financial support for them, Sharma said.

Sources at refiners said more price hikes are needed to recoup the losses. The fuel retailers did not respond to Reuters' emails seeking comment.

India is the world's third-largest importer and consumer of oil and was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.

State-run Indian Oil Corp IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which together control more than 90% of a network of 103,000 fuel stations, tend to set prices in tandem.

The state-run suppliers raised petrol and diesel prices on Friday by 3 rupees a litre, the country's first price increase in four years.

Dealers and analysts said they expected a staggered increase in prices, similar to April 2022 during the COVID pandemic.

Opposition parties said the government, headed by Prime Minister Narendra Modi, had postponed price increases to try to win votes in recent state elections. Modi's Bharatiya Janata Party won two of the four states, expanding its political influence.

Modi has urged people to limit their travel to conserve fuel and curb buying gold.

($1=96.3450 Indian rupees)

(Reporting by Mohi Narayan, Tanvi Mehta and Nidhi Verma, Chris Thomas in Mexico City; Editing by Clarence Fernandez, Thomas Derpinghaus and Neil Fullick)

(([email protected];))

Adds new shipments

By Ruth Chai and Florence Tan

May 15 (Reuters) - The U.S. has maintained a blockade of Iranian ports, while Iran lifted and then reimposed its own blockade on marine traffic passing through the Strait of Hormuz, which typically handles roughly one-fifth of the world's oil supply.

Here's a look at some of the non-Iranian oil tankers that have passed through the strait since the start of the U.S.-Israeli war on Iran on February 28, listed by cargo destination, according to data from LSEG and Kpler.

JAPAN

Very large crude carrier (VLCC) Eneos Endeavor, managed by Japanese refining group Eneos 5020.T and carrying 1.2 million barrels of Kuwait crude and 700,000 barrels of Emirati Das Blend oil, exited the strait as of May 14.

The tanker loaded in late February and is expected to arrive in Japan on June 3, according to Kpler.

The first VLCC to exit, the Idemitsu Maru carrying 2 million barrels of Saudi Arabian oil, will arrive at Nagoya in Japan on May 25.

UNITED ARAB EMIRATES

VLCC Basrah Energy loaded 2 million barrels of Upper Zakum crude from Abu Dhabi National Oil Co's (ADNOC) Zirku terminal on May 1 and exited the Strait of Hormuz on May 6, Kpler data showed.

It offloaded its cargo at the Fujairah Oil Tanker Terminals on May 8.

In April, the UAE's Abu Dhabi National Oil Co managed to export at least 4 million barrels of its Upper Zakum crude and 2 million barrels of Das crude on four tankers from terminals inside the Gulf.

VIETNAM

Agios Fanourios I, a VLCC tanker loaded with Iraqi crude and bound for Vietnam crossed the Strait of Hormuz through Iran's designated route on May 10, Iran's semi-official Tasnim news agency said.

However, the U.S. Navy has redirected the tanker as part of ongoing enforcement of its blockade against Iran.

INDIA

At least two VLCCs and two suezmax tankers exited the Gulf in March and April to offload crude in India.

VLCC Habrut, which crossed the strait on April 2, discharged Abu Dhabi crude for Indian Oil Corp IOC.NS at Paradip on April 20.

Meanwhile, VLCC Marathi discharged Saudi crude at the Sikka port for Reliance Industries RELI.NS on March 28, Kpler data showed.

Suezmax Smyrni exited the strait on March 12 and discharged 1 million barrels of Saudi crude at Mumbai for state refiner Hindustan Petroleum Corp HPCL.NS on March 16, the data showed. Another suezmax Shenlong left the strait on March 6 and discharged the same amount of Saudi crude at Mumbai on March 11.

Tanker Msg, laden with residual fuel, was headed to India's Pipavav port after passing the strait on April 9, Kpler data showed. Tanker Navara, which sailed through the strait on March 31, discharged fuel oil at Sikka port on April 8, the data showed.

SOUTH KOREA

Liberian-flagged tanker Navig8 Macallister is shipping about 500,000 barrels of UAE's naphtha to Ulsan in South Korea.

Maltese-flagged Odessa laden with Middle East crude passed through the strait on April 13. It discharged its cargo at South Korea's Daesan port for refiner Hyundai Oilbank on May 9.

THAILAND

A Thai oil tanker owned by Bangchak Corp BCP.BK safely passed through the Strait of Hormuz following diplomatic coordination between Thailand and Iran, and was not required to pay to escape the blockade, a Thai official and the oil major that owns the vessel said on March 25.

The Liberian-flagged Suezmax tanker Pola discharged 1 million barrels of Khafji crude at Singapore and Thailand in April, Kpler data showed.

CHINA

VLCC Yuan Hua Hu, carrying 2 million barrels of Iraqi crude, is expected to arrive at eastern China's Zhoushan port on June 1, the data showed, after it exited the strait on May 13.

Another two Chinese-flagged VLCCs Cospearl Lake and He Rong Hai exited the Strait of Hormuz on April 11.

Hong Kong-flagged Cospearl Lake, laden with almost 1.9 million barrels of Iraqi oil, discharged its cargo on May 2 at Ningbo.

He Rong Hai discharged 2.1 million barrels of Saudi crude in Myanmar on April 22. Crude discharged at Myanmar typically goes to PetroChina's 601857.SS Yunnan refinery.

Both VLCCs are chartered by Unipec, the trading arm of Chinese energy giant Sinopec 600028.SS.

VLCC Dhalkut, which passed through the strait on April 2, also discharged 2 million barrels of Saudi crude at Myanmar on April 16.

On March 31, a Chinese foreign ministry spokesperson said that three Chinese ships recently sailed through the Strait of Hormuz after coordination with relevant parties.

MALAYSIA

Liberian-flagged VLCC Serifos exited the strait on April 10. The tanker, carrying crude loaded from Saudi Arabia and the United Arab Emirates in early March, discharged its cargo at Malaysia's Malacca port on April 30.

Ocean Thunder, loaded with Iraqi crude and chartered by a unit of Malaysian state energy firm Petronas, passed through the strait on April 5 and discharged its cargo of 1 million barrels of Basrah Heavy crude at Malaysia's Pengerang on April 18.

Both tankers are among seven Malaysia-linked vessels cleared by Iran to transit the strait, two people familiar with the matter told Reuters.

(Reporting by Ruth Chai and Florence Tan; Editing by Janane Venkatraman and Mrigank Dhaniwala)

(([email protected];))

** 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)

(([email protected]))

May 13 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL - GROSS REFINING MARGIN IN Q4 FY26 AT $14.27 PER BARREL VERSUS $8.44 PER BARREL IN Q4 FY25

Source text: ID:nBSE9v8yDR

Further company coverage: HPCL.NS

(([email protected];))

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)

(([email protected]))

Add comments

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)

(([email protected];))

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)

(([email protected]; X: @nidhi712;))

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)

(([email protected]; 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)

(([email protected]; @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

(([email protected];))

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)

(([email protected]; +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)

(([email protected]; +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)

(([email protected]; X: @nidhi712;))

Adds comments, background, changes media tag

By Nidhi Verma

NEW DELHI, April 9 (Reuters) - India's largest gas distributor GAIL (India) GAIL.NS plans to borrow 50-60 billion rupees in fiscal 2027 to fund expansion, and has bought three spot LNG cargoes to offset supply shortages caused by the Iran war , a company executive said on Thursday.

The amount it plans to borrow would be the equivalent of $539 million-$647 million.

Finance director Rakesh Jain, at an industry event, also said GAIL's Dabhol LNG import terminal in Ratnagiri, Maharashtra state, is handling 2.25 million tonnes per year, below its 5 million tpy capacity, due to tighter global supplies.

Iran's blocking of the Strait of Hormuz, which handles 20% of global LNG flows, and damage to Qatar's liquefaction trains - sidelining 12.8 million tons per year of supply for three to five years - have slashed availability and pushed up spot prices. LNG-AS

Last year, India received nearly half of its LNG imports from Qatar, according to data from analytics firm Kpler.

Indian refiner Hindustan Petroleum Corp HPCL.NS has also been unable to secure an LNG cargo to operate its 5 million tpy Chhara LNG terminal on the west coast in Gujarat state, a company source told reporters at the event.

The source said HPCL did not receive cargoes from its supplier, ADNOC Trading, in March and April, as ADNOC Trading was due to deliver volumes sourced from Qatar, and that the Chhara terminal had yet to reach full operational capacity due to operational issues.

ADNOC Trading did not immediately respond to a request for comment.

($1 = 92.7100 Indian rupees)

(Reporting by Nidhi Verma in New Delhi, Writing by Aleef Jahan in Bengaluru and Emily Chow in Singapore; Editing by Sonia Cheema and Bernadette Baum)

(([email protected];))

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
)

(([email protected]))

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)

(([email protected]))

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;)

(([email protected]))

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)

(([email protected];))

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)

(([email protected]; 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)

(([email protected];))

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)

(([email protected]; 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)

(([email protected]; 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;)

(([email protected]))

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;)

(([email protected]))

SINGAPORE, March 17 (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)