May 26, 2023: How much is the share of imported crude oil in petroleum products coming out of Indian refineries? It was claimed to be 85 per cent, reluctantly raised to 86 per cent, of late. But the latest official figures reveal that the share of domestic crude which is called “self-sufficiency” portion in petroleum products production dropped to an all-time low of 11.5 per cent in April which is the first month of the current FY 2023-24. Click column Special Database for details. 

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May 25, 2023 | Petro Retailing: Private Players Fumble With Strategic Options | Recently, there was a buzz of excitement over a news report that Jio-bp, the joint venture of Reliance Industries Ltd and British Petroleum (bp), was ready to shake up the retailing segment by selling premium diesel at a price that would be Re 1 per litre lower than that charged at public sector outlets. Competition might be too strong a word to characterise this situation but the move has a symbolic significance that cannot be ignored. Market circles have confirmed the development but it has not triggered any tremor - as yet. One reason for this is that the difference in price is too small to create a major impact. Is Jio-bp testing the waters? These private players have suffered financial losses periodically as they are not in a position to raise retail prices every time that crude oil prices lurch upwards. Since April 2022, the PSUs have not revised the retail prices of petroleum products such as petrol and diesel. The private retailers simply cannot survive by raising prices alone. Click Free Access column Petro Intelligence to read a comprehensive piece on the subject.

Column Policy discusses five subjects: India Reacts Sharply to EU Criticism Against Export Of Products Made From Russian Crude; Russia’s Oil Major Rosneft Pivots To India; Indian Oil & Gas Majors’ Special love for imported ethane; Private Players in search of a Strategy: Confusion In India’s Petroleum Retailing Deepens with Fall In Crude Price; India’s Petroleum Products Consumption Recovery Rated Globally Outstanding.

Column Regulation starts with a piece on ONGC. It says the management of the state-owned, Oil and Natural Gas Corporation heaved a sigh of relief on hearing that its team has made two discoveries in Mumbai Offshore, the proven oil province of the country. The other subjects are: A ban on Diesel Four Wheelers in cities looks inescapable; Green Hydrogen to enter India’s ports sector; Experts’ Tantalising Prediction that  CBM Gas can help cut crude import bill by $ 2 Billion. There are exclusive reports in almost all columns.