Freeze out: The Hindu Editorial on fuel price hike after a 137-day pause
2 years, 9 months ago

Freeze out: The Hindu Editorial on fuel price hike after a 137-day pause

The Hindu  

On Tuesday, after possibly the longest pause, of 137 days, in India’s retail fuel prices in recent years, oil marketing companies raised petrol and diesel prices by about 80 paise a litre, following up with a similar increase on Wednesday. The interregnum between then and now, coinciding with the five Assembly election battles, also witnessed the sharpest spike in global crude oil prices among recent instances of price freezes in India’s ‘deregulated’ petroleum products market. Ordinarily, oil marketing companies reset retail prices daily, based on an average of the previous 15 days’ global prices for their preferred basket of crude. Holding free market prices hostage to electoral politics, deployed ever so often in recent years, including the last time these five States went to the polls and the 2019 Lok Sabha campaign, is politically unfair, economically untenable and reflects an extremely cynical state machinery deployment tactic.

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History of this topic

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
1 week, 2 days ago

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022

Live Mint  

India's import of Russian crude dropped to its lowest level since June 2022 in November this year, reported the news agency PTI on Sunday, December 15, citing a Centre for Research on Energy and Clean Air report. “India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,” the …

Trump Factor: Decoding the potential impact on crude prices and India’s oil economy
1 month, 1 week ago

Trump Factor: Decoding the potential impact on crude prices and India’s oil economy

Live Mint  

Energy markets are attempting to understand the implications of Donald Trump's presidency on oil and gas prices. Analysts predict that his actions could significantly influence global crude oil prices, with an 80% likelihood of a decline. Trade-related uncertainties and tensions continue to pose challenges for crude oil prices, particularly affecting energy prices in the US. Overall, declining crude prices can …

'India did the entire world a favour': Union Minister Puri on India's stance to buy Russian oil
1 month, 2 weeks ago

'India did the entire world a favour': Union Minister Puri on India's stance to buy Russian oil

New Indian Express  

India's decision to purchase oil from Russia amidst global uncertainties has played a crucial role in preventing a potential spike in global oil prices, said Union Petroleum and Natural Gas Minister Hardeep Singh Puri. In an interview with CNN's Becky Anderson on the sidelines of the annual ADIPEC energy industry event in Abu Dhabi, the Union Minister stated that without …

Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74
1 month, 2 weeks ago

Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74

Live Mint  

Crude oil prices slid 2.5% on Wednesday, November 6, snapping a five-day winning streak, weighed down by a stronger US dollar as early reports suggested that Republican candidate Donald Trump is edging closer to securing a second term in the White House. Crude prices have experienced notable fluctuations in recent sessions, influenced by OPEC+'s decision to delay December production plans …

Fuel Prices In Delhi, October 16: Remain Stable With Petrol At Rs 94.72 & Diesel Priced At Rs 87.62
2 months, 1 week ago

Fuel Prices In Delhi, October 16: Remain Stable With Petrol At Rs 94.72 & Diesel Priced At Rs 87.62

ABP News  

As of today, the fuel prices in Delhi remain relatively stable, with minor fluctuations due to global crude oil prices and other factors like supply chain dynamics. Fuel prices in India are revised daily based on the 15-day average of global oil prices, which is a dynamic pricing model. Despite the global fluctuations in oil supply and demand, especially due …

Fuel Prices Remain Stable in Delhi Amid Global Fluctuations
2 months, 3 weeks ago

Fuel Prices Remain Stable in Delhi Amid Global Fluctuations

ABP News  

Fuel prices in Delhi remain stable for now, offering a brief respite for consumers amid global oil market fluctuations. The price of petrol stands at ₹94.72 per liter, while diesel is priced at ₹87.62 per liter. These rates have been consistent over the past few weeks, providing a welcome relief for many consumers. However, there remains a concern about the …

Will petrol, diesel prices be slashed amid cheaper crude? Here's what Oil Ministry official has to say
3 months ago

Will petrol, diesel prices be slashed amid cheaper crude? Here's what Oil Ministry official has to say

India TV News  

The petrol, and diesel prices are likely to be slashed amid cheaper crude prices as the international oil prices continue to be extremely volatile. It should be noted that the global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. While petrol and diesel pricing …

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary
3 months, 1 week ago

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary

Live Mint  

Secretary at the Ministry of Petroleum and Natural Gas, Pankaj Jain, said on Thursday that oil companies will consider cutting fuel prices if crude oil remains low for an extended period. With the rise in fuel demand, India wants increased output from the Organisation of Petroleum Exporting Countries, its allies, and Russia, the Oil Secretary added. Global crude oil prices …

Karnataka hikes fuel prices, BJP demands rollback, threatens protest
6 months, 1 week ago

Karnataka hikes fuel prices, BJP demands rollback, threatens protest

India Today  

The petrol and diesel prices in Karnataka were increased by Rs 3 and Rs 3.02, respectively, on Sunday after the state government hiked the sales tax on the fuels. BJP THREATENS STATEWIDE PROTESTS The Karnataka BJP leaders came out against the price hike and demanded an immediate rollback of the decision. "The Congress party says that there is inflation in …

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On May 05
7 months, 2 weeks ago

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On May 05

News 18  

Petrol, Diesel Prices Today On May 05, 2024: Each day at 6 am, oil marketing companies unveil the prices of petrol and diesel, unfazed by their volatility. Petrol Diesel Price Today In India Check city-wise petrol and diesel prices on May 05; City Petrol Price Diesel Price Delhi 94.72 87.62 Mumbai 104.21 92.15 Chennai 100.75 92.34 Kolkata 103.94 90.76 Noida …

Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What’s cooling down the commodity?
7 months, 3 weeks ago

Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What’s cooling down the commodity?

Live Mint  

Oil prices extended losses on Friday, May 3, 2024 and stayed on course for the steepest weekly loss in three months, as investors weighed lower-than-expected US jobs data and the timing of interest rate cuts by the US Federal Reserve. Coming to domestic prices, crude oil futures declined 0.76 per cent to ₹6,551 per barrel on the multi commodity exchange. …

Israel-Iran tensions threaten to send oil, LNG prices soaring, experts warn of volatility in Indian markets
8 months ago

Israel-Iran tensions threaten to send oil, LNG prices soaring, experts warn of volatility in Indian markets

Live Mint  

The ongoing conflict between Iran and Israel has intensified in recent days and is threatening to disrupt the crucial oil and liquified natural gas imports to India through the Strait of Hormuz. Iran has threatened to block the vital passage of sea, which can create oil/LNG supply bottlenecks for countries like India which import crude oil from Saudi Arabia, Iraq, …

Petroleum minister discusses ongoing market volatility with Opec secretary-general
8 months ago

Petroleum minister discusses ongoing market volatility with Opec secretary-general

Live Mint  

New Delhi: Hardeep Singh Puri, India’s Union minister for petroleum and natural gas, on Friday discussed with Haitham Al-Ghais, the secretary-general of the Organization of the Petroleum Exporting Countries, the ongoing volatility in the energy market due to the Iran-Israel conflict. “As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy …

ONGC share price rises 5% as Jefferies expects more than 40% upside-4 key reasons why
8 months, 1 week ago

ONGC share price rises 5% as Jefferies expects more than 40% upside-4 key reasons why

Live Mint  

Oil and Natural Gas Commission Ltd share price saw a sharp 5% rise in share prices and ONGC was amongst largest Nifty-50 stock gainers. The upstream oil and gas producers as ONGC and Oil India Ltd though should benefit with higher crude prices, nevertheless windfall tax imposed by the government that keeps being adjusted every fortnight limits any major gains …

US to tell event in India that price cap on Russian oil working
8 months, 3 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

Gas price for Reliance trimmed to $9.87; rate for gas that feeds CNG, PNG supplies still at $6.5
8 months, 3 weeks ago

Gas price for Reliance trimmed to $9.87; rate for gas that feeds CNG, PNG supplies still at $6.5

The Hindu  

The government on March 31 cut the price of natural gas produced from difficult areas like deep sea KG-D6 block of Reliance Industries, marginally to $9.87 per million British thermal unit in line with softening of benchmark international gas prices, an official notification said. For the six-month period starting April 1, the price of gas from deepsea and high-pressure, high-temperature …

Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl
9 months ago

Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl

Live Mint  

Oil prices declined on Thursday, March 21, pressured by weaker US gasoline demand data and reports of a United Nations draft resolution calling for a ceasefire in Gaza. US West Texas Intermediate futures for May were down 69 cents, or 0.9 per cent, to $80.58 per barrel after a fall of about 1.8 per cent in the previous session, according …

Petrol pumps cap inventory amid hopes of fuel price cut
9 months, 1 week ago

Petrol pumps cap inventory amid hopes of fuel price cut

Live Mint  

New Delhi: Retail fuel pumps across the country are operating with about three days of stock against the usual inventory of five days over the past month amid speculations of a cut in petrol and diesel prices ahead of general elections. Oil marketing companies need to determine retail fuel prices on a daily basis under the dynamic pricing mechanism based …

No diesel, petrol price cut until crude stabilises: Puri
9 months, 2 weeks ago

No diesel, petrol price cut until crude stabilises: Puri

New Indian Express  

NEW DELHI: A day after reducing liquefied petroleum gas cylinder prices by Rs 100 nationwide, petroleum minister Hardeep Singh Puri clarified there are no plans to cut petrol and diesel prices in the domestic market until crude prices stabilise in the international market. The minister cited volatile nature of the international oil market and ongoing under-recoveries by the oil marketing …

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
9 months, 4 weeks ago

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl

Live Mint  

Oil prices experienced a slight decline amid speculation that unexpectedly robust inflation figures might postpone reductions in high interest rates, which have been restraining global fuel demand growth. Brent crude futures saw a decrease of 20 cents, marking a 0.3% drop to $81.42 per barrel by 1415 GMT. This downward trend follows last week's losses, with Brent experiencing a decline …

India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC
10 months ago

India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in January 2024 - registering a growth of 0.7 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports increased by 5.7 per cent and 0.9 per cent during January 2024 and April-January 2023-24 respectively, compared to the corresponding period of …

Crude oil price dips 38 percent but benefit not passed on to consumers: Congress
10 months, 2 weeks ago

Crude oil price dips 38 percent but benefit not passed on to consumers: Congress

New Indian Express  

NEW DELHI: The Congress on Wednesday attacked the government over fuel prices, alleging that crude oil has become cheaper in the last two years but "looting from the public continues". Congress general secretary Jairam Ramesh shared a media report on X in which he claimed that crude oil prices have gone down by 38 per cent but its benefits were …

Petrol, diesel fresh prices: Check rates of different cities on January 31
10 months, 3 weeks ago

Petrol, diesel fresh prices: Check rates of different cities on January 31

India TV News  

Every day, at 6 am, the curtain lifts on the prices of petrol and diesel, unfazed by the ebb and flow of market dynamics. This daily practice is a product of the strategic manoeuvres of oil marketing companies, adept at recalibrating prices based on the mercurial shifts in global crude oil prices and foreign exchange rates. With a finger on …

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81
10 months, 3 weeks ago

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81

Live Mint  

Oil prices edged lower on Tuesday, January 30, extending a more than one per cent drop in the previous session on China's economic outlook, however the losses were kept in check by supply fears driven escalating tensions in the Middle East. Back home, on the Multi Commodity Exchange, crude oil futures due for a February 16 expiry, was last trading …

India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC
11 months ago

India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC

Live Mint  

Crude oil imports increased by 1.1 per cent and 0.4 per cent during December 2023 and April-December 2023 respectively, compared to the corresponding period of the previous year. The cumulative natural gas consumption for the current financial year till December 2023 stood at 49,540 MMSCM, which was higher by 9.4 per cent compared with the corresponding period of the previous …

India reduces import of Russian crude oil over pricing
11 months, 1 week ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

Crude oil prices falling but no relief to public: Kharge slams Centre
11 months, 2 weeks ago

Crude oil prices falling but no relief to public: Kharge slams Centre

Hindustan Times  

New Delhi: Congress president Mallikarjun Kharge on Thursday criticised the central government for failing to lower petrol and diesel prices claiming there has been a significant drop in global crude oil prices. Congress president Mallikarjun Kharge “Crude oil prices have plunged by 31% over 19 months,” he said and accused Prime Minister Narendra Modi-led Bharatiya Janata Party government at the …

No Plans to Cut Petrol, Diesel Prices Ahead of Lok Sabha Polls: Hardeep Singh Puri
11 months, 3 weeks ago

No Plans to Cut Petrol, Diesel Prices Ahead of Lok Sabha Polls: Hardeep Singh Puri

Deccan Chronicle  

New Delhi: Ahead of Lok Sabha polls this year, the probability of a cut in prices of petrol and diesel has been ruled out by the government as Union petroleum minister Hardeep Singh Puri on Wednesday clarified that there’s no proposal to cut fuel prices, while the media reports are ‘speculative’. The statement by the oil minister comes amid several …

Is petrol, diesel price cut happening? Oil minister Hardeep Singh Puri responds
11 months, 3 weeks ago

Is petrol, diesel price cut happening? Oil minister Hardeep Singh Puri responds

India TV News  

Petrol, diesel price cut: Amid reports that petrol, diesel prices may be reduced in the coming days, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that global oil market is in a "highly turbulent" situation and it has to stabilise before any cut. The Union Minister informed, "There has been no discussion with the oil marketing …

India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC
1 year ago

India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC

Live Mint  

India produced a total of 2.4 million metric tonnes of crude oil in November 2023 - registering a de growth of 0.4 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 2.3 per cent and increased by 0.4 per cent during November 2023 and April-November 2023 respectively, compared to the …

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC
1 year, 1 month ago

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in October 2023 - registering a growth of 1.3 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared …

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl
1 year, 1 month ago

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl

Live Mint  

Oil prices plunged 4 per cent on Wednesday, November 22, after the Organisation of Petroleum Exporting Countries and it allies unexpectedly delayed the policy meeting on output planned for Sunday, raising questions about the future course of crude production cuts. {{^adFree}} {{/adFree}} Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last …

Petrol and diesel prices on November 20: What are the rates in your city today?
1 year, 1 month ago

Petrol and diesel prices on November 20: What are the rates in your city today?

Hindustan Times  

The petrol and diesel prices across Delhi, Mumbai and other metropolitan cities remained unchanged on Monday, November 20, as major oil marketing companies like Bharat Petroleum, Hindustan Petroleum and Indian Oil decided to keep the rates stable. The petrol and diesel prices in Delhi were recorded at ₹96.72 and ₹89.62 respectively on November 20, while in Mumbai, the fuel rates …

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
1 year, 1 month ago

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more

Live Mint  

Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies as well as the Israel-Hamas war. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to …

Crude price rise: Anand Rathi initiates coverage on ONGC, Oil India
1 year, 1 month ago

Crude price rise: Anand Rathi initiates coverage on ONGC, Oil India

Live Mint  

Though we don’t expect them to flare up to FY23 highs, recovering demand and OPEC’s supply cuts would keep crude prices high and support upstream companies ONGC and Oil India, said brokerage house Anand Rathi in a recent report. On the back of this current scenario, the brokerage has initiated coverage on upstream companies ONGC and Oil India with ‘Buys’ …

Domestic crude oil production at 2.4 MMT in September, imports rise 6.1% YoY: PPAC
1 year, 2 months ago

Domestic crude oil production at 2.4 MMT in September, imports rise 6.1% YoY: PPAC

Live Mint  

India produced a total of 2.4 million metric tonnes of crude oil in September 2023 - registering a steady growth compared to the year-ago period, according to Petroleum Planning & Analysis Cell. {{^adFree}} {{/adFree}} Crude oil imports increased by 6.1 per cent and by 0.4 per cent during September 2023 and April-September 2023 respectively, compared to the corresponding period of …

Investors flee shares on widening war fear
1 year, 2 months ago

Investors flee shares on widening war fear

Live Mint  

Investors offloaded shares Monday on concerns about the economic fallout from the Israel-Hamas conflict. Though retail figures aren’t available, the sharper 1.3-1.6% fall in the Nifty Midcap 150 and the Nifty Smallcap 250 indices suggests significant selling by retail as the provisional purchase of ₹2,661.67 crore by domestic institutional investors, including mutual funds, couldn’t stave off the market fall. “From …

Oil prices soar on Israel-Hamas conflict; India watching situation closely
1 year, 2 months ago

Oil prices soar on Israel-Hamas conflict; India watching situation closely

Live Mint  

New Delhi: International crude oil prices surged on Monday amid the military clash between Israel and Hamas forces of Palestine. Sharad Chandra Shukla, director at Mehta Equities said the recent escalation in the Israel-Palestine conflict has injected uncertainty into global markets, leading to a surge in crude oil prices and a hardening of US Treasury yields. “Oil prices rose more …

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's
1 year, 2 months ago

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's

The Hindu  

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL," Moody's said in a report. "Still, the three companies' fiscal 2024 earnings will …

Crude import costs down 35%, creates room to cut fuel prices
1 year, 4 months ago

Crude import costs down 35%, creates room to cut fuel prices

Live Mint  

NEW DELHI : India’s oil import bill declined 35.3% during the first four months of FY24 due to easing crude oil prices over the past year. This fall in the import bill will likely see oil marketing companies, which operate most of the refineries in the country, increase their refining and marketing margins—and profits too —as retail fuel prices have …

Petrol and diesel prices on July 22: Check latest rates in your city today
1 year, 5 months ago

Petrol and diesel prices on July 22: Check latest rates in your city today

Hindustan Times  

Petrol and diesel prices remained unchanged for major Indian cities on Saturday. According to fuel prices revised by oil marketing companies at 6 am, petrol in Delhi was being sold at ₹96.72 per litre while the price of diesel stood at ₹89.62 per litre. Petrol and diesel prices are revised daily by the oil marketing companies at 6 am CITY …

Good news! Petrol, diesel prices to come down soon | Here is WHY
1 year, 6 months ago

Good news! Petrol, diesel prices to come down soon | Here is WHY

India TV News  

Petrol and diesel price cut: Consumers can get good news very soon regarding the petrol and diesel price cut. Depend on price of crude oil Oil companies' valuations appear reasonable but a sharp jump in crude prices during elections could pose risk to OMCs marketing earnings, the report said. However, OMCs marketing segment earnings could come under risk if Brent …

No respite to common people! Pakistan govt announces to keep petrol-diesel prices unchanged
1 year, 6 months ago

No respite to common people! Pakistan govt announces to keep petrol-diesel prices unchanged

India TV News  

Pakistan fuel prices: Amid unabated inflation in the country, the Pakistani government decided to keep the prices of petrol and diesel unchanged, giving no respite to the common people. Pakistan finance minister Ishaq Dar said that the decision to keep the petroleum products prices unchanged is taken in view of international rates, ARY News reported. He announced the reduction in …

Petrol, diesel prices in India will go down when... I Officials revealed all DETAILS
1 year, 6 months ago

Petrol, diesel prices in India will go down when... I Officials revealed all DETAILS

India TV News  

Margins on petrol and diesel have turned positive following softening of international oil prices but a revision in retail prices may happen only after state-owned oil firms recoup losses they incurred last year, officials said. State-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have temporarily abandoned the daily price revision since last year and have …

Eye on oil: on oil prices and India
1 year, 6 months ago

Eye on oil: on oil prices and India

The Hindu  

The world’s largest grouping of crude oil producers, commonly known as OPEC+, agreed on Sunday to extend ongoing production cuts into 2024 as it seeks to keep oil prices from falling amid concerns about a global economic slowdown. OPEC major and leading producer Saudi Arabia also voluntarily vowed to reduce output by an extra 1 million barrels per day in …

I run Britain's cheapest petrol station and I'm charging far less than the UK average
1 year, 7 months ago

I run Britain's cheapest petrol station and I'm charging far less than the UK average

Daily Mail  

A garage owner is claiming the crown of 'King of the Pumps' because he believes he is selling the cheapest fuel available anywhere in Britain. Vijay Jaganathan is advertising both petrol and diesel at 129.9p per litre at his rural forecourt - compared to the UK average of 145p for petrol and 154p for diesel. Vijay Jaganathan is currently advertising …

Windfall tax on crude oil returns amid price surge
1 year, 8 months ago

Windfall tax on crude oil returns amid price surge

Live Mint  

New Delhi: The Central Board of Indirect Taxes and Customs has re-introduced the windfall tax on crude oil a fortnight after bringing it down to zero. Since India follows trade parity pricing of crude oil and petrol, producers of crude oil and refineries that sell finished products realise global prices in the local market. So windfall tax on profits of …

Petrol and diesel prices on April 10. Check prices in your city
1 year, 8 months ago

Petrol and diesel prices on April 10. Check prices in your city

Hindustan Times  

The cost of petrol and diesel in India remained stagnant on Monday, continuing a ten-month trend of price stability. Prices were last revised in May 2022 after the Finance minister Nirmala Sitharaman announced to slash the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively. The government controls the fuel prices through excise duty, …

Why OPEC's crude oil production cut is bad news for India
1 year, 8 months ago

Why OPEC's crude oil production cut is bad news for India

India Today  

The surprise cut in crude oil production by the Organization of Petroleum Exporting Countries on April 2 has shocked commodity markets worldwide, with Brent crude prices climbing $5 a barrel. OPEC’s decision to cut 1.16 million barrels of oil per day to shore up prices has put the world economy, which is already looming under the threat of a recession, …

Congress asks the government why it can’t pass on the benefit of lower crude prices to consumer
1 year, 9 months ago

Congress asks the government why it can’t pass on the benefit of lower crude prices to consumer

The Hindu  

Attacking the government over prices of petrol and diesel, the Congress on Wednesday asked why the Narendra Modi government has not passed on the benefit of reduction in international crude oil prices to consumers. Addressing a press conference, Congress spokesperson Gourav Vallabh also asked besides the public sector refineries, which private refineries benefited from cheaper Russian crude oil and at …

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