Why Indians are paying a bomb for fuel despite cheap crude prices
3 years, 10 months ago

Why Indians are paying a bomb for fuel despite cheap crude prices

India Today  

Indians pay four times for a litre of petrol compared to its crude price, which is only around a litre of packaged drinking water. In January 2020, before the Covid-19 lockdown, crude oil price was around Rs 29 per litre, while end-users paid Rs 78 for a litre of petrol. Even after international crude prices nosedived in February, an Indian consumer still paid nearly five times higher than the crude oil price. After the gradual easing of the lockdown, crude oil price was revived to Rs 25 a litre in January this year, but consumers ended up paying Rs 87.57 per litre, more than three times higher. On May 5, 2020, when crude prices halved to Rs 14.75 from Rs 28.84 per litre, the government hiked excise duty by a record Rs10 per litre on petrol and Rs 13 per litre on diesel to garner additional revenue of Rs 1.6 lakh crore.

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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 …

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 …

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 …

India's crude oil imports soar 7% YoY in April, net oil & gas import bill hits $12.3 billion-mark: PPAC
7 months ago

India's crude oil imports soar 7% YoY in April, net oil & gas import bill hits $12.3 billion-mark: PPAC

Live Mint  

India's crude oil imports increased by seven per cent year-on-year in April 2024 and the net import bill for oil and gas hit $12.3 billion, compared to $10.1 billion in the corresponding period last year. India's domestic crude oil production stood at 2.4 million metric tonnes in April 2024 - registering a growth of 1.6 per cent compared to the …

OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri
7 months ago

OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri

New Indian Express  

NEW DELHI: Domestic oil marketing companies should come together and negotiate with oil producing companies for a good discount on long-term contracts, said petroleum minister Hardeep Singh Puri on Wednesday. In India, state-owned companies such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation import the majority of crude oil. They previously received a discount of about $8–$10 …

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. …

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On April 28
7 months, 3 weeks ago

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On April 28

News 18  

Petrol, Diesel Prices Today On April 28, 2024: Every morning at 6 am, oil marketing companies reveal the prices of petrol and diesel, regardless of their stability. Petrol Diesel Price Today In India Mumbai Petrol & Diesel Price Delhi Diesel Price Today As of April 28, the cost of diesel is priced at Rs 87.62 per litre. Check city-wise petrol …

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On April 27
7 months, 4 weeks ago

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On April 27

News 18  

Petrol, Diesel Prices Today On April 27, 2024: Every morning at 6 am, the rates for petrol and diesel are disclosed, regardless of whether they undergo fluctuations or remain stable. Petrol Diesel Price Today In India Mumbai Petrol & Diesel Price As of April 27, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching Rs …

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, …

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months, 1 week ago

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%

Live Mint  

India's crude oil import dropped 16 per cent in the fiscal year ended March 31 as lower international rates but the dependency on overseas suppliers rose to a new high, official data showed. {{^adFree}} {{/adFree}} But it paid USD 132.4 billion for the imports in FY24 as against USD 157.5 billion import bill in 2022-23, oil ministry's Petroleum Planning and …

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 …

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 30
8 months, 3 weeks ago

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 30

News 18  

Petrol, Diesel Prices Today On March 30, 2024: Every morning at 6 am, oil marketing companies reveal the prices of petrol and diesel, regardless of their stability. Petrol Diesel Price Today In India Mumbai Petrol & Diesel Price Delhi Diesel Price Today As of March 30, the cost of diesel is priced at Rs 87.62 per litre. Check city-wise petrol …

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 25
9 months ago

Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 25

News 18  

Petrol, Diesel Prices Today On March 25, 2024: Every morning at 6 am, oil marketing companies reveal the prices of petrol and diesel, regardless of their stability. Petrol Diesel Price Today In India Mumbai Petrol & Diesel Price Mumbai Petrol Price Today As of March 25, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching …

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC
9 months ago

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC

Live Mint  

India produced a total of 2.3 million metric tonnes of crude oil in February 2024 - registering a growth of 7.9 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 6.6 per cent and increased by 0.4 per cent during February 2-24 and April-February 2024 respectively, compared to the corresponding …

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 …

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 …

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 …

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 …

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 …

Brokerage maintains ‘buy’ on ONGC, Oil India as Brent hovers at $80; here’s why
1 year ago

Brokerage maintains ‘buy’ on ONGC, Oil India as Brent hovers at $80; here’s why

Live Mint  

Oil marketing companies in India will find support with international crude oil prices sustaining below the $80 per barrel mark in the near-term. The three major OMCs - Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited reported decent earnings growth in the July-September quarter of fiscal 2023-24 with improved gross refinery margins. The brokerage has …

ONGC, Oil India poised for growth amid shifting oil dynamics
1 year ago

ONGC, Oil India poised for growth amid shifting oil dynamics

Live Mint  

Shares of Oil & Natural Gas Corp Ltd and Oil India Ltd have been on fire, significantly outperforming the Nifty50 index with gains of 38% and 73% respectively this calendar year. This tax, adjusted biweekly, stabilizes net oil realizations for companies like ONGC and Oil India, ensuring consistent earnings. JM Financial Securities Ltd notes that the windfall tax adjustments by …

OMC stocks on uptrend over lower crude oil prices; BPCL, HPCL see sharp gains, Indian Oil hits 52-week high
1 year ago

OMC stocks on uptrend over lower crude oil prices; BPCL, HPCL see sharp gains, Indian Oil hits 52-week high

Live Mint  

Shares of Indian oil marketing companies are on an uptrend as noted in the last few sessions over the declining prices of international crude oil as investors expect limited effects of supply cuts announced by the Organistation of Petroleum Exporting Countries and its allies. {{^adFree}} {{/adFree}} Shares of Indian Oil Corporation gained 3.5 per cent on Friday, December 15, to …

Stock Picks: ONGC, Oil India among top picks for Motilal Oswal in upstream sector, Indian Oil among OMCs
1 year ago

Stock Picks: ONGC, Oil India among top picks for Motilal Oswal in upstream sector, Indian Oil among OMCs

Live Mint  

Upstream oil explorers Oil and Natural Gas Corporation and Oil India have emerged as the top stock picks for domestic brokerage firm Motilal Oswal Financial Services. Along with the two state-owned oil producers, GAIL, Reliance Industries Limited and Indian Oil Corporation Limited are also among the preferred oil and gas stock picks for the brokerage. ONGC, Oil India top picks …

Hindustan Petroleum share price gains more than 5%, scales 52 week high
1 year ago

Hindustan Petroleum share price gains more than 5%, scales 52 week high

Live Mint  

The share prices of Oil Marketing companies as Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd and Indian Oil Corporation Ltd saw smart gains on Tuesday with decline in Crude oil prices. While Hindustan Petroleum Corporation share price with gains of more than 5% scaled 52 week highs in morning trades, Indian Oil Corporation and Bharat petroleum corporation stock price …

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 …

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 …

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 …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 2 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Buy ships to transport energy: Govt to oil cos
1 year, 3 months ago

Buy ships to transport energy: Govt to oil cos

Live Mint  

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of …

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 …

ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline
1 year, 4 months ago

ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline

The Hindu  

Published : Jul 27, 2023 11:00 IST - 6 MINS READ At first look, the evidence is worrying. The value of the country’s goods exports in June dropped to an eight-month low of $33 billion, having fallen sharply by 22 per cent year on year. The value of the country’s oil product exports rose from $25.8 billion in the 2020-21 …

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 …

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 …

India’s imports from OPEC at all-time low as demand for Russian oil goes up
1 year, 7 months ago

India’s imports from OPEC at all-time low as demand for Russian oil goes up

Live Mint  

Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022. OPEC …

Indian crude basket likely to reflect imports from Russia
1 year, 7 months ago

Indian crude basket likely to reflect imports from Russia

Live Mint  

New Delhi: With Russia emerging as one of the top oil suppliers to India, the Indian crude basket price is likely to factor in the cheaper Russian imports going ahead. The Indian basket of crude oil broadly represents the cost of India’s oil imports, and it has so far not accounted the oil imported from Russia at discounted prices. The …

Petrol, diesel prices on April 26: What are the latest rates in your city?
1 year, 7 months ago

Petrol, diesel prices on April 26: What are the latest rates in your city?

Hindustan Times  

Fuel prices on the third consecutive day of the week has been kept unchanged with petrol and diesel prices in major cities across the country have been largely unchanged since May 21 last year, after the earlier pan-India revision. Fuel prices on the third consecutive day of the week has been kept unchanged On Wednesday, the cost of one litre …

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 …

OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA
1 year, 8 months ago

OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA

India TV News  

The International Energy Agency called OPEC+’s move to limit oil production “risky for the global economy”, saying it could push up already high prices, resulting in greater import costs for countries like India. In response to an inquiry on the potential impact of Saudi Arabia’s reduction in oil production on countries such as India, Fatih Birol, Executive Director of the …

OPEC+ output cut may lead to higher oil prices, push up India's import bill: IEA
1 year, 8 months ago

OPEC+ output cut may lead to higher oil prices, push up India's import bill: IEA

The Hindu  

The International Energy Agency on April 11, 2023 termed the decision of OPEC+ to cut oil production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial …

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