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 remained unchanged since May last year.In the first quarter of FY24, OMCs, which are public sector companies, reported healthy profits. Among them, Indian Oil Corporation reported net profit of ₹14,735 crore for April-June compared to a net loss of ₹883 crore in the same period last year. Indian refiners have been buying discounted Russian oil for most part of the past one-and-a-half year since the Russia-Ukraine conflict broke out, allowing them to record a significant jump in refining margins, while petrol and diesel prices have largely remained the same since May last year.

History of this topic

Oil prices up in thin pre-Christmas trade
1 hour, 41 minutes ago
India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
1 week, 1 day ago
Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
2 weeks, 4 days ago
Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 1 week ago
China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
1 month, 1 week ago
Trump Factor: Decoding the potential impact on crude prices and India’s oil economy
1 month, 1 week ago
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 Remain Stable in Delhi Amid Global Fluctuations
2 months, 3 weeks ago
India’s petroleum exports plunge in first five months of FY25 on lower demand, supply disruption
2 months, 4 weeks ago
Lebanon crisis: Oil prices climb on Middle East tensions
2 months, 4 weeks ago
Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary
3 months, 1 week ago
Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl
5 months ago
Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel
5 months, 3 weeks ago
India's crude oil imports soar 7% YoY in April, net oil & gas import bill hits $12.3 billion-mark: PPAC
6 months, 4 weeks ago
OMCs should bargain with oil producers for discount: Petroleum minister Hardeep Singh Puri
7 months ago
Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On May 05
7 months, 2 weeks ago
Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What’s cooling down the commodity?
7 months, 2 weeks ago
India saved USD 13 billion by importing discounted Russian crude
7 months, 3 weeks ago
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 27
7 months, 3 weeks ago
India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC
8 months ago
Israel-Iran tensions threaten to send oil, LNG prices soaring, experts warn of volatility in Indian markets
8 months ago
India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months ago
Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl
8 months, 1 week ago
ONGC share price rises 5% as Jefferies expects more than 40% upside-4 key reasons why
8 months, 1 week ago
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
Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 30
8 months, 3 weeks ago
Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
8 months, 3 weeks ago
Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 25
8 months, 4 weeks ago
Rupee declines by 20 paise to 83.33 against dollar in early trade
9 months ago
Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl
9 months ago
India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC
9 months ago
Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
9 months, 3 weeks ago
Geo-political tensions could keep crude prices elevated in the near term: Report
10 months ago
India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC
10 months ago
Petroleum exports drop sharply as West tightens squeeze on Russia
10 months ago
Petrol, diesel fresh prices: Check rates of different cities on January 31
10 months, 3 weeks ago
India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC
11 months ago
India reduces import of Russian crude oil over pricing
11 months, 1 week ago
Crude oil prices falling but no relief to public: Kharge slams Centre
11 months, 2 weeks ago
India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC
1 year ago
Brokerage maintains ‘buy’ on ONGC, Oil India as Brent hovers at $80; here’s why
1 year ago
OMC stocks on uptrend over lower crude oil prices; BPCL, HPCL see sharp gains, Indian Oil hits 52-week high
1 year ago
Stock Picks: ONGC, Oil India among top picks for Motilal Oswal in upstream sector, Indian Oil among OMCs
1 year ago
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
Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl
1 year, 1 month ago
Petrol and diesel prices on November 20: What are the rates in your city today?
1 year, 1 month ago
Oil headed for third weekly decline on global demand concerns; Brent ticks higher to $81/bbl
1 year, 1 month ago
Crude price rise: Anand Rathi initiates coverage on ONGC, Oil India
1 year, 1 month ago
Domestic crude oil production at 2.4 MMT in September, imports rise 6.1% YoY: PPAC
1 year, 2 months ago

Discover Related