Crude oil

OPEC+ tipped to make big cut down in oil output amid inflation, soaring prices

A sizeable cut now looks on the cards, the question is whether it will be large enough to offset the demand destruction caused by the impending economic downturn. 

published on : 3rd October 2022

How high crude oil prices are ‘breaking India’s back’

India’s crude basket price averaged at $102.97 a barrel in April 2022, $109.51 in May, $116.01 in June, $105.49 in July, $97.40 in August and $91.23 per barrel in September so far.

published on : 29th September 2022

Weakening rupee to make import of crude oil, commodities expensive, fuel inflation

For a nation that is 85 per cent dependent on imports to meet its oil needs and 50 per cent for gas requirements, a weakening rupee has a bearing on the domestic price of fuel.

published on : 25th September 2022

Windfall tax on domestic crude oil cut

The basket of crude oil that India buys has averaged USD 92.67 per barrel in September as against USD 97.40 in the previous month.

published on : 16th September 2022

India must tread with care the oil price cap maze

Calling it an ‘absurd decision’ leading to chaos, Russia warned that countries imposing a price cap would be banned from receiving Russian oil.

published on : 10th September 2022

Indian oil marketing companies unlikely to cut prices immediately

Brent crude price in the international market has fallen below $90 per barrel, first time in the past seven months

published on : 9th September 2022

Import of Russian oil at discounted price part of inflation management: FM Nirmala Sitharaman

Amid sanctions imposed on Moscow due to the Russia-Ukraine war, some countries, including India, entered into bilateral deals for the purchase of oil and gas at discounted prices.

published on : 8th September 2022

Excise duty on exports of diesel, ATF hiked

Govt also raised windfall tax on domestically-produced crude from C13K to C13,300 a tonne

published on : 2nd September 2022

Rupee falls to all-time low of 80.15 against US dollar in early trade

At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close.

published on : 29th August 2022

Rupee rises 6 paise to close at 79.86 against US dollar

Brent crude futures, the global oil benchmark, rose 1.42 per cent to USD 100.75 per barrel. The rupee appreciated following positive domestic equity markets and FII inflows.

published on : 26th August 2022

Karnataka opposition demands tax cuts, decrease in fuel prices citing fall in crude oil rates

Citing falling crude oil rates, opposition leaders in Karnataka have demanded that the government bring down prices of petrol and diesel, to ease the burden on the common man.

published on : 26th August 2022

Crude output 5.6 per cent lower than target in July

The cumulative crude oil production by ONGC during April-July was 6,606.19 TMT, 1.12% lower than the target.

published on : 24th August 2022

Windfall tax on transport fuel to hit profits of oil companies

They said the tax on local oil producers has been cut on expected lines but increasing the levy on jet fuel and diesel exports was a surprise as local markets are reasonably well-supplied. 

published on : 19th August 2022

Rupee gains 46 paise to 78.94 against US dollar ahead of RBI policy outcome

At the interbank foreign exchange, the rupee opened at 79.15 against the American dollar, then touched 78.94, registering a gain of 46 paise over the last close.

published on : 5th August 2022

Govt cuts windfall tax on diesel, ATF export; raises levy on domestic crude oil 

India first imposed windfall taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies.

published on : 3rd August 2022

Rupee rises 13 paise to 79.11 against US dollar in early trade

At the interbank foreign exchange, the rupee opened at 79.16 against the US dollar and touched 79.11 in initial deals, registering a rise of 13 paise over the last close.

published on : 1st August 2022

Indian Oil Corporation reports first loss in two years; sold petrol at Rs 10 per litre loss, diesel at Rs 14

This is the first quarterly loss in over two years. The company had reported a net loss in January-March 2020, but that was on account of inventory losses on processing costlier crude.

published on : 31st July 2022

Markets fall in early trade on weak global trends

The 30-share BSE benchmark declined 75 points to 55,193.49 points in the early trade. The broader NSE Nifty dipped 33.6 points to 16,450.25 points.

published on : 27th July 2022

Rupee falls 10 paise to 79.88 against US dollar in early trade

At the interbank foreign exchange, the rupee opened at 79.83 against the US dollar, then fell to 79.88 against the greenback, registering a decline of 10 paise over the last close.

published on : 27th July 2022

Rupee rises 9 paise to 79.81 against US dollar in early trade

On the domestic equity front, the 30-share Sensex was trading 95.33 points or 0.17% lower at 55,976.90 points, while the broader Nifty declined 31.80 points or 0.19% to 16,687.65 points.

published on : 25th July 2022
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