As much as 0.3 million tonnes of Upper Zakum crude stored at the Mangaluru cavern has already been emptied and the remaining 0.45 million tonnes will be sold by the end of the year.
Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May.
Edible oil prices in the domestic retail markets have shot up sharply by up to 46.15 per cent in the last one year due to global factors and local tight supply situation, as per government data.
Tight supply of mustard seeds has put pressure on wholesale and retail prices of mustard oil.
The result was a 52 per cent jump in inventory gains from the Rs 5,622 crore recorded during the previous quarter.
Saudi Arabian Oil Co. released its financial results a year after pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to stem the spread of the virus.
U.S. sanctions will start targeting Iran's crude exports from November 4, and Washington is putting pressure on governments and companies globally to fall in line.
The United States from Nov. 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut their purchases.
Despite the slowdown, oil consumption will still increase to 480 million tonnes by 2040 as the renewable push will not completely halt oil demand growth, said Reliance Industries' Harish Mehta.
At the meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna last week, Oil Minister Dharmendra Pradhan and his team of officials presented the consumer side to the producers.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
The Petroleum Minister said several States have already reduced VAT on petrol and diesel while States like Goa are collecting only 12 percent tax on petroleum products.
Petrol prices rose for the fifth consecutive day on Monday to Rs 74.50 per litre in New Delhi, even as global crude oil cost dipped somewhat due to international factors.
US President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters.
While finance secretary Hasmukh Adhia on Monday ruled out any immediate reduction in excise duty, sources told TNIE that the option is still open.