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Nayara Energy - part-owned by Russian oil giant Rosneft PJSC and blacklisted by the European Union in July - is facing difficulties in securing non-Russian crude supplies for a second month in a row as western shipping companies refused to ferry oil for it, ship tracking data showed. Nayara, which has already cut down the run rate of its 4,00,000 barrels a day oil refinery at Vadinar in Gujarat, remains heavily reliant on Russian barrels since August. The company got about 2,42,000 barrels per day (bpd) of Russian oil, possibly in ships arranged by Moscow, in August, and another 3,32,000 bpd in the first half of September, preliminary data by global trade analytics firm Kpler showed. It did not get any crude oil, which is converted into fuels like petrol and diesel at the refinery, from other key sources, such as Iraq and Saudi Arabia, in both August and September. Iraq and Saudi Arabia had supplied about 1,20,000 bpd of crude to Nayara in July. "Nayara's situation remains challeng
The government's decision to hike customs duty on crude palm and refined sunflower oil to 20 per cent and 32.5 per cent, respectively will "hugely" benefit farmers as it will increase their income, a senior official said on Saturday. The government official also said that the decision to remove minimum export price and slashing of export duty on onion too would help farmers of the country. According to a finance ministry notification, the basic customs duty on crude palm, soybean and sunflower seed oil has been increased from nil to 20 per cent. Basic customs duty on refined palm, soybean and sunflower oil has been hiked from 12.5 per cent to 32.5 per cent. The effective duty on these crude and refined oils will increase from 5.5 per cent to 27.5 per cent and from 13.75 per cent to 35.75 per cent, respectively. "These are big support for soya and oilseed farmers. Farmers from Maharashtra and Madhya Pradesh will get hugely benefited as they account for significant production of the