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
On the daily chart, MCX Copper has been unable to sustain the breakout of its rising channel pattern and has moved down, forming a lower high, lower low pattern, indicating bearish sentiment
Washington is chipping away at the so-called shadow fleet that transports oil to China, India and Turkiye among others
Both benchmarks made weekly gains of more than 6%, marking their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza
Brent crude futures were up 53 cents, or 0.7%, at $82.93 a barrel by 1:48 p.m. ET (1848 GMT), and touched $83.57, their highest price since November
US, EU could be moving to make it difficult for Russia to sell not only crude but other products
Oil ministry's plans involve a rapid exit from fuels without considering implications, writes S Dinakar
In March, crude oil processed at 23 million tonnes was the highest since Reuters records going back to 2009
The Gujarat Pollution Control Board (GPCB) has ordered the Oil and Natural Gas Corporation (ONGC) to pay Rs 50 lakh in damages for the spillage of crude oil from its pipeline in Bharuch district, an official said on Friday. It has been alleged that 25 camels died after drinking water contaminated with the spillage on Sunday, though the central government-controlled oil major has denied it. An agricultural field near Kachhipura village was found covered in crude oil leaked from a pipeline belonging to ONGC on Sunday, said Bharuch-based GPCB regional officer Margi Patel. The board ordered inquiry after the death of camels was reported. "We have directed ONGC to pay Rs 50 lakh as environmental damage compensation (to the state authorities)," Patel said. The actual cause of the death of the camels will be clear only after the autopsy report is available, the official said. The GPCB has also directed the ONGC to clean up the site, she added. ONGC said in a statement that cleaning-up
OPEC also raised its demand forecasts for the medium term to2027, saying the figure is up by almost 2 million bpd by the endof the period from last year
With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices
US sanctions on Russia for its February invasion of Ukraine prohibit imports to the United States of Russian-origin energy products including crude oil, refined fuels, distillates, coal and gas
China's import of seaborne Russian crude oil is likely to end July below India's, although definitive Chinese numbers are not available
The strategy, raised among Group of Seven leaders last month, is to limit the revenue Moscow earns from oil exports without driving Russian cargoes off the global market
Quite low in the pecking order of inbound consignments at one point, the fossil fuel today accounts for a third of the value of crude entering the country
However, the earnings impact for RIL is likely to be less material given offsets from marking-to-market for current GRM strength, says a brokerage
U.S West Texas Intermediate (WTI) was down $2.10, or 1.8%, at $112.82 a barrel
The rupee slumped by 34 paise to close at 76.18 against the US dollar on Monday as rising crude oil prices and a lacklustre trend in domestic equities weighed on investor sentiment. Expectations of aggressive rate hikes by the US Federal Reserve to control inflation also weighed on the local unit. At the interbank foreign exchange market, the rupee opened lower at 76.08 against the American currency, later lost further ground to settle at 76.18, down 34 paise from the previous close. On Thursday, the rupee spurted by 37 paise to close at 75.84 against the US dollar. The forex market was closed on Friday on account of Holi. "The dollar is in rally mode as markets expect an even more hawkish Federal Reserve moving forward. Weakness in domestic equities and higher crude oil prices also weighed on the local unit," said Dilip Parmar, Research Analyst, HDFC Securities. Crude oil prices jumped 3.47 per cent to USD 111.68 per barrel after reports that European countries would also conside
Key commodities such as crude oil, ammonia, urea, potash, and phosphates could move higher over the next few weeks.
Urals crude was last imported by IOC at its Paradip port in April 2020, Refinitiv's trade flows data showed