Business Standard

Crude Oi

Custom duty hike on crude, refined oils to hugely benefit farmers

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

Custom duty hike on crude, refined oils to hugely benefit farmers
Updated On : 14 Sep 2024 | 11:40 AM IST

Copper, Crude Oil: Check key trading strategy, target price and more

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

Copper, Crude Oil: Check key trading strategy, target price and more
Updated On : 07 Jun 2024 | 6:23 AM IST

US sanctions on Russia's oil-shipping firms may leave India at sea

Washington is chipping away at the so-called shadow fleet that transports oil to China, India and Turkiye among others

US sanctions on Russia's oil-shipping firms may leave India at sea
Updated On : 25 Feb 2024 | 10:40 PM IST

Oil settles at highest in nearly eight weeks on strong economic growth

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

Oil settles at highest in nearly eight weeks on strong economic growth
Updated On : 27 Jan 2024 | 8:14 AM IST

Oil edges higher, on track for weekly gain on strong economic growth

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

Oil edges higher, on track for weekly gain on strong economic growth
Updated On : 27 Jan 2024 | 7:38 AM IST

India cautious as West makes new plan for economic sanctions on Russia

US, EU could be moving to make it difficult for Russia to sell not only crude but other products

India cautious as West makes new plan for economic sanctions on Russia
Updated On : 02 Jan 2024 | 2:41 PM IST

India's overdrive to trim fuel output investments threatens supply security

Oil ministry's plans involve a rapid exit from fuels without considering implications, writes S Dinakar

India's overdrive to trim fuel output investments threatens supply security
Updated On : 24 Aug 2023 | 11:51 PM IST

Refiners' crude processing hits 5-month low in April due to maintenance

In March, crude oil processed at 23 million tonnes was the highest since Reuters records going back to 2009

Refiners' crude processing hits 5-month low in April due to maintenance
Updated On : 08 Jun 2023 | 8:28 PM IST

ONGC to pay Rs 50 lakh damages for crude oil leak in Bharuch district

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

ONGC to pay Rs 50 lakh damages for crude oil leak in Bharuch district
Updated On : 26 May 2023 | 6:29 PM IST

OPEC raises long-term oil demand view, calls for over $12 trn investment

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

OPEC raises long-term oil demand view, calls for over $12 trn investment
Updated On : 01 Nov 2022 | 6:53 AM IST

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23
Updated On : 30 Aug 2022 | 12:07 AM IST

Indian ship used to reroute Russian-linked fuel to New York: US tells India

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

Indian ship used to reroute Russian-linked fuel to New York: US tells India
Updated On : 17 Aug 2022 | 12:19 PM IST

India seen overtaking China as biggest importer of seaborne Russian crude

China's import of seaborne Russian crude oil is likely to end July below India's, although definitive Chinese numbers are not available

India seen overtaking China as biggest importer of seaborne Russian crude
Updated On : 26 Jul 2022 | 11:49 PM IST

US to urge India, Japan to back its plan for cap on Russia oil price

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

US to urge India, Japan to back its plan for cap on Russia oil price
Updated On : 12 Jul 2022 | 10:54 PM IST

Coal is the new pain point as India grapples with a massive import bill

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

Coal is the new pain point as India grapples with a massive import bill
Updated On : 06 Jul 2022 | 11:16 PM IST

Windfall tax: $12 margin hit for Reliance; govt to rake in Rs 1.3 trn

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

Windfall tax: $12 margin hit for Reliance; govt to rake in Rs 1.3 trn
Updated On : 04 Jul 2022 | 3:51 PM IST

Crude prices fall as US, allies consider further oil stock release

U.S West Texas Intermediate (WTI) was down $2.10, or 1.8%, at $112.82 a barrel

Crude prices fall as US, allies consider further oil stock release
Updated On : 24 Mar 2022 | 8:37 PM IST

Rupee plunges by 34 paise as crude oil prices surge past $110/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

Rupee plunges by 34 paise as crude oil prices surge past $110/barrel
Updated On : 21 Mar 2022 | 6:08 PM IST

Brace for higher commodity prices as Russia invades Ukraine: Analysts

Key commodities such as crude oil, ammonia, urea, potash, and phosphates could move higher over the next few weeks.

Brace for higher commodity prices as Russia invades Ukraine: Analysts
Updated On : 24 Feb 2022 | 10:49 PM IST

Indian Oil Corp buys first Russian Urals crude in 2 years as prices slump

Urals crude was last imported by IOC at its Paradip port in April 2020, Refinitiv's trade flows data showed

Indian Oil Corp buys first Russian Urals crude in 2 years as prices slump
Updated On : 24 Feb 2022 | 1:43 PM IST