Page 10 - Oil Imports

Govt to discontinue import of crude soybean oil under tariff rate quota

The government on Wednesday said that it has decided to discontinue import of crude soybean oil under tariff rate quota (TRQ) from April 1 this year. TRQ is a quota for a volume of imports that will enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports. "Last date for import of crude soybean oil under TRQ has been revised to March 31, 2023. Further, no allocation of TRQs for import of crude soybean oil shall be made for 2023-24," the directorate general of foreign trade (DGFT) said in a public notice. The government has earlier exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soybean oil and crude sunflower oil each, to ease domestic prices. The duty-free import of 20 lakh MT per year was earlier applicable for two financial years -- 2022-23 and 2023-24 -- for crude soybean oil and crude sunflower oil. Now it is applicable only for crude sunflower see

GM mustard (DMH-11) may not solve India's edible oil import problem: ICAR

Indian Institutions engaged in developing GM seeds for 13 crops

Skewing the mustard field: The Yellow Revolution's revival needed

Claims that GM mustard will lead to increased yield are incorrect; we must focus on other solutions

India faces no immediate impact of oil tanker pileup in Turkey: Officials

Situation could change if jam in Bosphorus Strait continues as a result of sanctions on Russian seaborne crude, they say

India's palm oil imports jumed 29% to 1.14 million tonnes in Nov: Report

Higher imports by India, the world's biggest palm oil buyer, would help top producer Indonesia cut its inventories and support benchmark Malaysian palm oil prices

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

India purchased 40% of seaborne Russian Urals oil in November: Report

India bought about 40% of all Urals seaborne export volumes loading in November, outperforming other states as buyers, Reuters calculations based on Refinitiv and traders' data showed on Monday

Sunflower oil shipments to India from Russia, Ukraine return to normal

Argentina stays top exporter to India since war broke out

India-GCC grouping expects to revive free trade agreement negotiations

Launch date of negotiation not divulged

Indian refiners becoming wary of buying Russian oil as EU sanctions loom

Chinese refiners have already begun slowing down Russian oil imports from next month

Dollar still being used to import Russian oil by Indian companies: Report

According to Indian importers, the rupee trade mechanism that was devised in July by the Reserve Bank of India (RBI) has not gained much traction yet

India continues with Russian oil buys, cuts shipments from Saudi

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

Rupee marks biggest monthly losing streak since 1985, braces for Fed move

Oil importers' dollar purchases, breach of technical levels drag rupee lower

India's Sept crude oil imports fall 6.7% to 16 mn tonnes; 5.8% YoY decline

Oil product imports came in lower for a second straight month, falling about 4% from a month earlier to 3.48 million tonnes in September, while exports dropped 4.8%

India's Russian oil binge sends West Asian imports to 19-month low

India's imports from the West Asia fell to about 2.2 million bpd, down 16.2% from August

India to soon sign long-term deal to export oil from Namibia: Report

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

Russia bounces back to become India's second-largest crude supplier in Sep

Russian oil has become the mainstay of Indian refiners in only six months, a position which took decades for West Asian suppliers and the US to achieve

Lankan official blames poor quality oil imports for power plant's shutdown

A senior Sri Lankan official has blamed poor quality crude oil imports for the shutdown of a power plant, leading to extended blackouts amid the ongoing economic crisis in the island nation

US-India in talks to reduce country's dependence on Russian arms, energy

Russia is "no longer a reliable weapons supplier", and Indians are "coming to understand" that they could benefit from finding other suppliers, an official of the US State Department said