Page 5 - Oil Imports

Govt asks oil firms not to hike retail prices, 3 MT of edible oil available

The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty. The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices. Effective September 14, 2024, the basic customs duty on crude soyabean oil, crude palm oil, and crude sunflower oil has been raised to 20 per cent from nil, making the effective duty on crude oils to 27.5 per cent. Additionally, the basic customs duty on refined palm oil, refined sunflower oil, and refined soyabean oil has been increased from 12.5 per cent to 32.5 per cent, making the effective duty on refined oils to 35.75 per cent. On Tuesday, Food Secretary Sanjeev Chopra chaired a mee

China stores massive volumes of crude oil in August on soft prices

The world's biggest crude importer saw arrivals of 11.56 million bpd in August, while domestic output was 4.20 million bpd, given a total of 15.76 million bpd available to refineries

Soyabean oil imports hit seasonal high in Aug amid fall in local prices

India's crude soyabean oil imports reached a seasonal high of 4,54,639 tonnes in August, even as local soyabean prices have dropped below the minimum support price (MSP), industry body Solvent Extractors Association (SEA) said on Thursday. According to SEA, crude soyabean oil imports in August 2023 stood at 3,57,890 tonnes. The share of non-palm oils, including soyabean oil, made up 48 per cent of the total vegetable oil imports. The surge in imports comes as local soyabean prices dropped below the MSP, raising concerns about farmers' income with the new crop's arrival expected in the coming weeks. SEA praised the government's efforts to procure soyabean at MSP in Madhya Pradesh, Maharashtra and Karnataka, but suggested increasing import duties on crude and refined edible oils by 20 to 25 per cent across the board as a more effective solution. "This will translate into remunerative price to the farmers for his produce and the market forces will be able to pay above MSP price to the

Opec vs IEA: Diverging oil demand forecasts signal an uncertain future

The difference between the forecasts of OPEC and IEA, amounting to 0.93 million bpd, underscores the widening divide between these key institutions

India's US crude imports rebound as Washington tightens screws on Russia

India may have bought over $1 bn of US oil in August; increasing such shipments helps it to trim trade surplus with the US

India likely to plan raising vegetable oils import taxes, govt sources say

A proposal has been made by the farm ministry and a final decision will be made by the Department of Revenue, which falls under the finance ministry, said another government official

India surpasses China to become biggest importer of Russian oil in July

India surpassed China's July oil imports from Russia of 1.76 million bpd via pipelines and shipments, based on Chinese customs data

China's July fuel oil imports fall for third straight month: Customs data

The import volumes included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage

Rupee falls to new low on oil importers' dollar demand, weak risk appetite

The rupee remained under pressure during the week due to persistent outflows from domestic equities, said dealers

RIL gets US nod to resume crude imports from Venezuela despite sanctions

India's largest privately owned refiner plans to start purchasing Venezuelan crude soon, said the people, who asked not to be named as the information is not public

India raises US oil imports in June, marginally cuts supply from Russia

Refiners in India together shipped in 1.98 million barrels per day (bpd) of Russian oil in June, down 3.7% from the previous month, the data showed.

Amid Ukraine war, Russia upgraded to 'high-income' nation; here's why

Thriving in a war economy: Amid heavy sanctions, Russia's economy defied expectations, achieving a high-income status for the first time since 2014, according to the World Bank

Indian refiners likely saved at least $10 bn due to discounted Russian oil

Russia started offering its crude at discounted prices after the Western nations imposed cuts on their oil imports from Moscow in a bid to put pressure on the Russian economy over the Ukraine war

India's state refiners in talks for long-term oil import deal with Russia

Nayara Energy and Reliance Industries have already signed term deals for Russian oil imports

India's state refiners in talks for long-term oil import deal with Russia

Nayara Energy and Reliance Industries have already signed term deals for Russian oil imports

Asia's first half crude oil imports decline, undermines bullish forecasts

The slightly weaker outcome was largely a result of lower arrivals in China, the world's biggest oil importer

India permits limited imports of corn, vegetable oils at concessional duty

India has set import limits at 150,000 metric tonnes for sunflower or safflower oil, 500,000 tonnes for corn, 10,000 tonnes for milk powder, and 150,000 tonnes for refined rapeseed oil

May oil imports: Russia at record high, Saudi lowest in 10-month

India shipped in about 5.1 million bpd oil in May, a growth of about 5.6% from April, the data shows

Reliance signs deal with Russia's Rosneft to buy oil in roubles: Report

A term deal with Rosneft also helps privately run Reliance to secure oil at discounted rates at a time when the OPEC+ group of oil producers is expected to extend voluntary supply cuts beyond June

India's robust LNG imports standout in Asia, higher prices concern looms

Growth in Asia's third-largest economy likely slowed to an annual 6.7 per cent in January-March, more in line with the long-term GDP growth rate