Page 2 - Oil Prices In India

No relief yet

Govt must be prepared to face oil price risks

Centre should remove cess, surcharges on fuel: TN FM Palanivel Rajan

He was responding to Prime Minister Narendra Modi's call on Wednesday to states to reduce the Value Added Tax (VAT) on fuel "in the spirit of cooperative federalism"

India supports release of oil from reserves to cool prices: Minister

Oil prices plunged on Thursday on news that the United States was considering releasing up to 180 million barrels from its strategic petroleum reserve (SPR)

Small-caps steal a march over Sensex, Nifty; index zooms 35% in FY22

Most analysts expect the markets to remain choppy in FY23 amid multiple headwinds. The ongoing geopolitical crisis, they feel, will keep commodity prices elevated and market gains in check

Will make calibrated interventions to keep fuel prices under control: Govt

The government on Tuesday said it is keeping a close watch on evolving geopolitical developments and would make 'calibrated interventions' to keep fuel prices under control to safeguard the interest of the common man. Minister of State for Finance Pankaj Chaudhary said crude petroleum and natural gas, fuel & power subgroup in the Wholesale Price Index (WPI) is directly related to the fluctuations in the prices of crude oil. To a question in the Rajya Sabha on whether the government will cut excise duty to keep fuel price escalation due to the Ukrainian crisis in control, Chaudhary said the public sector oil marketing companies (OMCs) take appropriate decisions on pricing of petrol and diesel in line with their international product prices, exchange rate, tax structure, inland freight and other cost elements etc. "Government is keeping a close watch on these factors and the evolving geopolitical developments and would make calibrated interventions as and when required to safeguard .

FM raises concern on rising oil prices; Puri says oil cos to decide on hike

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

Rising oil can burn Rs 1-trillion hole in govt coffers in FY23: SBI report

Based on the existing value-added tax (VAT) structure and taking Brent crude price of $100 - $110 per barrel, SBI believes diesel and petrol prices should have been higher by Rs 9-14 each by now

Oil at $103: No fears of supply disruption to India, prices a concern

Brent crude rose to as much as USD 103.78 a barrel, the highest since August 14, 2014, and was at USD 103.40 at 1500 hrs, up USD 6.71, or 6.93 per cent

Oil nears $100: Petrol, diesel price hike coming after elections

Domestic fuel prices - which are directly linked to international oil prices - have not been revised for a record 110 days in a row

Oil drops from 7-year high on report some Russian troops return to base

Brent crude fell $2.35, or 2.4%, to $94.13 by 0912 GMT. U.S. West Texas Intermediate (WTI) crude dropped $2.00, or 2.1%, to $93.46

Commodity price rise can bump up inflation by 1%, warns Nomura

A 10 per cent increase in crude oil prices, according to Nomura's estimates, may raise India's headline inflation by around 30 basis points (bps), add around 0.3 per cent of GDP to CAD

Sovereign wealth fund flows likely to rise on oil bounty, shows data

There's correlation between oil prices and sovereign fund flows, but experts say lot depends on trade balance

Oil gains from highest close since 2014 as US dollar falls

The Brent crude benchmark rose 34 cents to $84.67 a barrel

Petrol, diesel prices rise for 4th day amid volatility in oil market

Petrol and diesel prices rose simultaneously for the fourth day running on Sunday amid volatility in global oil prices with benchmark crude remaining at a high level of over $ 79 a barrel.

India's crude oil output slips 6.3% in May, gas production jumps

Crude oil production at 2.43 million tonne in May was 6.32 per cent lower than 2.6 million tonne output in the same month last year

Covid-19: Oil producers knock govt's door, seek relaxation in royalty, cess

In addition, companies batted for a higher gas price compared to the existing $2.39 a million British thermal unit (mBtu), effective from April to September this year.

How world's fastest-growing oil user India is bucking trend of price cuts

India has, so far, resisted the temptation to give relief to consumers and keeping a close watch on fiscal deficit goals

Govt asks oil retailers not to raise petrol, diesel prices: Sources

Companies including IOC, Bharat Petroleum and HPCL will have bear a loss of up to Rs 1 per litre on sale of diesel and gasoline

How the oil phenomenon played out under the NDA regime

In 2016-17, while the fiscal deficit was reined in at Rs 5,356 billion, revenues from excise duties rose to Rs 3,223 billion.

An integrated energy policy

With oil bonanza over, time for a relook at energy options