Oil Prices In India

India Energy Week: PM Modi seeks more investments in oil & gas, refineries

Launches E20 fuel (petrol blended with 20% ethanol) two years before target

Podcast: Census delayed, milk prices, oil prices in 2023, network splicing

How will the delay in conducting a Census affect India? What's behind the rise in milk prices across the country? What will guide oil prices in 2023? What is network slicing?

OPEC+ cuts oil output, gas prices soar: What's next for investors?

OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India

Fuel price: What is windfall gain tax and how it affects fuel prices?

What is windfall gain tax? How does it impact petrol-diesel prices? Which countries impose it? Read this detailed article to know everything about fuel and its relation to windfall gain tax

After a dip, oil prices on track for weekly gain as recession fears ease

Oil prices dipped in early trade on Friday amid uncertainty on demand outlook based on contrasting views from OPEC and IEA, but benchmark contracts headed for weekly gains as recession fears eased.

India's petrol, diesel sales fall in July as monsoon sets in: Data

Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June. Rains restrict mobility and demand from the farm sector, which uses diesel in irrigation pumps and trucking, also drops with the onset of rains. Diesel demand in July was, however, 17.1 per cent higher year-on-year, supported by strong economic growth and a relatively low baseline for the same period in 2021 when the second wave of COVID-19 had impacted the economy. Consumption of diesel was 32.4 per cent higher than the 4.84 million tonnes demand during July 2020 and 5 per cent more

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.