India stands to gain as crude oil prices fall to 4-month low
With crude oil prices falling to a 4-month low in the international market, the Indian economy is expected to get a shot in the arm.
With crude oil prices falling to a 4-month low in the international market, the Indian economy is expected to get a shot in the arm.
The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs 12,200 a tonne to Rs 9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).
Oil prices have soared about 20 per cent since late June but they could go even higher this year if…
Oil marketing companies on Tuesday reduced the prices of commercial LPG cylinders by Rs 99.75, however the prices of domestic cooking gas cylinders have been kept unchanged, as per sources.
The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Vessel tracking data suggest that the demand for Russian crude oil seems to be picking up, especially among India, China, and Turkey, according to media reports.
Puri, who was speaking at a programme called the ‘Open House with the Union Minister of Petroleum and Natural Gas, and Housing and Urban Affairs’ here, said India has demonstrated a great deal of resilience in the face of global energy crisis.
Addressing an event organised by the ICRIER, Sitharaman said credit must be given to PM Narendra Modi's statesmanship to take the decision of boosting imports of Russian oil at discounts as it helped in reducing the import bills.
Indian stocks seemed to have lost some steam as they declined for the second consecutive session on Monday primarily due to mild profit booking.
As OPEC evidently doesn't have a role in the demand for crude oil, it has full control over the supply chain, and hence in order to influence the price, they simply increase or decrease the price.
