Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
The global oil market has become a battleground of sanctions and strategic manoeuvres.
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.
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.
Further, sources said that some other countries are also likely to come with such measures to cool off crude oil prices in the international market.
On the Multi Commodity Exchange, CRUDE oil for the October delivery dropped by Rs 154, to Rs 5,662 per barrel with a business volume of 8,389 lots.
Inflation in food articles in March was 3.24 per cent as prices of pulses, fruits and paddy hardened.
Earlier, the petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
