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.
The oil cartel and its allied nations agreed to add back some 2 million barrels per barrel per day of oil production from May to July.
Diesel, on the other hand, was at Rs 87.96 in Mumbai, Rs 85.88 in Chennai and Rs 83.75 per litre in Kolkata.
This latest fall comes after a massive wave of Covid-19 infections continued to impact large parts of Europe.
India has been hit hard by soaring oil prices and urged producers to ease the output cut to back the global economy to recover.
Earlier this week, Pradhan had said India, where fuel demand is recovering to pre-pandemic levels, wants reasonable and responsible oil prices.