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.
In the last seven days, the price has gone up by Rs 2.36 per litre for petrol while diesel rate has risen by Rs 2.91 a litre.
Petrol prices in Mumbai remained close to Rs 100 as its retail prices now are Rs 94.64 a litre. Diesel is also the most expensive in Mumbai at Rs 85.32 a litre.
Petrol prices in Mumbai inched closer to Rs 100 as its retail prices now are Rs 94.12 a litre. Diesel is also the most expensive in Mumbai at Rs 84.63 a litre.
This latest hike took the petrol prices in Chennai and Kolkata to Rs 88.82 and Rs 87.69 respectively.
This comes after international oil prices firmed up in hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.