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).
The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
The OMC's patience of holding back fuel prices was broken on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
In September, the Index of Industrial Production grew 0.2 per cent year-on-year compared with a revised contraction of 7.36% in August.
Prices in the other key cities of Mumbai, Chennai and Kolkata were Rs 87.74, Rs 84.14, Rs 82.59 per litre, respectively.
During April-May 2020-21, the sector's output dipped by 30 per cent as compared to 4.5 per cent in the same period previous year.