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.
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.
1. These rise of prices in India is backed by the rise of international crude oil rates. 2. Government is collecting approximately 270 per cent taxes on the base price of petrol and 256 per cent in the case of diesel. 3. This steep rise in excise duty has resulted without resultant increase in petrol and diesel prices, had substantially brought down its marketing margins.
At the time of reporting, the June WTI crude was at $11 per barrel lower by 18.08 per cent from its previous close.
At the time of reporting, the S&P BSE Sensex was trading at 30,555.67 lower by 1,092 points from the previous close of 31,648.
U.S. benchmark, West Texas Intermediate (WTI), plunged below the $15 per barrel mark as the lockdown led by the COVID-19 pandemic.
