Tag: Oil Import

India reducing dependence on oil import, exploration of oil and gas underway in country

Oil Industry Development Cess at the rate of 20% ad valorem is applicable on crude oils produced from pre-NELP blocks and at present, there is no such proposal to amend the rate of cess.

March 23, 2021

Is the oil party over?

Thanks to constantly declining international prices of crude over the past two years, net oil importing countries have benefitted immensely. It is notable that India imports nearly 70 per cent of its oil requirements. Due to declining crude prices, the oil import bill of India came down from $164 billion in 2012-13 to $83 billion …

Continue reading "Is the oil party over?"

December 25, 2016

Is the oil party over?

Thanks to constantly declining international prices of crude over the past two years, net oil importing countries have benefitted immensely. It is notable that India imports nearly 70 per cent of its oil requirements. Due to declining crude prices, the oil import bill of India came down from $164 billion in 2012-13 to $83 billion …

Continue reading "Is the oil party over?"

December 25, 2016