Though price of the Indian basket of crude has fallen 42% since March 16 to $17.66 per barrel, retail prices of petrol (Rs 69.59/litre in Delhi) and diesel (Rs 62.29/litre) have not moved, allowing OMCs to earn more from selling every litre of these fuels.ICICI Securities estimated that gross profit (on retail fuel sales) of…
Oil prices rose on Friday, but both the Brent and US benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic. The oil market has experienced unprecedented turbulence since US prices fell into negative territory on…
Russia plans to halve oil exports from its Baltic and Black Sea ports in May according to the first loading schedule for crude shipments since it agreed this month along with other major oil producers to cut output. According to the schedule seen by Reuters, Russian exports next month from its two Baltic ports and…
ISLAMABAD: The federal government has lifted a ban on import of crude oil and allowed oil refineries to import crude oil in a bid to meet growing demand of petroleum products due to harvesting season. In a letter sent to the Oil Companies Advisory Council (OCAC), the Petroleum Division noted that high demand of petrol…
New Delhi: In perhaps the most far-reaching easing of rules, the government has simplified procedures for oilNSE -2.56 % and gas exploration and production by providing for self certification for a host of compliance, such as a discovery notification and deemed consent for investment in fields in a stipulated time. With a view to make…
Indian Oil Corporation Ltd along with other Oil Marketing Companies (OMCs) have distributed more than 11 lakh free LPG cylinders under the Ujjwala (PMUY) beneficiaries under the Pradhan Mantri Garib Kalyan Yojana in Maharashtra, the government said on Sunday. While the nation is under lockdown to fight the COVID-19 crisis, a scheme to provide relief…
KOCHI: Amid the Covid-19 threat, the central government has decided to store up 5 million metric tonnes (MMT) of strategic crude oil to ensure energy security in these testing times. The oil will be stored at the Strategic Petroleum Reserves (SPR) storages at Vizag, Mangaluru and Padur near Udupi which will ensure uninterrupted fuel supply…
Mumbai: In an indicator of the cash flow problems faced by industry, a host of blue chips, a couple of triple-A-rated companies and those belonging to top business groups have sought relief on loan repayment. The fact that these companies have availed an RBI-permitted moratorium, where borrowers have to repay all dues in June 2020,…
With economic activity at a standstill due to the lockdown, the total taxes collected by the Centre and state governments are bound to be impacted. As state government taxes are more consumption-oriented, they are feeling a greater pinch. Mint takes a look. Why are state govts’ tax collections down? Sales tax/value-added tax (VAT) on petroleum…
The world’s third-biggest oil importer, India, saw its imports from OPEC producers slump to a 19-year-low in the fiscal year 2019/2020 ended in March, Reuters reported on Thursday, citing data from trade and industry sources. At the same time, India imported more oil from the United States, the Mediterranean, and Latin America. India’s refiners have…
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