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New Delhi: Erasing two-day of losses, Indian stock indices gained marginally in early trade on Wednesday. The latest softening of global crude oil prices and signs of inflation slowly receding are likely to have lent support to the equity markets. Global crude oil prices have fallen below the psychological level of $100 per barrel after […]
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New Delhi: India’s crude oil production in March 2022 fell to 2,526.11 thousand metric tonnes (TMT), which is 12.49 per cent lower than the target for the month and 3.37 per cent lower than the output recorded during the same month in 2021, the government data showed on Wednesday. Cumulative crude oil production during April-March, […]
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Hyderabad: The Indian Crude Free on Board (FOB) price dropped to $97.82 per barrel on Monday at a rupee-dollar exchange rate of 75.96 per dollar. The price is down about 5 per cent since April 1, when the Indian crude basket price was $103.02 per barrel (at exchange rate of Rs 75.81). Indian Basket (IB), […]
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New Delhi: The common man is likely to suffer more with the rising prices of commodities with the most recent blow being the rise in the price of the domestic cooking gas cylinder (LPG). The cylinder got dearer by Rs 50 while the prices of petrol and diesel have risen by 80 paise each per […]
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By Amy Myers Jaffe Russia produces close to 11 million barrels per day of crude oil. It uses roughly half of this output for its own internal demand, which presumably has increased due to higher military fuel requirements, and it exports 5 million to 6 million barrels per day. Today, Russia is the second largest […]
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New Delhi: Petrol and diesel price hikes are likely to resume after State elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil […]
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Hyderabad: In recent times, fuel prices have become rock steady and there was no revision of prices. Does it mean the international crude oil prices have become stagnant? Not necessarily! On the contrary, the crude oil prices are skyrocketing and are almost touching $100 per barrel. Currently, the price is hovering around $96-97, breaching the […]
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The world’s third largest oil importer, India, has decided to release 5 million barrels of crude oil from its strategic reserves in a concerted effort with other major oil-consuming nations such as the US, Britain, Japan, China and South Korea, to bring down global crude oil prices, which breached $85 a barrel mark last month. […]
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New Delhi: India will release 5 million barrels of crude oil from its emergency stockpile in tandem with the US, China, Japan, and other major economies to cool international oil prices, the government announced on Tuesday. This is the first time ever that India, which stores 5.33 million tonne or about 38 million barrels of […]
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Hyderabad: There is a bigger game plan behind the recent decision of the Union Government in reducing the excise duty on petrol and diesel by Rs 5 and Rs 10 per litre respectively. While the reduction is too little and too late considering the astronomical rise in fuel prices in the recent times, the Centre […]
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New Delhi: Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 25 paise as international oil prices neared $80 per barrel mark for the first time in three years. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai. Prices differ from state to state […]
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Vinay Kumar, President of Telangana State Petrol Association, shares that the price hike will continue for a couple of weeks
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The inclusion of the petrochemical-lube integration component comes as part of IOC's strategy to create a building block for future production of niche chemicals.
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According to the commerce and industry ministry data, production of natural gas, refinery products jumped by 25 per cent, 30.9 per cent, respectively.
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Production of petroleum products by Fractionators during April, 2021 was 365.89 TMT which is 5.08 per cent higher than the target for the month.
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India's crude oil production, however, slipped 2 per cent to 2.49 million tonnes as state-owned ONGC and Oil India Ltd (OIL) produced less.
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The expectation for the crude was that it may surge in 2021 on the back of economies recovering as vaccinations tamed the spread of Covid-19.
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This will clear the canal and allow movement on the busiest waterway in the world.
Crude prices fell after rising 4 per cent over the last few days as the blockage was causing $ 9 billion of trade loss every day.
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This meant that the central government continued to levy excise duty, while state governments charged VAT.
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The spike in oil prices comes after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases.
