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While ethanol-blended petrol is important, a cautious approach is needed so that there is no pressure on food crops
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ONGC and Oil India Ltd, upstream oil exploration and production firms, will gain from the announcement as they are required to pay the windfall tax on their crude oil output.
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Gold prices are likely to rise further on the back of weak dollar and decline in US treasury yields.
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Analysts said that the dollar index remained elevated above 106 after the US data showed the country's inflation slightly higher than estimated, raising expectations of further interest rate hikes by the US Federal Reserve.
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On the Multi Commodity Exchange, crude oil for October delivery fell Rs 14 or 0.2 per cent to Rs 7,050 per barrel with a business volume of 11,845 lots.
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As of September 30, the windfall tax on petroleum crude has been increased to Rs 12,100 per ton, up from Rs 10,000. This move allows the government to generate additional funds for subsidizing LPG and CNG prices for consumers.
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Foreign fund outflows and losses in local equities, however, restricted the rupee's gains, forex dealers said.
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The dollar gained on expectations that the US Fed may hike interest rates one more time this year.
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Dombrovskis said the EU is looking at making sure that its trade and investment cooperation with India becomes "much more intense".
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Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and has now been brought back.
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Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors.
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Crude oil futures on Thursday declined by 0.1 per cent to Rs 6,690 per barrel as participants trimmed their positions on low demand.
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KT Rama Rao lashed out at the BJP-led NDA government for reducing the Windfall tax on crude oil rather than transferring the benefit to people
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At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7 per litre.
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New Delhi: The government on Wednesday scrapped a week-old tax on the export of petrol and cut windfall taxes on overseas shipment of diesel and ATF as well as the one imposed on domestically produced crude oil after global oil prices fell. While the Rs 6 a litre export duty on petrol was scrapped, the […]
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New Delhi: The Indian rupee nearing 80 to a US dollar will make imports of items from crude oil to electronic goods, overseas education and foreign travel costlier while raising fears that the inflation situation could worsen. The primary and immediate impact of a depreciating rupee is on the importers who will have to shell […]
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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 […]
