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India reduces import of Russian crude oil over pricing

The development has coincided with reports of more than a dozen Russian tankers being diverted from India since December

The development has coincided with reports of more than a dozen Russian tankers being diverted from India since December.(Reuters)
Updated on Jan 12, 2024 05:03 AM IST
ByRajeev Jayaswal, , New Delhi

Govt cuts windfall profit tax on crude oil, hikes levy on export of diesel, ATF

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was cut to ₹9,500 per tonne from ₹11,000, beginning November 2, a government notification showed.

Representational image.(Reuters)
Published on Nov 01, 2022 11:02 PM IST
PTI |

Retail prices of petrol, diesel may not be cut due to volatile oil market

International oil prices are volatile. Benchmark Brent that fell to $88 a barrel on Wednesday -- lowest in about seven months – and remained below $90 on Thursday at $89.15 per barrel on demand concerns (Chinese slowdown and tightening of global interest rates).

 As per the usual practice, the windfall profit tax on petroleum that was imposed on July 1, is revised fortnightly. (Ramesh Pathania)
Published on Sep 10, 2022 07:17 AM IST
ByRajeev Jayaswal, New Delhi

Relief to refiners: Crude oil import price falls below $100 in Aug 1st week

According to official data, India’s average petrol price benchmark in the first week of August fell 27% to $108.78 per barrel compared to the average monthly peak in June at $148.82 a barrel.

The three state-run firms that control over 90% domestic fuel trade have suspended their daily pricing policy and frozen pump prices of petrol and diesel since April 7 amid rising inflation. (REUTERS/Richard Carson/File Photo)
Published on Aug 07, 2022 03:49 AM IST
ByRajeev Jayaswal, New Delhi

Oil falls below $100 a barrel as Russia-Ukraine de-escalation talks progress

Russia’s chief negotiator said there is a willingness to consider a presidential meeting between Putin and Zelenskiy. Kyiv has long sought direct talks, while Moscow had resisted committing to Putin’s participation.

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, California, US.(REUTERS)
Published on Mar 29, 2022 07:05 PM IST
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