Hardeep Singh Puri, Minister for Petroleum and Natural Gas on Tuesday said that no one can predict fuel prices because of the uncertainty that has prevailed in different parts of the world.
Demand for oil products in India through the October-December quarter is expected to get a boost from festivals, agricultural activities, recovering from a few months of subdued consumption because of excessive rains, according to S&P Global Commodity Insights.
Hardeep Singh Puri, Minister for Petroleum and Natural Gas on Tuesday said that there is no shortage of oil in the world and prices will come soon, answering the question of the recent upswing in crude oil prices.
This has been driven by factors like geopolitical tensions, fluctuating crude oil prices, and adjustments by Foreign Institutional Investors (FIIs) due to China's recent economic stimulus.
Mumbai (Maharashtra) [India], October 9: Phoenix Overseas Limited a NSE Emerge listed company announces that its associate company M/S. BCL Bio Energy Private Limited has started production Crude Edible Oils like Crude Rice Bran Oil; Crude Mustard Oil and De- oiled Cakes at its Solvent Extra
The ongoing conflict between Israel and Iran is not expected to have a significant impact on India's crude oil imports, as experts pointed out that India's crude imports from Iran are almost negligible.
Oil prices added to earlier gains after President Joe Biden suggested that US and Israeli officials were discussing a possible strike by Israel against Iranian oil facilities, the Washington Post reported
India's steel industry is set to expand significantly over the next few years, with plans to add around 23 million tonnes (MT) of crude steel capacity between FY24 and FY27, according to a report by Nomura.