Search For "oil market"
India again slashes windfall tax on petroleum crude
Updated : 1 year, 10 months ago IST
India started the windfall tax on crude oil producers and on exports of gasoline, diesel and the aviation fuel in July 2022, reportedly to regulate private refiners who wanted to sell fuel overseas instead of locally, to gain from firm refining margins.
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Oil marketing companies' FY24 combined profit rose over 25 times YoY
Updated : 1 year, 10 months ago IST
According to the Ministry of Petroleum and Natural Gas, the combined profit of OMCs for FY 2023-24 stood at Rs 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year.
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India slashes windfall tax on petroleum crude
Updated : 1 year, 10 months ago IST
The central government has reduced windfall tax on crude petroleum, according to a government notification. The special additional excise duty (SAED) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne.
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In respite for people amid LS polls, prices of commercial LPG cylinders sl
Updated : 1 year, 10 months ago IST
Bringing a measure of respite to the people, especially the middle and lower-income sections, amid the polling for the 18th Lok Sabha, oil marketing companies have slashed the prices of commercial LPG gas cylinders by Rs 19 per unit with immediate effect.
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Higher marketing margins led to over 4.8 times hike in FY24 net profit of
Updated : 1 year, 10 months ago IST
Sources told ANI, "Three oil companies IOC, BPCL and HPCL has met a combined net profit of Rs 1.35 lac crores in FY 2023-24."
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Hardeep Puri holds talks with OPEC Secy-General; discusses volatility in g
Updated : 1 year, 10 months ago IST
As one of the world's fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets, said Hardeep Puri during the conversation, the Ministry of Petroleum and natural Gas said in a press release.
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Oil companies reduce price of 19 kg commercial and 5 kg FTL cylinders
Updated : 1 year, 11 months ago IST
Oil marketing companies reduced the prices of 19 kg commercial cylinders and 5 kg FTL (Free trade LPG) cylinders.
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OPEC+ extends output cuts through Q2; Russia announces additional reductio
Updated : 2 years ago IST
According to S&P Global Commodity Insights (GCI), this decision comes amidst ongoing efforts to stabilize oil markets and counteract increasing output from rival producers such as the US and Brazil.
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India projected to drive global oil demand growth: International Energy Ag
Updated : 2 years, 1 month ago IST
The report forecasts that India will emerge as the largest source of global oil demand growth between now and 2030, signalling a significant shift in the dynamics of the global oil market.
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India's Russian crude imports prevented price surge in global oil market
Updated : 2 years, 2 months ago IST
The report emphasised that these purchases, totalling an estimated 1.95 million barrels per day (b/d), were pivotal in averting potential chaos in the crude oil market and preventing a surge in prices by approximately USD 30-USD 40 per barrel.
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PSU oil companies announce Rs 6.87/litre incentive for ethanol production
Updated : 2 years, 2 months ago IST
Oil marketing companies in the public sector have announced an incentive of Rs 6.87 per litre for the production of ethanol from C-heavy molasses
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India's economic growth sparks optimism as corporates anticipate profit su
Updated : 2 years, 2 months ago IST
Despite challenges stemming from sluggish overseas markets, India's resilient GDP growth, projected at 6.5 per cent in the financial year ending March 2025 (FY25), positions the nation among the world's fastest-growing sovereigns.
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