India’s crude oil import bill is likely to surge by about $26 billion in 2018-19 as rupee falling to a record low has made buying of oil from overseas costlier, government officials said on Thursday.
India’s crude oil import bill is likely to jump by about $26 billion in 2018-19 as rupee dropping to a record low has made buying of oil from overseas costlier, government officials said today.
In November, US sanctions on Iran are due to enter into force that could drive down the Persian Gulf nation’s exports and upend the global oil market. There are already signs that it will be harder for the country to export, as some international insurers stop covering shipments.
Petrol and Diesel prices were hiked in four metro cities after three days of pause, applicable from 6:00 a.m. on 16th August 2018. On Thursday, Petrol prices were hiked by 6 paise in Delhi, 5 paise in Chennai and Mumbai. In Kolkata petrol prices were hiked by 4 paise.
An Indian shipping company says one of its crude oil tankers suffered an explosion off the coast of Oman and three of its sailors are missing.
The Directorate General of Shipping’s inquiry into last year’s ship collision off Chennai has found the Captain of BW Maple guilty apart from the non-functional light of a buoy. This has resulted in a compensation of Rs 168 crore paid by the vessel owner through the insurance company.
Finance ministry officials and top executives of Oil and Natural Gas Corporation (ONGC) and Coal India (CIL) will hold an investor roadshow in the United States next week to prepare the ground for probable sale of minor stakes in the two firms by the government, people aware of the matter said.
The government has notified a new policy requiring state-owned Oil and Natural Gas Corp Ltd (ONGC) and Oil India Ltd (OIL) to pay royalty and cess tax only to the extent of their equity holding in certain pre-1999 oil and gas fields.
Saudi Aramco, the world’s biggest oil company, and its partner Abu Dabhi National Oil Co (ADNOC) will have marketing rights for half of the fuel produced by the planned USD 44-billion refinery in Maharashtra but cannot export them without first offering to local companies.
Oil demand from Asia’s biggest importers, China and India, is growing more slowly than expected, exposing weakness in two of the world’s largest economies and eroding a key pillar of global petroleum prices amid trade tension