The inclusion of petroleum products under the Goods and Services Tax (GST) will not prevent price fluctuations as India is a massive importer of crude and domestic prices will reflect global price movements, said Sanjeev Sanyal (in pic), principal economic advisor in the finance ministry.
The Northeast Frontier Railway(NFR) has started sending petroleum products directly to Tripura with the commissioning of the first petroleum products terminal at Dharmanagar in North Tripura district
India’s government plans to propose banning burning petroleum coke as a fuel nationwide to comply with a Supreme Court request as part of a long-running case to clean the country’s air, two government sources said on Friday.
Retail petroleum dealers have complained of receiving lower quantity of fuel from oil tankers which they say has risen sharply in step with surging fuel prices.
Given that India is heavily and increasingly dependent on petroleum imports, bidding under the inaugural open acreage licensing policy for oil exploration and production is notable.
OPEC oil outputfell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a supply-cutting deal to another record.
Petroleum and natural gas minister Dharmendra Pradhan said on Friday the rise in prices of petrol and diesel products in the country is due to international situation and the accompanying sudden increase in crude oil prices caused by disturbances in the Middle East.
Work is at full swing to complete Nepal-India cross border petroleum pipeline project from Motihari to Amlekhgunj.
Low oil pricesmore than offset the negative impact of ballooning imports on India’s macro-economic indicators – trade and current account deficits as well as inflation.
The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output, with a side helping of Chinese imports driving demand.