According to the company, the crude oil prices have been trading in the range of $65-120/bbl in the past 1 year, and are way off the high levels witnessed in the month of June 2022.
The ministry had formed several working groups for monitoring the progress of various measures being taken by different departments and ministries to curb dependency on imported crude and gas, the sources said.
Further, the Rs 23,250 per tonne additional tax on crude oil produced domestically has been cut to Rs 17,000 per tonne.
The last time such a level of WPI was recorded was in November 2021, when inflation was 14.87 per cent.
In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 114,979.70, Rs 109,119.83 and Rs 114,133.73 per kiloliter, respectively.
On last Friday, a rise in the US oil inventories along with assurance of energy supply from Russia had doused international crude oil prices. Consequently, the price on last Friday came down to $95 per barrel after the Russia-Ukraine war pushed Brent Crude Oil prices to $105 per barrel.
Paradip/New Delhi: The first shipment of US crude oil to India arrived at the Paradip Port in Odisha today, as part of the two million barrels contracted by India to keep oil prices low and stable for the benefit of consumers. The shipment follows recent commitments to US oil purchases by Indian Oil Corporation (IOC) […]
New Delhi: Congress leader Mallikarjun Kharge on Thursday questioned the government on why the benefit of lower crude oil prices was not being passed on to the consumers. He said the government has also slashed funds for all welfare schemes. Raising the issue in the Lok Sabha during zero hour, Kharge said: “Consumers are not […]
Dubai: United Arab Emirates (UAE) Minister of Energy Suhail Al-Mazrouei said on Sunday UAE is to cut oil production by 139,000 barrels per day in November in line with an Organisation of Petroleum Exporting Countries (OPEC) decision. The state-owned company Abu Dhabi National Oil Company (ADNOC) has decided to cut its production for November, reflecting […]
Nagpur: Union Road Transport and Highways Minister Nitin Gadkari on Friday said that electric vehicles need to be promoted in order to cut down expenses incurred on crude oil imports. “E-vehicles need to be promoted in order to cut down the huge crude oil bill, reduce pollution and create cost effectiveness in transportation,” Gadkari said […]
New Delhi: India on Sunday pressed oil cartel OPEC to adopt “responsible pricing” for oil and consider the world’s third-biggest oil consumer as its preferred sales destination. Oil Minister Dharmendra Pradhan met OPEC Secretary General Sanusi Mohammad Barkindo to discuss “the current scenario of oil and gas industry of the world and exchanged notes on […]
New Delhi: With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided to reduce petrol and diesel prices. Taking into account the effect of state levies, the petrol price in Delhi will be cut by Rs.2.42 per litre, while diesel cost will come down […]
New Delhi: Petrol prices declined by 7 paise across the metropolitan cities on Thursday after remaining unchanged for the last two days, data from the Indian Oil Corp’s website showed. In the national capital, petrol was priced at Rs 72.71 per litre, down from Rs 72.78 on Wednesday. In Kolkata, Mumbai and Chennai, price of […]
Riyadh: India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom’s investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil […]
Mumbai: Slide in global crude oil prices and positive global cues aided the benchmark Sensex to gain over 900 points on Tuesday. Brent, the global oil benchmark, on Tuesday fell as much as $53.95 a barrel as traders weigh the impact on global demand from the spread of coronavirus, which has probably cut China’s oil […]