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Govt to ease rules for selling domestic crude oil

Govt to ease rules for selling domestic crude oil

The Government is looking at easing regulations for domestic crude oil producers for selling crude oil.

Chetan Bhutani
Chetan Bhutani
  • Updated Jun 29, 2022 2:57 PM IST
Govt to ease rules for selling domestic crude oilSources further add that such move will encourage companies to boost crude oil exploration and production the country.

The Cabinet Committee on Economic Affairs  ( CCEA ) chaired by Prime Minister Narendra Modi is likely to approve a proposal to allow domestic crude oil manufacturing companies to sell domestic crude oil in the open market, sources have told Business Today TV.

The Government is looking at easing regulations for domestic crude oil producers for selling crude oil, the source said.

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Sources further add that such move will encourage companies to boost crude oil exploration and production the country. India's crude oil imports from Russia have jumped over 50 times since April and now make up for 10 percent of all crude bought from overseas. Indian refiners bought about 25 million barrels of Russian oil in May

After the US and China, India is the world's third-largest consumer of oil, over 85 per cent of which is imported.

(This is a developing story. Details will be updated)

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ABOUT THE AUTHOR

Chetan Bhutani
Chetan Bhutani

Chetan Bhutani is a New Delhi-based economic policy journalist with ten years of experience in reporting and breaking stories about economic policy pertaining to India's infrastructure and financial sector, including highways, finance, railways, shipping, telecom, petroleum, and natural gas and currently works as an Associate Editor for Business Today TV. He is a journalist who works across multiple platforms and languages and offers in-depth coverage of the auto industry, regulations, new products, and reviews. Also, he has extensively reported about the actions taken by investigative authorities in relation to corporate and bank frauds as well as significant insolvency cases. Bhutani keeps a tight eye on all aspects of the government's public policies, from their creation to their implementation. In addition to his job, Chetan enjoys scheduling official appointments, travelling, going on road trips, playing cricket, and squash. Also, he is passionate about addressing climate change and road safety. He is a public policy enthusiast and has a master's degree in Public Administration.

Published on: Jun 29, 2022 1:59 PM IST