India accelerated work in early 2021 and the port is expected to be declared operational no later than May 2021, said the US Congressional Research Services report

Instead of the average monthly import order of 14.8 million barrels, the Indian state-run oil refiners have placed orders for just 9.5 million barrels of Saudi oil in May

IOC will take delivery of 2 million barrels each of the North Sea crude in May and June

As per ICRA, at such low gas prices, gas production remains a loss-making proposition for most fields for the Indian upstream producers notwithstanding some decline in oil field services, equipment costs

The domestic gas price notified at $1.79 per million British thermal unit for the six months beginning April 1 remains the lowest since the institution of the modified Rangarajan formula

When the Organisation of Oil Exporting Countries and Major Producers (OPEC+) extended the production cuts into April, India unsheathed that weapon

Exports during April-March 2020-21, however, dipped by 7.4 per cent to $290.18 billion compared to $313.36 billion in 2019-20, the data showed

A sharp increase in global crude oil prices has pushed retail rates of petrol and diesel to historic highs. Taxes are partly to be blamed, but reducing excise duties may not be easy for a cash-strapped government

If India's tax- to-GDP ratio of 17.7 per cent has to get anywhere near developed countries' 25-35-36 per cent, those who should pay taxes must be brought under the tax net. But that's easier said than done

The rupee is expected to average around 73.50-74 in FY22, as, despite a vaccine, the COVID-19 frenzy still persists and is likely to continue to grapple the foreign exchange market

The 400 m (430 yard) Ever Given, almost as long as the Empire State Building is high, is blocking transit in both directions through one of the world's busiest shipping channels for oil and grain and other trade linking Asia and Europe

Although Wednesday's drop may not provide enough relief to citizens, the fact that OMCs slashed fuel rates following a dip in global oil prices is a positive development

FM says government wants imports to come in; says rising crude oil prices were a concern as they have a direct impact on inflation and that petroleum ministry is finding an alternative source of crude

State refiners, which control about 60% of India's 5 million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil in a month, the sources said

India imports more than 80 per cent of its oil needs, a significant amount of which comes from West Asia

India's imports from the United States - the world's top producer - rose 48 per cent to a record 545,300 barrels per day (bpd) in February from the prior month

Exports during April-February 2020-21 period contracted by 12.23 per cent to USD 256.18 billion compared to USD 291.87 billion in the year-ago period

According to India Exim Bank Research, during 2019-20, the cumulative exports from the 10 PLI sectors stood at $71.9 billion with significant untapped potential in the sectors

India buys palm oil from Indonesia and Malaysia, while other oils, including soyoil and sunflower oil, are sourced from Argentina, Brazil, Ukraine and Russia

Brands including Panasonic, Haier and Thomson are considering to increase prices from April this year, while some like LG have already raised prices due to hike in prices of open-cell