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

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

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

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

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

Petrol and diesel rates haven't risen for over a week, albeit the sporadic and minor increases in some cities. Meanwhile, consultations are on between the Centre and states to cut taxes on both the fuels

In West Bengal, which has assembly elections in April, fuel rates have remained steady.  Petrol and diesel rates in Kolkata have remained unchanged at Rs 91.35 per litre and Rs 84.35 per litre, respectively since February 27

Iran's rupee reserves in India's UCO and IDBI Bank, the two lenders authorised to facilitate rupee trade, have depleted significantly

Pradhan said at the CERAWeek conference by IHS Markit that India, where fuel demand is recovering to pre-pandemic levels, would like to rely on reasonable and responsible oil prices

Asia's third-largest economy imported about 4.8 million barrels per day (bpd) oil in January, a decline of 6% from the previous month and marginally higher than a year earlier

The country's exports grew by 6.16 per cent to $27.45 billion in January 2021 as compared to $25.85 billion in the same period last year, driven by growth in pharmaceuticals, iron ore and engineering sectors

India Stock Market News Updates Today: Sensex scaled record high of 51,073.27 while the Nifty hit record high of 15,014.65 level in early trade. SBI, Kotak Bank, IndusInd Bank, HDFC, ONGC and Axis Bank were top gainers in the Sensex pack

Cumulative exports during April-January 2020-21 exhibited a negative growth of 13.66 per cent at $228.04 billion, as compared to $264.13 billion during the same period last year

At the core of the Budget is the nominal GDP growth of 14.4 per cent which looks plausible with 10 per cent real GDP growth, India Ratings Chief Economist Devendra Pant and Principal Economist Sunil Kumar Sinha said in a note

India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% \"cess\" - a separate tax - on the imports, Sitharaman said in her federal budget speech

Higher oilseed production in India, the world's biggest buyer of cooking oils, will cut palm oil imports from Malaysia and Indonesia and trim soyoil and sunflower oil purchases from Brazil, Argentina, Russia and Ukraine

Crude oil has been on an upswing because of Saudi Arabia's additional supply cuts and growing optimism around the launches of the various vaccines against COVID-19

India's year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally

Having deliberately opted out of the world's largest trade bloc, RCEP, India can now push for the limited trade deal with the US