Tag: crude oil

India’s crude import bill surges 41% in July amid West Asia crisis; volumes up 13%

August 18, 2026 admin

India imports for nearly 89% of domestic crude oil needs | Photo Credit: The Hindu i India’s crude oil import bill surged more than 41% year-on-year to $13.7 billion in July, according to provisional data released by the Petroleum Planning and Analysis Cell (PPAC), as elevated global oil prices amid persistent uncertainty in West Asia…

Business

Index of Core Industries set to get an upgrade with revised base year and weights

July 17, 2026 admin

The current ICI includes eight sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity. The new series will include nine sectors. File image used for representational purposes only. | Photo Credit: Getty Images/iStockphoto The Ministry of Commerce and Industry will on July 20 release an updated Index of Core Industries…

Business

India’s energy security amid conflicts

May 5, 2026 admin

An Indian-flagged tanker carrying crude oil that transited through the Strait of Hormuz, is seen docked in Mumbai. | Photo Credit: AFP The conflict in West Asia has demonstrated the speed with which geopolitical shocks have been transmitted to India’s domestic economy. The head of the International Energy Agency has described the current geoeconomic crisis…

World

Why did Iran war not affect China’s energy security so far?

April 7, 2026 admin

Oil storage tanks and facilities of a Sinopec plant in Shanghai, China. Photo for representational purpose | Photo Credit: Reuters As the Israel-US war on Iran has meandered on, India has faced the shortage of liquified petroleum gas (LPG) and experienced a social panic over the possible shortage of petrol and diesel. One does not…

World

On global tensions and India’s economy

March 31, 2026 admin

Rising geopolitical instability in West Asia is forcing a reassessment of how India’s macroeconomic strength is measured. As of March 2026, this instability has translated into active macroeconomic stress. The rupee has depreciated to a record low of ₹95 per dollar, the Indian basket of crude oil hit $156.29 per barrel, and the Reserve Bank of India…

World

Crude oil futures ease amid weak spot demand

November 13, 2025 admin

On the Multi Commodity Exchange, crude oil for December delivery fell ₹10, or 0.19%, to ₹5,213 per barrel in 10,100 lots. Image used for representative purpose only. | Photo Credit: Reuters Crude oil futures on Thursday (November 13, 2025) declined by ₹10 to ₹5,213 per barrel as participants trimmed their positions amid weak demand in…

Business

How Trump’s Pursuit Of Cheap Oil Will Impact India’s Energy Security

February 18, 2025 admin

To fulfil one of his major electoral agendas of providing cheap oil (‘drill baby drill’), in his inaugural speech US President Donald Trump argued for increasing the domestic production of crude oil and utilising it to spur prosperity in the US economy. His message of promoting carbon-intensive fossil fuels is detrimental to global decarbonisation initiatives…

Nation

Hardeep Singh Puri Says Russia Is Now Largest Supplier Of Crude Oil To India

November 27, 2024 admin

Hardeep Singh Puri said Russia has been the largest supplier of crude to India. New Delhi: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday that Russia has become the largest supplier of crude oil to India, accounting for more than 35 per cent of the country’s imports. Speaking at the…

Nation

Windfall tax on domestically produced crude oil hiked to ₹6,000 per tonne

July 2, 2024 admin

The government has hiked windfall tax on domestically produced crude oil to ₹6,000 per tonne, from ₹3,250 per tonne, with effect from Tuesday, July 2, 2024. Explained | What is windfall tax and why are countries imposing it on the energy sector right now? The tax is levied in the form of Special Additional Excise…

Business

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

March 1, 2024 admin

Image used for representational purpose. | Photo Credit: Special Arrangement The government has hiked windfall tax on domestically produced crude oil to ₹4,600 per tonne from ₹3,300 per tonne with effect from March 1. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on export of diesel, however, has…

Business