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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…
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…
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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…
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…
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…
Read More “How Trump’s Pursuit Of Cheap Oil Will Impact India’s Energy Security” »
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…
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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…
Read More “Windfall tax on domestically produced crude oil hiked to ₹6,000 per tonne” »
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…
Read More “Govt hikes windfall tax on crude petroleum, cuts levy on diesel” »
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody’s Investors Service said. Three state-owned fuel retailers — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90% of the market, have kept…
The SAED or duty on export of diesel will be cut to ₹5 per litre, from ₹5.50 per litre currently. Image for representation purpose only. File | Photo Credit: AP The government on Friday hiked special additional excise duty (SAED) on crude petroleum to ₹12,100 per tonne with effect from September 30. In the last…
Read More “Centre hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF” »