Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
The company had signed a memorandum of understanding with the state government to set up the plant at an investment of Rs 30,000 crore (Rs 300 billion).
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
The UAE central bank will then make payments in dirhams to Iran.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
"We will be guided by our national interest," he said.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
Ricoh India, the largest gainer among these pack, has rallied 192 per cent from Rs 294 to Rs 859 on the BSE so far in the current calendar year.
Cover inadequate for even one refinery.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
'Indian and Iranian sources both confirmed to me that India and Iran are moving ahead to implement a payment system on buying oil from Iran and hope to finalise it very soon,' says Aveek Sen.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
India's imports from Iran rose to 250,200 barrels per day
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
Tehran plans to lift exports by 500,000 barrels per day
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