Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
The Centre had earlier in July 2008 launched the scheme to supply subsidised oil to the poor, which was valid till March 31, 2009. The government could not take a view on the scheme because of the general elections. With the United Progressive Alliance coming to power with an increased majority, sources said the scheme may be re-introduced in this year's Budget to benefit poor households. Moreover, they added, subsidy outflow is not likely to be very high.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Reliance Industries has refused to give natural gas to new customers by cutting supplies to power and fertiliser plants.
Oil prices this year could surge up to $80 a barrel due to the increasing demand for the gasoline and disruptions in crude supplies from Nigeria, said a senior Iranian oil official.
The Russian-Ukraine war can hit the global supply chains that are already constrained due to the pandemic and the worst impact will be on ongoing chip shortage because the warring nations brutally control supplies of key raw materials that go into making semiconductors, warns a report. Since Russia controls as much as 44 per cent of global palladium suppplies, Ukraine produces a significant 70 per cent of the global supply of neon -- the two key raw materials that go into making chips. The markets can expect the global chip shortage, that began with the pandemic, to worsen if the military conflict lingers on, says a Moody's Analytics report on Friday.
Indian Oil raised prices of commercial LPG, sold in 19 kg cylinders, to Rs 1,108.5 per cylinder on Nov 1, from Rs 1,095.24 per cylinder on Oct 1. Commercial LPG is not subsidised and oil companies revise their prices in line with international prices on the first of every month. "Commercial LPG prices are expected to go up in December too," said an IO official. But prices of automobile LPG have come down by around 5.34 per cent on Nov 1 compared with prices on Oct 1.
Citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power, official sources said.
India's emergency oil stockpile storage is facing a year's delay because of geological surprises encountered in construction of underground caverns that will be used to cushion the country against supply disruptions and price fluctuations.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
Rating agency Fitch on Tuesday slashed India's growth forecast for the next fiscal to 8.5 per cent from 10.3 per cent, citing sharply high energy prices on account of the Russia-Ukraine war. With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year, the agency said. It has revised upwards the GDP growth forecast for the current fiscal by 0.6 percentage points to 8.7 per cent.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
Secretary of State Mike Pompeo said that countries like India, if it gets the exemption, would be asked to bring down their oil imports from Iran to zero in six months' time.
Debt management is going to be a worry for the Vedanta group until FY25 at least. However, the restructuring of business divisions in Vedanta India could lead to an unlocking of values. The group structure is fairly complex. Anil Agarwal-led Vedanta Resources (VRL), which is London-listed, has a lot of debt on the balance sheet. It will have to repay $1 billion in secured bonds by January 2024 and at least another $300 million in calendar 2024.
Government's fuel subsidy estimate was based on crude oil at $70.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
The government has to take a call on reducing or retaining the excise rate.
Oil still lubricates the global economy and could make it seize up. Prices above $110 a barrel raise the spectre of previous shocks. Judged by fundamental supply and demand, there is no reason for prices to remain so high. But, a sustained spike would be a big problem for the global economy.
China had financed the acquisition of embattled Yukos' core asset Yuganskneftegaz by Russia's state-owned 'Rosneft' oil last month in return of oil supplies till 2010, a senior Russian official said.
In the last four years, India has significantly reduced its import of Iranian oil by volume from 16 per cent in 2008 to 10 per cent now, a US Congressional report has said.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
The possibility of harassment by cops and fear of the unknown have forced a large number of truck drivers to abandon vehicles at the transport centres and flee home. Transport of goods remains badly hit as confusion remains among various stakeholders and road transport becomes the victim of disconnect between policy makers and local authorities.
The 10.5 billion-euro Italian oil major ENI is entering the Indian lubricants market through a technology transfer agreement with a Mumbai-based firm to manufacture and sell various products.
The price of crude oil has surged past $120 a barrel. Supply concerns from Opec members Nigeria and Iran as well as a weaker dollar pushed US crude prices up by $4 to $120.36 before closing at $119.97 on Monday.
Rising production from OPEC as well as the US also weighing on prices
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
Crude oil prices zoomed to news highs closing in on the $47/barrel mark after supply concerns from Venezuela and Iraq. The US Nymex crude has advanced 27 cents to $46.85/barrel in intra-day trades.\n\n
Dr Ali Bakhtiari, an oil analyst from Iran, believes oil may not cool down, though it may go a bit lower from the present level in the short-term.\n
OPEC hopes lower fuel prices will stimulate more demand in the long run
Crude oil shipments from the US to India rose to the highest levels in November since the conflict began in Ukraine in late February, sparking hopes of a resurgence in oil flows from the US to the subcontinent, reveals shipping data. Shipments from the US have surged as Western nations prepare to impose additional sanctions on Russian crude flows. The US shipped around 450,000 barrels per day of crude last month to India, twice that of shipments in October, according to data from London-based commodity intelligence provider Vortexa.
Prime Minister Manmohan Singh's long-planned and much-delayed visit to Saudi Arabia has certainly contributed to strengthening of bilateral relations as well as to India's long-term energy security. As India's economic growth rate picks up, and given the uncertainties in the Gulf region, Saudi Arabia's assurances to keep oil supplies flowing and to invest in India's energy security must be welcomed.
Benchmark indices Sensex and Nifty gained around half a per cent to close at nearly five-month high levels on Monday following continuous foreign fund inflows and firm trends in Asian and European markets. Rising for a second straight day, the 30-share BSE Sensex climbed 317.81 points or 0.51 per cent to settle at 62,345.71, the highest closing level since December 14. During the day, it rallied 534.77 points or 0.86 per cent to 62,562.67.
India imported goods worth $4.23 billion in June from sanctions-hit Russia, up 6.8 times as compared to last year, as demand for shipments of crude oil grew at the fastest pace during the month. Crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total imports from Russia, commerce and industry ministry data showed. Similarly, during the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent on year.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
Clearly, Foxconn Chairman Young Liu and his team are looking to raise their game in India.
A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
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