The windfall duty on domestically produced crude oil has been eliminated by the Finance Ministry, while it has been decreased for diesel. The new levy went into effect on April 4. Despite the fact that the tax has been decreased due to a drop in prices over the past month, this week’s output cuts by…
India became the largest buyer of seaborne crude from the former Soviet Union, overtaking China for the fourth consecutive month, buying a record 51.15 million barrels, or 1.65 million barrels per day (mbd), from Russia. Reliance Industries (RIL) and the Rosneft-backed Nayara Energy were private refiners that accounted for over 858,000 barrels per day, or…
The Purchasing Managers’ Index (PMI) for manufacturing increased to 56.4 in March from 55.3 in February, indicating that the manufacturing sector concluded fiscal 2022–23 at its peak. Unfortunately, little progress was made on the job front, per the S&P Global monthly survey, which was released on Monday. Pollyanna De Lima, Economics Associate Director, S&P Global…
The stage has been prepared for other producers to compete for markets in Asia following an unexpected reduction in oil supply from OPEC+. Since the Organization of Petroleum Exporting Countries began actively controlling supplies in 2017, member states have given flows to Asia preferential treatment at the expense of nations like the U.S. China and…
The growers of cardamom have renewed hopes for a healthy crop in the upcoming season, which is anticipated to begin around the third week of July. In several manufacturing zones, summer showers have so far been about average. A lot will depend on the premonsoon showers in April and May. Farmers were unable to benefit…
State-owned SAIL manufactured a record 18.28 million tonnes (MT) of crude steel during the fiscal year 2022–23, representing a growth of 5.3% from the previous year. During the fiscal year that concluded on March 31, hot metal output increased by 3.6% to 19.40 MT. The Steel Authority of India (SAIL) announced in a statement that…
On Monday, the rupee lost 10 paise to settle at 82.31 (provisional) against the U.S. dollar as investor mood was dampened by the robust foreign exchange performance of the U.S. dollar and high crude oil prices. The rupee depreciated by 10 paise from its prior close of 82.21 to 82.31 (provisional) on the interbank foreign…
The unexpected declaration by OPEC+ to further reduce output in an effort to sustain market stability caused an increase in oil prices of approximately $5 per barrel on Monday. In the opening, Brent crude reached its highest price in almost a month, trading at $84.95 a barrel, up $5.06 or 6.3%. With a price of…
India’s exports of coffee reached a new high of $1.126 billion for the fiscal year that ends in March 2023 due to a rise in worldwide prices. The exports exceeded the Commerce Ministry’s fixed target of $1.088 billion, up by approximately a tenth in dollar value terms from the previous year’s $1.027 billion. In fact,…
Consumer Affairs Secretary Rohit Kumar Singh issued a directive to retailers on Friday warning them against maintaining a “unreasonable level” of profit margin on pulses, particularly tur dal. This was done out of concern over the rising price of tur dal. The secretary of the Retailers Association of India (RAI) instructed the main organized retailers…
