In an effort to reduce exports and prioritize domestic fuel supplies in the face of a severe global oil shock, the Center imposed an export tax of Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel (ATF). Every two weeks, the action will bring in almost Rs 1,500 crore…
Due to the ongoing US-Israeli war on Iran and Tehran’s efforts to limit shipping via the Strait of Hormuz, the government has lowered the special supplementary excise charges on gasoline and diesel in the midst of the world oil crisis. The excise tax on petrol has been lowered from Rs 13 to Rs 3 per…
Brent crude increased $1.1, or 1.4%, to $82.52 a barrel on Wednesday after closing Tuesday at its highest level since January 2025 as mounting tensions in West Asia continued to disrupt supply sentiment. US West Texas Intermediate (WTI) crude settled at its highest level since June before rising 40 cents, or 0.5%, to $74.96. US…
Oil prices increased by over 1% during Asian trading on Monday, with Brent Oil Futures rising 1.2% to $63.13 per barrel and West Texas Intermediate (WTI) crude jumping 1.2% to $59.27 per barrel. This price surge is attributed to OPEC+’s decision to maintain output steady through the first quarter and to renewed concerns over supply…
Indian Oil Corp (IOC), a state-owned major oil marketing firm, announced on Tuesday that it has set a capital expenditure target of Rs 33,000 crore for the upcoming fiscal year 2025–2026, compared to Rs 35,000 crore for FY25. As of December, the company’s capital expenditures for the fiscal year totaled Rs 28,000 crore. The company…
According to data from the Petroleum Planning and Analysis Cell, India’s petroleum product exports increased slightly by 1.5% to 47.5 million tonnes between April and December, from 46.8 million tonnes during the same period. Motor spirit, pet coke, and fuel oil shipments were the main drivers of the increase in exports. However, shipments of petroleum…
If the current decline in crude oil prices continues, it will lead to healthy marketing margins for downstream companies in the future. State-run oil marketing downstream companies posted weak earnings in the first quarter of the current fiscal after prolonged volatility in crude oil prices. Analysts expect a drop in retail prices of petrol and…
China imported 9.97 million barrels of oil per day last month, a 12% decrease from June’s number and a 3% decrease from July 2023’s daily import average. The fall in July comes after an 11% yearly decline in June’s reported crude oil imports, albeit from a record high planned for June 2023. Data released in…
The Organization of Petroleum Exporting Countries predicted that India’s oil consumption will increase to 5.80 million barrels per day in 2025, a 4.1% increase from the 5.57 million barrels per day predicted in 2024. The cartel noted in its most recent oil market report for the month that rising economic activity will lead to higher…
The Centre has reduced the windfall tax on domestically produced crude from Rs 9,600 per tonne to Rs 8,400 per tonne, effective immediately. The windfall tax remains unchanged at nil for diesel and aviation fuel turbines. Earlier on April 16, the government had increased the windfall tax from Rs 6,800 to Rs 9,600 per tonne….
