The Food Minister Pralhad Joshi stated on Thursday that the government is expected to approve raising the minimum sale price (MSP) for sugar as well as domestic ethanol pricing, as requested by the industry. In addition to the mills’ MSP for sugar, Joshi stated that the government is considering proposals to raise the price of…
The provisional data released by the Ministry of Commerce & Industry on Wednesday showed that the increase in prices of food articles, food product manufacturing, mineral oils, crude petroleum & natural gas, other manufacturing, etc. was the main cause of India’s wholesale price index (WPI)-based inflation for July, which eased to 2.04% on an annual…
According to data from energy cargo surveillance company Vortexa, India’s petroleum product exports grew slightly by 1% to 4.9 million barrels per day in the first four months of the current fiscal year 2024–25 from 4.8 million barrels per day in the April–July period of 2023–24. However, compared to 1.22 million barrels per day in…
India’s cotton industry will undoubtedly be severely impacted by the political unrest in Bangladesh, even though it may not have a major impact on trade. Bangladesh is the recipient of $2.4 billion worth of Indian cotton exports. Bangladesh’s proportion of India’s total cotton exports increased from 16.8% in FY13 to 34.9% in FY24, based on…
As a result of an unanticipated increase in U.S. crude stockpiles, crude oil prices fell by 1.16% Wednesday, closing at 6,492 INR. 1.825 million more barrels of crude oil were added to U.S. stocks last week, according to the Energy Information Administration (EIA), than the 2.55 million barrel drop that the market had anticipated. Distillate…
Due to increased demand for safe-haven assets amid rising geopolitical tensions and worries about inflation threats, silver prices increased by 0.56% Wednesday, closing at 75650. Before the U.S. elections, investors sought solace in silver due to rising prices and inflation, which complicated the Federal Reserve’s ability to manage economic stability through policy actions. Economic data,…
A combination of factors boosting market optimism caused crude oil prices to close 0.28% higher at 6399. The market was infused with liquidity and hopes of an economic revival were reinforced by China’s recent stimulus announcements, especially the lowering of the reserve requirement for banks. One of the main factors driving the rising demand for…
The price of Brent crude experienced a decline to $80.6 per barrel, even with the recent announcement by OPEC and its allies to prolong the production reduction of 1.7 million barrels per day until 2024. Forecasters predict that going forward, the price of crude will stay between $80 and $85 per barrel. India, which imports…
Early Asian trading on Friday saw a decline in oil prices, which continued losses following the voluntary agreement by OPEC+ members to reduce oil output for the first quarter of 2019 that fell short of market expectations. At morning session February’s Brent crude futures were down 14 cents, or 0.2%, at $80.72 per barrel. At…
In order to prepare for the energy shift, India’s largest oil and gas producer, ONGC, plans to invest over Rs 1 lakh crore in building two petrochemical factories that will transform crude oil directly into high-value chemical goods, senior company officials announced on Wednesday. One of the main energy sources is crude oil, which is…
