Petrol and diesel rates have not been lowered in India since May 2022 even though international oil prices are down 25% from June 2022 peak. Analysts believe ‘politics is at play’.
By Nidhi Verma NEW DELHI (Reuters) - India's July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2
It marks a major departure from well-established oil majors such as BP & Shell and top trading houses like Vitol & Glencore that handled Russian crude & oil products for decades.
Fatih Birol said that, since India has abundant renewable energy capacity, the country should not miss the opportunity to become a superpower in the green hydrogen business.
Last July, govt imposed the windfall tax on these items after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling it cheap at home.
The federal government also raised export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees.
The cap will allow non-EU countries to continue importing Russian oil, but will prohibit companies from handling cargoes of it around the globe, unless it is sold for less than $60.
European Union ban on Russian crude imports from 5 Dec will drive European refiners to buy more Middle East oil, putting them in competition with Asian buyers.
The chipmaker at the heart of the AI revolution may be the most influential stock in Wall Street history. Nvidia has been the primary driver of the market’s gains since the start of 2023.
ISRO’s LMV3 rocket set off the CMS-03 satellite from Sriharikota Sunday. It weighs 4,410 kg, will primarily serve Indian Navy and has a life of at least 15 years.
This world is being restructured and redrawn by one man, and what’s his power? It’s not his formidable military. It’s trade. With China, it turned on him.
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