Union Minister of Petroleum and Natural Gas Dharmendra Pradhan also said both countries were in discussions to store crude oil in US to increase India's stockpile.
Provisional fuel sales in June climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, oil ministry said.
Fuel consumption probably declined at least 80% in April, which would lead to a revenue loss of as much as Rs 400 billion, said economist Madan Sabnavis.
The global oil slump has given Modi govt the cushion to hike fuel taxes to meet revenue shortfalls. But retail fuel prices still hover around pre-Covid-19 levels.
In episode 416 of #CutTheClutter, Shekhar Gupta explains the reasons behind the excise hike in petrol and diesel, and delves into the recent political crisis in Israel.
IIT-Roorkee engineers develop electric car prototype that needs ‘refuelling’ not recharging, say it won’t cost any more than your petrol or diesel vehicle.
Central bank communication now holds as much significance as central bank action. A single clause in a press conference can move markets more than a 25-basis-point adjustment.
Order for 87 MALE drones will be split between 2 Indian firms in 64:36 ratio to ensure there are 2 independent manufacturing lines with at least 60% indigenous components.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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