In terms of value, India’s petroleum exports to key European markets saw 250% growth. It was driven first by pandemic-related factors, and then the war in Ukraine.
Data shows that India’s refined petroleum exports went from $96.57 billion in FY23 to $61.41 billion in FY24. Experts say decline is mainly due to Russia-Ukraine war.
The windfall tax on aviation turbine fuel will increase to 4 rupees per litre from 2 rupees, while the levy on petrol will remain at zero, according to the notification.
Union minister Piyush Goyal and UAE's Thani bin Ahmed Al Zeyoudi conclude 1st session of India-UAE Joint Committee on Comprehensive Economic Partnership Agreement.
The sunken tanker was carrying about 800,000 litres– 211,338 gallons – of industrial fuel oil when it suffered engine trouble on 28 February in rough seas.
Last week, Russia gave a state-run company the authority to decide whether foreign shareholders, including India's ONGC Videsh, can retain their participation in the project.
While state-run refiners have recorded higher-than-usual margins in 2021-22, the margins are more for private players as they are the biggest beneficiaries of cheap Russian crude.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
Excellent analysis !!! Btw down somewhere in the paragraphs, you have mentioned Ukraine – is that a typo or is it for real ?
This is the reason I don’t want war to stop between Russia and Ukraine