Gold prices on 30 September for their biggest quarterly fall since early 2021, as aggressive interest rate hikes by the U.S. Federal Reserve and commitment to deliver more dented the zero-yielding metal’s appeal. Spot gold ticked 0.1% higher to $1,661.04 per ounce, as the dollar index slipped from a 20-year high, making the metal less expensive for buyers […]
Petrol and diesel sales in India jumped in September 2022 as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared by 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the […]
Import duty on platinum has been increased to a total of 15.4 per cent with effect from Monday (3rd October, 2022) through a notification by the Finance Ministry. Platinum and palladium for use in manufacture of precious metal chemicals, compounds (noble metal compounds and solutions) and catalytic converters will continue at basic customs duty of […]
State-owned Food Corporation of India (FCI) has 44 million tonnes of foodgrains in its godowns, and the buffer stock is sufficient to meet the requirement under the food law, free ration scheme PMGKAY and other welfare schemes, the government said last week. As of April 1, 2023, the food ministry said, about 11.3 million tonnes of wheat […]
The Indian government cut the windfall tax on domestically-produced crude oil to Rs 8,000 per tonne from Rs 10,500, and halved the levy on export of diesel to Rs 5 per litre, effective 2 October, 2022. It also scraped a levy of Rs 5 per litre on export of jet fuel, at the sixth fortnightly […]
Washington’s decision to impose sanctions on Mumbai-based petrochemical trading company Tibalaji Petrochem Pvt Ltd for dealing with Iran may pull the plug on a reported plan by Delhi to resume purchase of Iranian crude, after a four-year gap. Ever since the US announced the sanctions on Iran in 2018-19 for walking out of a nuclear […]
Tea exports during the period January to July in the calendar year 2022 have touched 116.36 million kg as compared to 103.38 million kg in the same period of 2021, showing over 12% growth. According to Tea Board of India data, exports to the largest importing block, the CIS countries, remained almost stagnant at 25.20 […]
Jet fuel (ATF) price was slashed by 4.5 per cent and that of commercial LPG used in hotels and restaurants by Rs 25.50 per 19-kg cylinder. The price of a 19-kg commercial LPG cylinder was cut to Rs 1,859.50 in the national capital from Rs 1,885, according to a price notification from state-owned fuel retailers. […]
India’s power ministry is proposing a nearly $2.5 billion incentive plan to encourage domestic manufacturing of grid-scale batteries, aiming at bringing down the cost of energy storage to speed up its energy transition, according to a Bloomberg news report. There are early-stage discussions in the government about offering incentives to manufacturers for batteries they produce over a […]
Kharif castor sowing for 2022-23 season in the country has gone up by over 1,00,000 hectare from 0.74 million hectare to more than 0.88 million hectare due to prevailing higher prices of oilseeds, as per Solvent Extractors’ Association of India (SEAI). In contrast, kharif or monsoon sowing of groundnut in India declined by 0.3 million […]
