World’s largest oil trader says global oil demand could plummet by 20 million barrels per day

A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, oil demand could slump by 15 to 20 million bpd over the next few weeks. On an annual basis, Hardy said, this would contribute to a demand […]

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Fifty Six APMCs shut in Maharashtra; Pune market to remain shut till March 31

Agriculture Produce Market Committees (APMCs) in Maharashtra have begun shutting down services in the wake of Section 144 imposed by the state government to curb the spread of coronavirus. Around 56 market committees in the state remained shut in Maharashtra on Monday, according to a daily survey conducted by the Maharashtra State Agriculture Marketing Board (MSAMB). […]

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Fuel demand drops in India as coronavirus strikes; petrol diesel purchases drop

India’s fuel demand has dropped by a steep 10-11 per cent in the first two weeks of March as the outbreak of coronavirus (Covid-19) led to the cancellation of flights and reduction in industrial activity. The country had consumed 19.5 million tonnes of petroleum products in March 2019, official data showed. Assuming consumption in two […]

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Subsidised LPG price hiked by Rs 35.55 per cylinder in 5 months: Oil Minister Pradhan

The price of subsidised cooking gas (LPG) has been hiked by Rs 35.55 per cylinder in the last five months, Oil Minister Dharmendra Pradhan said. As per government policy, LPG all over the country is available only at market price. However, households are entitled to buying 12 cylinders of 14.2-kg each at a subsidised rate […]

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Vegetable prices surge ahead of mandi closure despite surge in arrivals

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Vegetables prices went up further today despite increased arrivals of key produce in the Agricultural Produce Market Committee (APMC) Vashi, as the market decided to remain closed tomorrow in order to facilitate disinfection and protect participants from coronavirus (Covid-19), reports Business Standard. Total vegetable arrivals in the mandi surged to 830 vehicles, holding about nine tonnes each, and […]

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Government tables notifications on excise duty, road cess rise on petrol, diesel in the parliament

Minister of State for Finance Anurag Singh Thakur on Monday tabled three notifications relating to increase in excise duty and road cess on petrol and diesel by Rs 3 per per litre, amidst uproar by opposition in Lok Sabha. Thakur placed before the House the notifications dated March 13, 2020 seeking to raise special additional […]

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BPCL buys 2 million barrels extra oil as Saudi cuts price, plans to hike output

Indian refiner Bharat Petroleum Corp has bought 2 million barrels of extra Saudi oil for loading in April after the Saudi Kingdom slashed the selling price and announced plans to raise output to record 12.3 million barrels per day (bpd), as per a Reuters news report.  “We will be taking two additional cargoes of Arab mix…we have […]

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