On Monday, the government of India raised the cap on additional excise duty on petrol to Rs 18 per litre and diesel to Rs 12 per litre. This is an increase of Rs 8 per litre on the previous level of Rs 10 per litre on petrol and Rs 4 per litre on diesel. The […]
Iron ore and finished fertilizers shipments have enabled major ports to tide over falling volumes in coal and other miscellaneous cargo. Iron ore shipped through major ports soared 39 per cent between April and January of this financial year. Growth in the finished fertilizers cargo too was robust at 21.55 per cent. Thermal or steam cargo shipments plunged 14.98 per cent […]
Older oil fields that are facing a natural decline in production and no major discovery in past several years has seen India’s reliance on imported oil only grow in the past three years, Petroleum and Natural Gas Minister Dharmendra Pradhan told parliament this week. “Crude oil import is increasing every year due to increase in […]
Base metals’ prices jumped by 1-2 per cent on Wednesday after the United States Federal Reserve (US Fed) announced a 50 basis points (bps) emergency interest rate cut. The Fed also confirmed high downside risk for the global economy as a result of increasing number of coronavirus (COVID-19) cases across the world. Gold and silver price increased […]
Global equity selloff has had a ripple effect on the commodities markets with prices of major global commodities falling between 1 and 3.2 per cent on Friday. This is owing to the widespread coronavirus outbreak across the world which pushed the global economy into uncertainty, says a Business Standard report. The decline was sharper in India due to nearly […]
Domestic consumption of petroleum products in January 2020 slipped by 0.6 per cent year-on-year (y-o-y) to 18.4 million tonnes, mostly on the back of lower sales of diesel, bitumen and fuel oil. According to provisional data by the government’s petroleum planning and analysis cell (PPAC), diesel usage dipped 1.9 per cent to 6.9 million tonnes. In […]
India’s imports of Middle Eastern oil plunged to a four-year low in 2019, tanker data obtained from sources shows, as the energy-hungry nation diversifies its supplies to cut costs and help shield itself from geopolitical tensions, reports Reuters. India, the world’s third-biggest oil consumer, imports about 84 per cent of its oil needs and traditionally […]
The Trump administration imposed new sanctions on Iran last week, including penalties on the Islamic Republic’s metals and some senior leaders, following Tehran’s attack on U.S. military bases. The sanctions target steel, aluminum, copper and iron, as well as eight senior Iranian officials and sectors of the economy, such as construction, manufacturing, textiles and mining, […]
Global food prices hit a five-year high in December, the UN Food and Agriculture Organization (FAO) said in its monthly report. World food prices rose for the third consecutive month in December, as a strong rally in vegetable oil prices drove the FAO Food Price Index to its highest level in five years. The FAO […]
Showing no signs of improvement, the output of eight core infrastructure industries contracted for the fourth consecutive month in November by 1.5 per cent, according to official data. Since August, the eight core industries are recording negative growth. The output of coal, crude oil, natural gas, steel, and electricity declined by 2.5 per cent, 6 […]
