India’s procurement of crude oil from Russia is market-driven, and not under govt-to-govt framework: Foreign secretary

India’s procurement of Russian crude oil is not under any government-to-government framework and Indian entities make the purchase from the market to respond to the country’s energy security requirement, Foreign Secretary Vinay Kwatra said. Kwatra also chose not to comment on the proposed price cap on Russian oil, a move initiated by the G7 countries […]

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IOC, HPCL, BPCL post Rs 18,480 crore loss in Q1 on restrained fuel prices

State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost. According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and […]

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