Petrol, diesel prices in India may rise again after a short lull, as international crude prices surge

A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin squeeze, sources said. Petrol and diesel prices have remained unchanged for 12 days but now the international rate surge is exerting pressure. Current prices of petrol and […]

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Ethanol policy might lead to a cut in India’s sugar production to 30.5 million tonnes next season

India’s sugar production is likely to decline marginally to 30.5 million tonne in the next 2021-22 season as more sugarcane is being diverted for ethanol making. Sugar production was estimated to have reached 31 million tonne in the 2020-21 season (October-September). India is the world’s second biggest sugar producer after Brazil. “Sugarcane crop by and […]

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State-owned refineries to set up ethanol plants at a cost of Rs 7,000 crore

State-run oil marketing companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have been given the mandate to set up around 12 ethanol manufacturing plants as part of a road map to meet the 20% ethanol blending target by 2025. Tarun Kapoor, secretary, ministry of petroleum and natural gas, told Financial Express that the three oil majors have […]

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Crude prices soften, but India’s OMCs hold fuel prices for higher margins

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India’s state-run oil marketing companies (OMCs) – Indian Oil, Bharat Petroleum, Oil India, and HPCL – were prompt in raising retail prices of petrol and diesel since early May this year to “match the rise in global crude rates”, they have been less than forthcoming to the softening of crude oil since mid-July. The base […]

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India’s crude import bill rises by 190% to $25 billion in the first quarter of FY22

The country’s crude oil import bill has increased 190.6% year-on-year to $24.7 billion in Q1FY22 with rising prices of the commodity in the international market and higher procurement volumes with demand for auto fuels increasing. The volume of crude oil imported in the quarter, at 51 million tonne, was 14.7% higher than the same period […]

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Excise duty collections from petroleum products being used in infra development: Minister Nitin Gadkari

Union Minister Nitin Gadkari on Thursday said excise duty collected from petroleum products are being used for infrastructure development and other development items. The road transport and highways minister said this in the Lok Sabha while replying to a question on the impact of rising fuel prices on the logistics cost of transportation in the […]

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Crude falls, but no respite for fuel prices in India; petrol price in Mumbai cross Rs 107 a litre mark

On Friday, 16 July, crude oil prices headed for their biggest weekly drop since May this year as expectations of more supplies spooked investors. In India, however, the price of petrol and diesel touched record highs. Mumbai’s petrol cost is the highest across metro cities, standing at a staggering Rs 107.54 per litre. Diesel in the […]

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