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Government may not cut excise duty on petrol, diesel for now

Government may not cut excise duty on petrol, diesel for now

Government may not cut excise duty on petrol and diesel in the near-term if it accepts the suggestions made in the approach paper submitted by Chief Economic Adviser for maintaining status quo when oil prices can climb by another USD 15 a barrel.

OPEC price war in Asia intensifies as oil falls below $50

The United Arab Emirates (UAE) last week joined Kuwait and Iraq in pricing crude they sell to Asia below that of OPEC`s top producer Saudi Arabia.

Oil prices rise on Chinese data

Oil prices rose today as caution returned after a weak rally spurred by upbeat industrial production data from China, the world's top energy consuming nation, analysts said.

High global crude oil prices a concern: IEA

Brent crude futures rose for fourth day on Tuesday to above USD 116 per barrel.

Weak rupee negates benefit of falling global oil prices

India is not able to get the benefit of drop in global crude oil prices due to depreciating rupee, industry body Assocham has said.

India cannot afford import of large quantities of crude oil: FM

Amid rising global crude oil prices, Finance Minister Pranab Mukherjee on Wednesday warned of "disastrous consequences" if corrective steps are not taken to deal with the problem as India cannot afford import of large quantities at high prices.

IOC's Rs 15,000-cr FPO deferred till year-end

State-owned Indian Oil Corp's (IOC's) Rs 15,000-crore share sale has been deferred till this year-end due to unfavourable market conditions and rising global crude oil prices.