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Oil prices News

09 Aug 2022

India saw 6.1% y-o-y rise in fuel demand in July

India's fuel demand rose 6.1% y-o-y in July, as per PPAC. Cooking gas or LPG sales increased by 1.7%. Gasoline or petrol sales were 6.8% higher from last year.

14 Jun 2022

WPI inflation spikes to record 15.88% in May on costlier food items, crude oil

The WPI inflation has remained in double digit for the 14th consecutive month since April last year and has been in the upper trajectory for three straight months.

06 May 2022

Oil rises 1%, set for another weekly rise on supply concerns

Brent futures rose $1.43, or 1.3%, to $112.31 per barrel by 1:24 p.m. WTI was on track to gain about 6% and Brent set to rise nearly 4% this week. Demand concerns on signs of a weakening global economy capped the price rise.

27 Apr 2022

DNA: Why PM Modi had to speak on petrol and diesel prices?

Today, Prime Minister Narendra Modi appealed to many states of the country to reduce VAT to reduce oil prices. However, these are the state governments where there are often protests against expensive oil prices.

22 Apr 2022

Indonesia bans palm oil export, world to face the jitters

Indonesia has banned the export of palm oil from April 28. The decision has been taken to control skyrocketing domestic prices and ensure availability of food products at home. Indonesia is the world’s biggest exporter of palm oil.

17 Apr 2022

Oil Ministry freezes gas allocation, prices of CNG, PNG spike: Report

The halt has led to a hike in CNG and piped cooking gas prices to record levels. Current supplies have been maintained at March 2021 demand level, report said.

31 Mar 2022

Stock limit on edible oils, oilseeds extended up to Dec 31

A notification from the Ministry of Food, Consumer Affairs and Public Distribution's Department of Food and Public Distribution published on Wednesday, extended the date from March 31 to December 31.

22 Mar 2022

Oil mixed as dollar rises, EU looks less likely to ban Russian oil

A strong dollar makes crude more expensive for other currency holders and tends to weigh on risk appetite. Earlier this month, Brent hit $139 a barrel, the highest since 2008. Oil prices drew support from threats to supply as Yemen`s Iran-aligned Houthi group attacked Saudi energy and water desalination facilities.

21 Mar 2022

Oil prices up more than $4 as EU considers Russian oil ban

EU governments will consider whether to impose an oil embargo on Russia. Brent crude futures were up $4.44, or 4.1%, at $112.37 a barrel by 1321 GMT, adding to a 1.2% rise on Friday.

12 Mar 2022

Uber adds fuel surcharge due to high gas prices, check if you have to pay more

The temporary fee is designed to reduce the burden of high gas prices. The fee is temporary but lasts for at least the next 60 days. The company said that drivers who switch to EVs can enjoy higher earnings potential due to Uber`s Green Future Programme.

11 Mar 2022

Centre making efforts to check rise in edible oil, fuel prices

Central government is making efforts to check the rise in edible oil and fuel prices.

08 Mar 2022

Petrol, diesel rates remain unchanged across cities even as crude oil boils

The central government reduced excise duty on November 4, 2021, to provide relief from historically high prices. The government reduced the duty on petrol by Rs 5 per litre and on diesel by Rs 10 per litre, resulting in significant reductions in fuel prices. Later, in December 2021, the Delhi government cut the value-added tax on petrol from 30% to 19.40%.

07 Mar 2022

Oil price soars on talks about Russia oil ban, Iran deal delay

Global oil prices have spiked more than 60% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. Russia is Japan`s fifth-biggest supplier of crude oil and liquefied natural gas (LNG). Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said.

07 Mar 2022

Petrol, diesel prices to go up from tonight? Here's what you need to know

To combat growing inflation, the central government could lower the excise on fuel and diesel by Rs 3 or Rs 4. As a result, the price of petrol in India might rise from Rs 10 to Rs 16 per litre. Simultaneously, diesel prices may rise by Rs 8 to 12 per litre.

Russia-Ukraine conflict

07 Mar 2022

Know how much oil US imports from Russia

US exploring banning Russian oil import. Intensifying conflict between Russia and Ukraine. US got 3.5% of imported oil from Russia in 2021.

04 Mar 2022

Gold gains Rs 75, oil jumps toward $115

Brent crude reached a high of $114.98 per barrel and was up $4.44, or 4%, at $114.90 by 1300 GMT. Crude oil touched a decade high this week, and prices are on track for their best weekly increases since the middle of 2020, with the US benchmark up more than 21% and Brent up 17%. Oil prices are rising on concerns that Western sanctions over the Ukraine war could impede shipments from Russia, the world's largest crude and oil product exporter combined.

01 Mar 2022

Oil prices soar as Ukraine conflict stokes supply concerns

The benchmark touched a seven-year high of $105.79 after the invasion began last week. U.S. West Texas Intermediate (WTI) April crude futures were up $4.14, or 4.33%, at $99.86 a barrel after hitting its highest level since July 2014 at $101.53. Russia said on Tuesday its forces had cut off the Ukrainian military from the Sea of Azov north of the Black Sea.

26 Feb 2022

Crude oil at $100 per barrel, Govt may release Strategic Petroleum Reserves

At present Indian refiners hold crude oil reserves of 64.5 days. In addition to that, India also holds 39.62 million barrels of crude oil through its Strategic Petroleum Reserve body ISPRL. Cumulatively at present India has oil storage for 74 days.

25 Feb 2022

How crude oil at $100 will affect India

In such a situation, India too might not be able to bypass the effects of a global crisis. Crude oil has risen to about 25 percent. On November 3 last year, the Modi government had reduced the excise duty on petrol and diesel by Rs 5 and Rs 10 respectively.

25 Feb 2022

Stocks rise after Ukraine panic, oil back below $100

Oil prices fell back below $100 a barrel after soaring on Thursday as concerns over supply disruptions eased. On Friday, missiles pounded the Ukrainian capital as Russian forces pressed their advance. Russian stocks soared more than 10% - but that followed one of the three biggest ever single-day stock market crashes in history.

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