Govt again hikes windfall tax on petroleum crude to ₹9,600 per tonne
Notably, diesel and aviation turbine fuel will remain unaffected and maintain a zero windfall tax rate
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Oil stocks tank up to 8% after cut in petrol, diesel prices; HPCL, BPCL, IOCL, GAIL, ONGC lead fall
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
2024 Ahoy! Crude to determine health of economy
In FY23, India spent $157.5 billion on importing 232.7 million tonnes of crude oil.
Israel-Hamas conflict could spike oil, other commodity prices: World Bank
Oil prices are expected to average $90 a barrel in the current quarter before declining to an average of $81 a barrel next year as global economic growth slows.
Oil prices jump 5% amid Israel-Gaza war
High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India, says Moody's.
Economic Survey 2023: Inflation to behave well in FY24, says CEA
CEA V. Anantha Nageswaran says if the global economy slows down, as IMF and others have projects, then commodity prices should retreat on monetary tightening
Brent crude hits a month low, but petrol, diesel prices remain steady
Brent crude oil price has fallen 9.2% in the last two days to $78.01 per barrel, the lowest level since December 12, 2022.
States have fiscal space to cut fuel by up to ₹5/litre: SBI
States gained ₹49,229 cr from VAT revenue on fuel when oil prices were increasing and they will forego only ₹15,021 cr after oil price has been downwardly adjusted through excise cut by the Centre.
Ukraine crisis: Govt will use oil reserves to curb volatility, says Fin Min
The government is committed to use the deploy strategic petroleum reserves to contain market volatility, says the finance ministry.
Russia-Ukraine war: Feb trade data grim alert for India as crude spikes
Though, Russia is a marginal trade partner with barely 1.4% of India's import and 0.9% of exports, spike in crude and commodity prices will elevate inflation and dent consumer demand.
