Petrol and diesel prices have gone up in Madhya Pradesh and stood at Rs 96.69 and Rs 87.20 per litre respectively on February 14.As compared to yesterday, the price of petrol has become costlier by 0.32 paise while diesel price increased by 0.4 paise.
The Indian Coast Guard has said oil sheen has been observed astern/backside of the very large crude carrier (VLCC) New Diamond that has been on fire for the past six days. The Coast Guard said oil spill dispersants were sprayed by its Dornier aircraft to neutralise.
Traders are still paying more than $20 for a barrel of U.S. oil to be delivered in June, which analysts consider to be closer to the “true” price of oil. Crude to be delivered next month, meanwhile, is running up against a stark problem: traders are running out of places to keep it, as factories, automobiles and airplanes sit idled around the world.
Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don’t want to get stuck owning crude with nowhere to store it.
The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners.
Benchmark crude oil Brent crude on the International Market Intercontinental Exchange has risen nearly three dollars a barrel this month.
Waves of violent protests have engulfed Baghdad and Iraq’s southern provinces, with demonstrators chanting for the downfall of a political establishment that they say doesn’t prioritize them.
The eight core sectors had expanded by 4.3 per cent in September 2018. Production of seven sectors of coal, crude oil, natural gas, refinery products, cement, steel, and electricity contracted in September.
At the Interbank Foreign Exchange, the rupee opened at 71.83 then lost further ground and fell to an intra-day low of 71.98 against the US dollar.
The American Petroleum Institute (API) on Tuesday reported a decrease of 8.129 million barrels in the US crude oil inventories for the week ending July 5.
The benchmark Brent Crude on Thursday logged a steep jump of nearly 4 per cent over reports of attack on oil tankers in the Gulf of Oman.
The previous Congress-led UPA government had lost elections in 2014 when petrol prices had risen sharply in September 2013 to Rs 83.67. This is almost identical to price trend under the current regime when petrol price shot up to an all-time high level of over Rs 90 a liter in Mumbai in September 2018, just a few months ahead of the general election.
Both indices ended the week higher for the first time in six weeks. During the period the Sensex climbed 366.59 points and Nifty rose 156.05 points.
The revised rates of petrol in Delhi stood at Rs 81.82/litre and Rs 73.53/litre respectively.
On Monday, the local currency had ended sharply lower by 43 paise to 72.63 against the US dollar.
Fuel prices continued to skyrocket yet again on Sunday. Petrol, diesel prices were hiked by 28 paise per litre and 18 paise per litre respectively in Delhi.
Gadkari said if biofuel could also cut on India’s huge aviation fuel imports, and if “we could save Rs 30,000 crore spent now” through innovation and technology, it would be a great contribution to country’s economic health.
The US has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone.
A US state department official said that the US has told all countries, including India and China, to stop all their imports of Iranian oil by November 4.
Arguing that BJP-led government was committed to fiscal consolidation, PM Modi said that the rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong.
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