Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that the Congress party issued oil bonds which was irresponsible and today they are compounding it with lies by saying that fuel price hike is someone else's fault.
A suspected Israeli attack on Iran's embassy in Syria, killing 12, has dramatically raised the stakes in the Middle East as nations prepare for Iran's retaliation. This can result in an expansion of the war in the region and would have repercussions in the oil market, including India.
The Indian stock market experienced a downturn as both Sensex and Nifty faced selling pressure in IT stocks and witnessed continuous foreign fund outflows. The benchmark BSE Sensex concluded at 70,700.67, marking a 0.51% decline with a substantial earlier drop of 741.27 points to 70,319.04.
External affairs minister S Jaishankar asserted that India's strategic approach to oil purchases amid the Russia-Ukraine war has played a significant role in softening global oil and gas markets, consequently helping manage global inflation.
According to reports, the petrol and high-speed diesel prices had increased by Rs58.43 and Rs55.83 per litre between August 15 and September 15 respectively in Pakistan, to a historic Rs331-333 per litre at the retail stage until September 30.
Nifty Smallcap 250 led with a 0.82% gain, followed by Nifty Microcap 250, surging 1.06%. Notable performances included Nifty Smallcap 100 (0.79%), Nifty Midsmallcap 400 (0.74%), Nifty Midcap 100 (0.71%), and Nifty Smallcap 50 (0.65%).
Asian shares experienced a rebound from their 11-month lows on Thursday, benefitting from a decline in oil prices and softer-than-expected US labor data. These factors contributed to improved market sentiment across the region.
A series of production cuts over the past year has failed to substantially boost prices amid weakened demand from China and tighter monetary policy aimed at combating inflation. But with international travel back up to nearly pre-pandemic levels, the demand for oil likely will continue to rise.
Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red.
Dhara edible oil price cut: "The maximum retail price (MRP) of all variants of Dhara edible oils is being reduced by Rs 10 per litre on account of the continued decline in edible oil prices internationally and better availability of domestic crops such as mustard," a company spokesperson said.
In April, Saudi Arabia, Russia, and other OPEC+ oil producers declared their intention to reduce production by 1.16 million barrels per day.
According to the top EU official, two price levels have been set for Russian petroleum products: one for ”premium-to-crude” petroleum products, such as diesel, kerosene and gasoline, and the other for ”discount-to-crude” petroleum products.
Oil price rise in India: Puri is scheduled to meet energy business leaders in Houston on Saturday.
Amid the blame-game between the Centre and Opposition over the intention of reducing the fuel prices, Finance Minister Nirmala Sitharaman put some facts before the people saying criticism/appraisal can benefit from having them before us.
Ending of a four-and-half-month long hiatus, fuel rates were revised first on March 22 this year.
If the turmoil is restricted within Afghan boundaries, the impact would be limited. But if Afghanistan continues to be on the boil, and boil violently, the oil-producing regions of the Middle East and Central Asia could get affected and, consequently, oil prices.
The government has reduced the cost of non-subsidised LPG cylinder by Rs 162.50 per cylinder in metro cities including Delhi, Mumbai, Kolkata and Chennai. The prices have been reduced in line with the slump in benchmark international rates.
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.
A major escalation in tensions between the US and Iran - the two biggest oil producing nations - following a US airstrike killing one of Iran's most powerful military commanders, General Qasem Soleimani, has sent global financial markets into a tailspin. While the stock markets have taken a beating, gold, silver and oil prices have jumped sharply.
As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.20/litre, Rs 76.89/litre, Rs 79.86/litre and Rs 77.13/litre respectively. The diesel prices were Rs 65.84/litre, Rs 68.25/litre, 69.06/litre and 69.59/litre respectively.
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