The country imported 84 per centof its crude in the last financial year, government data show, and two of every three of those barrels was sourced from the conflict-prone region.
Symbol: CRUDEOIL| Contract: Jul, 2019| Category: Energy
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The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates
Brent crude, the global oil benchmark rose sharply on Thursday after war like situation developed between Iran and the US after Iran shot down a US drone
Oil imports rose by 8.23 per cent to $12.44 billion and non-oil imports expanded by 2.9 per cent to $32.91 billion during the month under review.
Dollar rate in India: After opening marginally higher against the greenback at 69.37, the rupee declined by as much as 10 paise to hit 69.45 in afternoon deals. Crude oil prices lowering to near five-month lows supported the rupee however strength in the dollar overseas kept the advances in check, say analysts. The rupee had closed at 69.35 agains...
The Finance Ministry had revised the oil cess in the Union Budget 2016-17, shifting it from the specific charge of Rs 4,500 per tonne of crude to an ad valorem rate of 20 per cent.
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