Crude Oil

The government has increased the windfall tax on petroleum crude to 10,000 rupees ($120.36) per ton from 6,700 rupees, effective September 16, according to a government notification on Friday.

Congress MP Rahul Gandhi has backed the government's stance on relations with Russia - specifically the increased purchase of discounted crude oil - amid Moscow's war on Ukraine.

The Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday amid a firm American currency and elevated crude oil prices.

The rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar today, weighed down by a surge in crude oil prices and strong American currency.

Saudi Arabia and Russia said on Tuesday they would extend voluntary oil cuts until the end of the year, sending the price of Brent crude to a 10-month high.

India's imports from Russia doubled to USD 20.45 billion during the April-July period of this fiscal due to increasing inbound shipments of crude oil and fertiliser from that country, according to the commerce ministry data.

The first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system took place on Monday between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL).

The discount on Russian crude oil is not as much now as it used to be in the initial period after the Ukraine conflict began, Oil Minister Hardeep Puri said on Friday.

The rupee depreciated 5 paise to close at 82.23 (provisional) against the US dollar, tracking surging crude oil prices and a strong greenback against major rivals overseas.

The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said.

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices.

The rupee rebounded by 34 paise to close at a month high against the US dollar today amid domestic equity indices surging to record high levels and losses in crude oil prices.

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.

Pakistan Prime Minister Shehbaz Sharif on Sunday announced that the first shipment of discounted Russian crude oil has arrived in the port city of Karachi, a development that will provide relief to the people hit by skyrocketing inflation.

Petroleum Minister Hardeep Singh Puri said on Saturday that oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter.

The government has increased the windfall tax on petroleum crude to 10,000 rupees ($120.36) per ton from 6,700 rupees, effective September 16, according to a government notification on Friday.

Congress MP Rahul Gandhi has backed the government's stance on relations with Russia - specifically the increased purchase of discounted crude oil - amid Moscow's war on Ukraine.

The Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday amid a firm American currency and elevated crude oil prices.

The rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar today, weighed down by a surge in crude oil prices and strong American currency.

Saudi Arabia and Russia said on Tuesday they would extend voluntary oil cuts until the end of the year, sending the price of Brent crude to a 10-month high.

India's imports from Russia doubled to USD 20.45 billion during the April-July period of this fiscal due to increasing inbound shipments of crude oil and fertiliser from that country, according to the commerce ministry data.

The first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system took place on Monday between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL).

The discount on Russian crude oil is not as much now as it used to be in the initial period after the Ukraine conflict began, Oil Minister Hardeep Puri said on Friday.

The rupee depreciated 5 paise to close at 82.23 (provisional) against the US dollar, tracking surging crude oil prices and a strong greenback against major rivals overseas.

The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said.

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices.

The rupee rebounded by 34 paise to close at a month high against the US dollar today amid domestic equity indices surging to record high levels and losses in crude oil prices.

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.

Pakistan Prime Minister Shehbaz Sharif on Sunday announced that the first shipment of discounted Russian crude oil has arrived in the port city of Karachi, a development that will provide relief to the people hit by skyrocketing inflation.

Petroleum Minister Hardeep Singh Puri said on Saturday that oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter.