Crude Oil Price

The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.

The government on Monday hiked the windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne.

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.

The rupee depreciated 9 paise to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices.

Union Minister Hardeep Puri today said that fuel prices will not be cut in the near future as there is high crude volatility. Dismissing media reports as 'speculative', Mr Puri today said that there's no proposal to cut fuel 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.

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.

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 US and Saudi Arabia are looking beyond last year's oil spat to focus on billions of dollars-worth of defense and aviation deals and potential nuclear cooperation.

India's strong credit demand and softening crude oil prices could buoy the economy, putting the South Asian country on course for a 6.5% expansion this fiscal year, according to a top adviser to the Finance Ministry.

The rupee traded in a narrow range and settled on a flat note at 81.92 (provisional) against the US dollar amid rising crude oil prices and foreign fund outflows.

The rupee appreciated 15 paise to close at 81.91 (provisional) against the US dollar on Monday as a firm trend in domestic equities and easing crude oil price boosted investor sentiments.

The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.

The government on Monday hiked the windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne.

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.

The rupee depreciated 9 paise to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices.

Union Minister Hardeep Puri today said that fuel prices will not be cut in the near future as there is high crude volatility. Dismissing media reports as 'speculative', Mr Puri today said that there's no proposal to cut fuel 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.

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.

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 US and Saudi Arabia are looking beyond last year's oil spat to focus on billions of dollars-worth of defense and aviation deals and potential nuclear cooperation.

India's strong credit demand and softening crude oil prices could buoy the economy, putting the South Asian country on course for a 6.5% expansion this fiscal year, according to a top adviser to the Finance Ministry.

The rupee traded in a narrow range and settled on a flat note at 81.92 (provisional) against the US dollar amid rising crude oil prices and foreign fund outflows.

The rupee appreciated 15 paise to close at 81.91 (provisional) against the US dollar on Monday as a firm trend in domestic equities and easing crude oil price boosted investor sentiments.