Oil Import

India's palm oil imports could fall 19 per cent to the lowest level in 11 years as soyoil, now cheaper, takes more market share

India has allowed duty-free imports of 2 million tonnes each of crude soyoil and crude sunflower oil for the current and the next fiscal year to March 2024, a government order said on Tuesday, as part of efforts to keep a lid on local prices.

The government on Tuesday exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean and sunflower oil, to ease domestic prices.

The European Union will likely agree an embargo on Russian oil imports "within days," according to its biggest member Germany, as Moscow said it saw its economic ties growing with China after being isolated by the West over its invasion of Ukraine.

India's April crude oil imports were the highest in 3-1/2 years as the world's third biggest oil importer and consumer ramped up discounted Russian oil purchases to fuel a recovery in demand and fight high prices.

India's April crude oil imports were the highest in three and a half years as it ramped up discounted Russian oil purchases

Indonesia will lift its ban on palm oil exports next week, President Joko Widodo said Thursday, relieving pressure on the global vegetable oil market after prices spiked because of the suspension and the war in Ukraine.

India's edible oil imports are set to fall for the third year in a row on a rise in local oilseed supplies and as a rally in vegetable oil prices to a record high dented demand, an industry official said on Tuesday.

India's crude imports rose about 4.2% in March to 19.03 million tonnes from a year earlier, government data showed.

Oil prices jumped, as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil.

India defended its continued purchases of Russian oil saying they were part of its long-standing effort to diversify its supplies and arguing a sudden halt to imports would jack up world prices and hurt its consumers.

The RBI's move to raise key lending rate is part of synchronised action by central banks globally and had come as a surprise only because it was done between two monetary policy reviews, Finance Minister Nirmala Sitharaman has said

German Economy Minister Robert Habeck said on Wednesday that a gradual EU ban on Russian oil imports could lead to supply "disruptions" and price increases but backed the measure as necessary step to sanction Moscow.

The European Union's executive unveiled Wednesday plans for a gradual ban on Russian oil imports as part of a raft of new sanctions to punish Moscow for invading Ukraine.

India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.

India's palm oil imports could fall 19 per cent to the lowest level in 11 years as soyoil, now cheaper, takes more market share

India has allowed duty-free imports of 2 million tonnes each of crude soyoil and crude sunflower oil for the current and the next fiscal year to March 2024, a government order said on Tuesday, as part of efforts to keep a lid on local prices.

The government on Tuesday exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean and sunflower oil, to ease domestic prices.

The European Union will likely agree an embargo on Russian oil imports "within days," according to its biggest member Germany, as Moscow said it saw its economic ties growing with China after being isolated by the West over its invasion of Ukraine.

India's April crude oil imports were the highest in 3-1/2 years as the world's third biggest oil importer and consumer ramped up discounted Russian oil purchases to fuel a recovery in demand and fight high prices.

India's April crude oil imports were the highest in three and a half years as it ramped up discounted Russian oil purchases

Indonesia will lift its ban on palm oil exports next week, President Joko Widodo said Thursday, relieving pressure on the global vegetable oil market after prices spiked because of the suspension and the war in Ukraine.

India's edible oil imports are set to fall for the third year in a row on a rise in local oilseed supplies and as a rally in vegetable oil prices to a record high dented demand, an industry official said on Tuesday.

India's crude imports rose about 4.2% in March to 19.03 million tonnes from a year earlier, government data showed.

Oil prices jumped, as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil.

India defended its continued purchases of Russian oil saying they were part of its long-standing effort to diversify its supplies and arguing a sudden halt to imports would jack up world prices and hurt its consumers.

The RBI's move to raise key lending rate is part of synchronised action by central banks globally and had come as a surprise only because it was done between two monetary policy reviews, Finance Minister Nirmala Sitharaman has said

German Economy Minister Robert Habeck said on Wednesday that a gradual EU ban on Russian oil imports could lead to supply "disruptions" and price increases but backed the measure as necessary step to sanction Moscow.

The European Union's executive unveiled Wednesday plans for a gradual ban on Russian oil imports as part of a raft of new sanctions to punish Moscow for invading Ukraine.

India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.