Petroleum

India is exploring an FTA with Qatar to secure alternative export markets and cushion its exporters from rising tariff pressures in the US.

Exports worth nearly $800 billion to the US, China, India and the EU in 2023 faced higher tariffs than a decade ago: MC Analysis

Energy, metals and machinery accounted for nearly 31% of the total imports that saw tariff increase in 2023. India was the worst performer, with 19.4% of total imports entering the country facing higher tariffs than a decade ago.

Piyush Goyal backs India-Qatar trade beyond energy into AI and semiconductors

Piyush Goyal added that the India-Qatar future partnership will rest on the pillars of sustainability, technology and entrepreneurship, and energy. Sheikh Faisal bin Thani bin Faisal Al Thani, Qatar's Minister of Commerce and Industry was also present at the Forum.

Second round of checks underway to plug any gaps in petroleum, electronics trade data: Govt source

This scrutiny, being jointly conducted by the Directorate General of Commercial Intelligence and Statistics (DGCIS) and the Central Board of Indirect Taxes and Customs (CBIC), is likely to conclude within a month, said an official on the condition of anonymity.

India exported drugs and pharma worth $11.9 bn in April-August 2024, makes it the 4th largest category

Drugs and pharmaceutical exports have overtaken gems and jewellery, and chemicals in first five months of the year

Bad idea to include petroleum in GST, says former chief economic advisor Arvind Subramanian

Absorb cess in regular rate structure so that it is available for redistribution, former CEA argues

India aims for first strategic petroleum reserve with a private company by 2029/30

India, the world’s third biggest oil importer and consumer, is keen to expand its SPR capacity to hedge against global supply disruptions and price spikes.

Assam govt puts petroleum retailers under ESMA ahead of strike

The governor, by an order on January 4, had enforced ESMA in the state for six months to prohibit strikes. The earlier order covered officers, workmen, contract labourers, and tanker drivers and handymen involved in the oil and gas sector.

India raises windfall tax on petroleum crude to 3,200 rupees/tonne

India increased its windfall tax on petroleum oil to 3,200 rupees/ton from 1,700 rupees on Saturday, while keeping the windfall tax on diesel and aviation turbine fuel at zero, the government said late Friday.

India defers $602 million plan to fill parts of strategic petroleum reserve

India postpones 50-billion-rupee plan for strategic petroleum reserve, citing considerations of evolving trends in the oil markets, reveals finance ministry.

BP went for continuity. It needs a revolution: Javier Blas

Along with many other companies, BP loves to reinvent its brand. For a time, it marketed itself as Beyond Petroleum.

Govt reduces windfall tax on crude petroleum to Rs 6,300 per tonne, tax on diesel halved

Further, the windfall tax on aviation turbine fuel and petrol continue to be nil.

India hikes windfall tax on petroleum crude to Rs 9,800/ton

The windfall tax on aviation turbine fuel has been cut to nil from 1 rupee per litre and diesel reduced to Rs 2/litre from Rs 4/litre, the notification added.

Tata Motors developing new petrol engine to power premium SUV range

Tata Motors is working on a new petrol powertrain for its premium SUVs, Harrier and Safari, which currently feature a 2-liter diesel engine.

Fuel exports rebound to a 5-month high but demand woes linger

With fears of a global slowdown impacting exports, India’s ability to continue as one of the top exporters of fuel, especially to newer markets like the US and Europe, would be a key factor in limiting the country’s widening trade gap.

OPEC+ move to slash production opens door to battle over Asia’s oil demand

At the same time, while the US has reduced its reliance on OPEC+ oil, the country still imports close to 580,000 barrels daily from the group

Crude slides deeper as Fed watchers wait for US inflation data

Crude has had a bumpy year as traders juggle concerns over a global economic slowdown and optimism around China’s demand rebound after the nation ended Covid Zero

Government cuts windfall tax on crude petroleum, diesel and ATF

Windfall tax on crude petroleum has been reduced to Rs 4,350 per tonne from Rs 5,050, while the special additional excise duty on ATF has been cut to Rs 1 from Rs 6 per litre

Strategic reserves, long-term import pacts key to ramp up energy security: Oil Minister

Out of the Rs 35,000 crore allocated for his ministry in the Union Budget, Rs 5,000 crore has been earmarked to augment the strategic petroleum reserve, Hardeep Singh Puri said

Don't say it out loud, but BP is back into petroleum

The oil giant hasn’t pulled a U-turn on going green, but it isn’t moving in a straight line either

Netherlands emerging as key export destination for India amid jump in shipments of petro products

India's trade surplus with the Netherlands has also increased from USD 1.5 billion in 2017 to USD 12.3 billion in 2022.

India’s energy imports soar in April-December 2022, Russian crude imports stay high

Imports from Russia rose, due to discounted rates offered, from $6.58 billion from April to December 2021 to $32.88 billion in 2022.

6 non-BJP ruled states have not reduced VAT on petroleum products: Govt

Hardeep Singh Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, and reduced their Value Added Tax (VAT).

Oil minister Puri bats for global biofuels alliance amid energy crisis

Green hydrogen is no more the fuel of the future but has already arrived, the minister said.

PM Modi opens onshore facilities of ONGC's U-field in KG block

The U-field is part of ONGC's flagship deep-water KG-DWN-98/2 Cluster-II development project in the prolific Krishna Godavari Basin.