Inflation Risks
As we move into the second half of the fiscal year, the Reserve Bank of India’s (RBI) forecast of a 4.5 per cent average inflation rate brings some optimism.
As we move into the second half of the fiscal year, the Reserve Bank of India’s (RBI) forecast of a 4.5 per cent average inflation rate brings some optimism.
Iraq exported about 108.053 million barrels of crude oil in July, the country's Oil Ministry announced Thursday.
The global oil market has become a battleground of sanctions and strategic manoeuvres.
With crude oil prices falling to a 4-month low in the international market, the Indian economy is expected to get a shot in the arm.
The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs 12,200 a tonne to Rs 9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).
Inflation in food articles in March was 3.24 per cent as prices of pulses, fruits and paddy hardened.
Earlier, the petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
The oil cartel and its allied nations agreed to add back some 2 million barrels per barrel per day of oil production from May to July.
Diesel, on the other hand, was at Rs 87.96 in Mumbai, Rs 85.88 in Chennai and Rs 83.75 per litre in Kolkata.
This latest fall comes after a massive wave of Covid-19 infections continued to impact large parts of Europe.
