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).
India has been hit hard by soaring oil prices and urged producers to ease the output cut to back the global economy to recover.
Earlier this week, Pradhan had said India, where fuel demand is recovering to pre-pandemic levels, wants reasonable and responsible oil prices.
In the last seven days, the price has gone up by Rs 2.36 per litre for petrol while diesel rate has risen by Rs 2.91 a litre.
Petrol prices in Mumbai remained close to Rs 100 as its retail prices now are Rs 94.64 a litre. Diesel is also the most expensive in Mumbai at Rs 85.32 a litre.
Petrol prices in Mumbai inched closer to Rs 100 as its retail prices now are Rs 94.12 a litre. Diesel is also the most expensive in Mumbai at Rs 84.63 a litre.
