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).
This latest hike took the petrol prices in Chennai and Kolkata to Rs 88.82 and Rs 87.69 respectively.
This comes after international oil prices firmed up in hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.
India’s financial capital, Mumbai, also witnessed a sharp rise in fuel prices as petrol was being sold at Rs 92.28 a litre while the diesel was priced as Rs 82.66 per litre.
The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
The OMC's patience of holding back fuel prices was broken on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
