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).
In September, the Index of Industrial Production grew 0.2 per cent year-on-year compared with a revised contraction of 7.36% in August.
Prices in the other key cities of Mumbai, Chennai and Kolkata were Rs 87.74, Rs 84.14, Rs 82.59 per litre, respectively.
During April-May 2020-21, the sector's output dipped by 30 per cent as compared to 4.5 per cent in the same period previous year.
1. These rise of prices in India is backed by the rise of international crude oil rates. 2. Government is collecting approximately 270 per cent taxes on the base price of petrol and 256 per cent in the case of diesel. 3. This steep rise in excise duty has resulted without resultant increase in petrol and diesel prices, had substantially brought down its marketing margins.
At the time of reporting, the June WTI crude was at $11 per barrel lower by 18.08 per cent from its previous close.
