Crude oil Imports Current Affairs, GK & News
India cuts Crude Palm Oil Import Tax
India has cut import tax on crude palm oil from 15 % to 10% for three months. This new duty would be effective from June 30, 2021. Key Points India is world’s biggest importer of vegetable oils. But it has been struggling to bring down edible oils prices. Thus, decision to reduce the import tax ..
Month: Current Affairs - June, 2021
Category: Economy & Banking Current Affairs
Topics: Crude oil Imports • Crude Palm Oil • Crude Palm Oil Import • Edible oil import • Edible oils • Tax Cut
Crude oil output of India drops
The Ministry of Petroleum and Natural Gas recently released its data for the fiscal year 2020-21. According to the data, crude oil production of India fell to 30.5 million tonnes. It was 32.17 million tonnes in 2019-20. Key Highlights The data released by the Ministry of Petroleum and Natural Gas are as follows: Oil The ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs • Reports & Indexes Current Affairs
Topics: crude oil • Crude oil Imports • oil and natural gas • Oil Imports • Oil refineries • ONGC • Reliance Group
US Becomes India’s Second Biggest Oil Supplier
The United States has become the second biggest oil suppliers of India by overtaking Saudi Arabia. This shift comes after the refiners boosted cheaper U.S. crude purchases to a record levels in order to offset the OPEC+ supply cuts. Key points The switch in supplies were triggered by the lower U.S. crude demand. It was ..
Month: Current Affairs - March, 2021
Category: Economy & Banking Current Affairs • International Current Affairs
Topics: Crude oil Imports • Edible oil import • India-US • Member states of OPEC • Oil Imports • OPEC Country • Top oil seller to India
SBI Research: Fuel Prices will Drop if Brought under GST
A State Bank of India’s report highlights that, the pan-India Prices of fuels will drop if the petrol and diesel are brought under the GST regime to ₹75 and ₹68 a litre, respectively. Highlights of the report SBI research further highlights that, if we assume the GST rate of 28%, cess of ₹30 and ₹20 ..
Month: Current Affairs - March, 2021
Category: Economy & Banking Current Affairs
Topics: Crude oil Imports • Goods and Services Tax (GST) • Prices of fuels • Reserve Bank of India • State Bank of India (SBI)
First Ship load of Crude Oil reaches India
On April 13, 2020, the first crude oil of 1 million barrels from UAE have reached India. The oil prices have declined by 60% since January, 2020. The prices are expected to rise with OPEC and Russia have come to terms to cut their production by 10%. Hence, this is the right time to fill ..
Month: Current Affairs - April, 2020
Category: International Current Affairs
Topics: Crude oil Imports • India-UAE • India-US • Oil Imports • Oil reserves • Padur • Padur Strategic Petroleum Reserves • Strategic Oil Reserves storgaes • Vishakhapatnam