Crude oil Imports

Treating Formation Water

The treatment of formation water, a byproduct of crude oil excavation and processing, holds significant importance in preventing environmental pollution and promoting sustainable practices. Scientists from the Institute...

June 2, 2023 Science & Technology

Cut in Windfall Tax on petrol, diesel, ATF

On July 20, 2022, Union government reduced the windfall tax on petrol, diesel, crude oil and jet fuel, following the cut in international rates. Highlights Windfall tax on...

July 20, 2022 Economy & Banking Current Affairs

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...

June 30, 2021

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...

April 21, 2021

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...

March 15, 2021

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...

March 6, 2021

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...

April 14, 2020

Gold Imports of 2019-20 dip by 8.86% narrowing Current Account Deficit to 143 billion USD

On March 16, 2020, the Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous...

March 16, 2020

India Russia sign first ever Term Contract to import crude oil to India

On February 5, 2020, the Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and the Chairman of Rosneft (Russia’s largest oil producing company) signed the first ever...

February 5, 2020

India attends Hormuz Peace Initiative

India recently attended the Hormuz Peace Initiative that was held in Tehran. The initiative aimed at stabilizing one of world’s busiest shipping lanes, the Strait of Hormuz amidst...

January 11, 2020

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Topic: Crude oil Imports