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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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