crude oil Current Affairs, GK & News

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 diesel and aviation turbine fuel (ATF) has been reduced by Rs 2 per litre and that on export of petrol has been reduced by Rs 6 per ..

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Indian-Brazil Alliance for Bioenergy and Biofuels

Brazil and India have agreed to work towards the development of an Indian- Brazil Alliance for Bioenergy and Biofuels and will also be establishing a virtual India-Brazil Centre of Excellence on Ethanol. Overview: Both countries have agreed to make efforts to make sustainable biofuels and bioenergy an integral part of the energy transition, especially for ..

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India’s Oil production in FY22

The crude oil production of India fell 2.67 percent in the fiscal year that ended on 31st March 2022. The production of ONGC was less than the target, but KG production by Reliance-BP’s natural gas output rose. Overview: In 2021-22 (April 2020 to March 2022) the crude oil production was 29.69 million tonnes which is ..

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Key Facts on Oil Bonds

The government issues oil bonds to compensate the oil marketing companies (OMCs) to offset the losses that are suffered by them with the aim of shielding consumers from rising crude oil prices. These bonds were issued by the government mainly from 2005 to 2010. Reasons for the issuance of oil bonds In lieu of cash, ..

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Milestone in India’s Export

India’s exports crossed the USD 400 billion mark in a fiscal year. This is the first time India’s export has reached such heights. Overview: This milestone has been achieved due to good performance by various sectors such as engineering, petroleum products, jewellery and gems, and chemicals. Exports increased by 37 percent to USD 400.8 billion ..

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Index of Eight Core Industries

In January 2022, compared to the same time period last year, the growth rate of eight core industries stood at 3.7 percent. The Ministry of Commerce announced this. Overview: The core industries growth rate was 11.6 percent for the nine-month period between April and January. The eight-core sectors natural gas, coal, petroleum refinery products, crude ..

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