Price of oil
Tamil Nadu -First state to cut petrol price by Rs. 3/litre
Tamil Nadu has become the first state in India to cut the petrol price in fiscal year 2021-22 by Rs 3/litre, providing a major relief to consumers. Key Points Price cut was announced by State Finance Minister Palanivel Thiagarajan during ..
Month: Current Affairs - August, 2021
Emerging economies more vulnerable to big oil price moves: Nomura report
The Japanese financial services major Nomura has analysed the impact of the twin drone attacks which targeted Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield. The attacks ..
Joint Comprehensive Plan of Action
Joint Comprehensive Plan of Action or JCPOA is an agreement of China, France, Germany, Russia, the UK, the US and the European Union (EU) with Iran signed in 2015. Features of the pact: As per the agreement, Iran agreed to make ..
CPI Inflation eases to two-year low
The annual Consumer Price Index has cooled-off to two-year low of 3.63%, its lowest level in last 2 years. This has been brought about by the sharp fall in food prices. The figure for October was 4.2%. This is the ..
Oil prices hike by 5 percent
Oil prices have increased more than 5 percent after the OPEC and non-OPEC producers came together to put curbs on oil production and ease global saturation. The step is being seen as the first joint action between oil producing nations ..
Oil prices rise as OPEC agrees on output cuts
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut 1.2 million barrels of oil a day from its output to 32.5 million barrels beginning from January. This has lead to a surge in the global oil prices. ..
Iran becomes top oil supplier to India
According to the shipping data, Iran overtook Saudi Arabia to become India’s top oil supplier in October. Generally, Iran used to be the second biggest oil supplier of India. But with Western sanctions over its nuclear development, its position was ..
Political economy of petroleum prices in India – Sailaja Akkem
Pricing of Petroleum in India: The history of pricing of petroleum in India dates back to 1920’s. During the colonial period, the pricing of petroleum was free from Government intervention and was determined mainly by the market forces. After the ..
Month: Current Affairs - July, 2012
Category: Government Schemes Current Affairs
Oil Ministers of OPEC to meet in Vienna
Oil Ministers of the 12 oil exporting group OPEC will meet in Vienna It is expected that the group will maintain the ceiling of 30 million barrels oil production per day for the member nations International Energy Agency based in ..
Month: Current Affairs - June, 2012
Govt gives in-principle nod to free diesel prices
Minister of State for Finance, Namo Narain Meena held that the government has taken an in-principle decision to link diesel prices with market rates. Yet, there is no proposal currently to completely deregulate cooking gas price. He also opined that ..