Oil Market

"With the amount of inflation in the global economy, where interest rate hikes are not able to mop up the excess liquidity, you will have a situation where oil prices will repeat the 2008 scenario," Puri said on Bloomberg TV.

A Rajasthan Petroleum Dealers Association member said the government had promised a solution in 10 days on increasing VAT on petrol and diesel.

Although the RBI has been releasing dollars in the market to prop up the rupee this has not been able to stem the slide of the Indian currency as the country imports around 85 per cent of its crude oil requirement for which immediate payments have to be made in dollars.

Brent crude was trading above $94 per barrel at the time of writing while West Texas Intermediate flirted with the $91 per barrel mark, Oil Price reported.

The revised prices are effective from Tuesday onwards. After the reduction in prices, a commercial LPG cylinder will now cost Rs 1,680 in Delhi. The previous revision in prices of a 19 kg commercial LPG cylinder was done last month. Prices though differ from state to state, due to different tax slabs.

The production of all other industries, namely, steel, coal, cement, refinery products, natural gas, fertilisers, and electricity, went up in June 2023, according to data released by the Commerce Ministry. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).

Basic import duty on refined soyabean oil and refined sunflower Oil reduced from 17.5 per cent to 12.5 per cent. The move will augment earlier measures taken by the government to reduce the prices of edible oils in the domestic market. The basic import duty is an important factor which impacts the landed cost of edible oils which in turn affects the domestic prices.

That's the verdict from the International Energy Agency (IEA), in a new 'medium-term report', The Guardian reported. It predicts that the use of oil for transport will go into decline after 2026, due to increased take-up of electric vehicles, the growth of biofuels and improving fuel economy reduce consumption, The Guardian reported.

Secretary, Food and Public Distribution Sanjeev Chopra gave this direction to representatives of edible oil associations in a meeting, where they were specifically told to pass on the benefits of lower edible oil prices to consumers, as the industry informed that global prices of different edible oils have fallen by $150-200 per tonne in the last two months.

The core sector growth was 9.5 per cent in April 2022, though in March 2023, the key infrastructure sectors had recorded a growth rate of 3.6 per cent. The growth rate in April 2023 is the lowest since October 2022 when the sectors had witnessed a growth of 0.7 per cent.