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BRENT CRUDE OIL NEWS

In April, along with hike in excise duty on petrol and diesel, LPG prices were hiked by Rs 50 per cylinder, to provide some relief to the OMCs on cooking gas sales. (Reuters Photo)

Govt approves Rs 30,000-crore compensation to oil marketing companies for their losses on cooking gas sales

August 08, 2025 6:42 pm

The Union Cabinet also approved the continuation of cooking gas subsidy for poor households under the Pradhan Mantri Ujjwala Yojana (PMUY) for 2025-26 at an expenditure of Rs 12,000 crore.

India oil import, India oil import demand, Strait of Hormuz risk, Russia crude dominance, West Africa US Latin America suppliers, Iran attacks US base, war risk oil premium impact, refining sector, global oil price volatility, Indian express

India set to ramp up oil imports from Russia, Africa, US and Latin America

June 24, 2025 8:54 am

India’s oil sourcing strategy is already reflecting a risk-hedged posture pertaining to West Asian oil flows with Russian oil dominating India’s oil import mix.

Oil tumbles 8% below $65 as China retaliates with tariffs on US

April 04, 2025 6:14 pm

Nations around the world have readied retaliation after Trump raised tariff barriers to their highest in more than a century, leading to a plunge in world financial markets.

Crude oil prices slip on signs of weak fuel demand, strong dollar

May 13, 2024 12:42 pm

Brent crude futures slid 7 cents, or 0.1%, to $82.72 a barrel while US West Texas Intermediate crude futures were at $78.21 a barrel, down 5 cents.

Crude oil prices set for weekly gain as data from US, China points higher demand

May 10, 2024 12:37 pm

Falling US crude inventories spurred by higher refinery runs coincided with data released on Thursday showing China's oil imports in April were higher than last year on signs of improving trade activity.

Oil rebounds as Mideast tensions persist, but set for weekly loss

April 12, 2024 11:42 am

Brent crude futures climbed 51 cents, or 0.57%, to $90.25 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.72%, to $85.63.

Oil prices turn higher as Middle East ceasefire hopes wane

April 09, 2024 12:22 pm

Brent crude futures rose 14 cents to $90.52 a barrel by 0610 GMT. U.S. West Texas Intermediate (WTI) crude was 10 cents higher at $86.53.

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

March 01, 2024 11:58 am

The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil.

India’s reliance on imported crude rises to 88.3% in April-June

July 21, 2023 7:23 pm

The reliance on imported crude in the first quarter (Q1) of the current financial year (FY24) was also higher than the previous fiscal’s 87.4 per cent--the highest-ever for a full year.

India cuts windfall tax on petroleum crude to zero

May 16, 2023 9:14 am

India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel, and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.