NEW DELHI: India is considering raising import taxes on edible oils as the country seeks to become self-reliant by boosting local oilseed production with the help of tax revenues, two government and two industry officials told Reuters. The tax hike could curb the world’s biggest vegetable oils importer’s purchases and weigh on Malaysian palm oil […]
Category: Deccan Chronicle
Deccan Chronicle
Fuel prices rise on 3rd day; Petrol hiked by 54 paise, diesel by 58 paise
New Delhi: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre – the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision. Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were […]
Oil prices rise as easing of lockdown spurs fuel demand
SINGAPORE: Oil prices climbed on Tuesday as the easing of coronavirus lockdown measures across the globe lifted trader hopes for a swift recovery in demand, though gains were capped by the spectre of persistent oversupply in the market. Brent crude futures rose 0.3%, or 14 cents, by 0435 GMT to $40.94 a barrel. The benchmark […]
OPEC, Russia extend record oil cuts to end of July
MOSCOW: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and […]
After 83-day hiatus, petrol and diesel price hiked by more than a rupee in two days
New Delhi: Petrol and diesel prices were hiked by 60 paisa per litre on Monday, for the second day in a row, as state-owned oil firms reverted to daily price revisions after a 83-day hiatus. This is the second daily increase in rates in a row. Oil companies had on Sunday raised prices by 60 […]
Oil prices inch higher after OPEC+ extends output cuts to end-July
SINGAPORE: Oil crept higher on Monday, but gave up big early gains as optimism over major crude producers’ deal to extend record output cuts gave way to disappointment that the accord didn’t extend beyond the end of July. Brent crude had climbed as high as $43.41 a barrel but by 0239 GMT was trading up […]
Andhra Pradesh industrial policy to go radical green
Vijayawada: If chief minister Andhra Pradesh chief minister Y S Jagan Mohan Reddy has his way, the state’s industrial policy will be turned on its head. To promoters, this will mean that the long process of setting up a facility in Andhra Pradesh will begin, not end, with an environmental impact assessment. And the final […]
No full recovery in airline sector before 2023: Moody’s
Singapore: Air passenger demand globally will remain severely depressed in 2021 and will not see a substantial recovery before 2023, according to Moody’s Investors Service. Health concerns, changes in corporate travel policies, potential restrictions on international arrivals and lower discretionary spending because of weaker GDP and higher unemployment will constrain air passenger demand into 2022, […]
Vijay Mallya may be extradited to India anytime soon
NEW DELHI: Indian fugitive business tycoon Vijay Mallya can be extradited to India in the coming days “anytime” as all the “legal process” has been completed, top sources in the government said on Wednesday. India has been in touch with the British government over extradition of fugitive liquor baron Vijay Mallya after he exhausted legal […]
Oil hits three-month high over hopes for output cuts
TOKYO: Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic. Brent crude was up 22 cents, or 0.6%, at $39.79, by 0003 GMT, the highest since March 6, having gained 3.3% on Tuesday.
Iranian fuel reaches Venezuelan stations as prices set to rise
Venezuela: Fuel shipped from Iran began arriving at Venezuela’s gasoline stations on Saturday, just hours before President Nicolas Maduro announced higher prices at the pump that are set to end more than two decades of almost-free gasoline. As authorities in the country with the world’s cheapest gasoline got ready to expand retail sales under a […]
Global energy leaders call for greater investment in electricity systems
Paris: Energy ministers and electricity industry CEOs from around the world have called for mobilising investments for secure and sustainable power systems to offset the impact of Covid-19 crisis on the electricity sector. The participants in a high-level virtual meeting hosted by the International Energy Agency (IEA) recognised the critical importance of the electricity sector […]