Sunday, Jan 21 2018 | Time 00:19 Hrs(IST)
image
  • Gunmen attack Kabul's Intercontinental Hotel
  • Pence starts Middle East tour in Egypt, pledges 'shoulder-to-shoulder' support
  • Vinod Rai was a "contract killer" hired to kill UPA-2: A Raja
Business Economy Share

Crude oil price of Indian basket crosses $62.40 per bbl

New Delhi, Nov 10 (UNI) The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has crosses the 62.40 dollar per barrel (bbl) mark on Thursday.
Though, it was lower than the price of US$ 62.42 per bbl on November 8. 2017, it is expected that it may rise by 10 dollar in coming days which may hurt the Indian economy as government will be forced to cut the duty on petroleum products resulting in loss of revenue for the government.
According to the Reserve Bank of India (RBI) estimates, if oil price hits high or even stays at the current level of 65 dollar per barrel in the year through March, inflation could rise by 30 basis points.
Oil prices rose nearly 1 per cent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia.
As per the analysts the sharp rise in the crude oil prices is driven by developments in Saudi Arabia in recent days and anticipation that the consolidation of power by King Salman and the Crown Price will continue.
Along with the political turmoil, Saudi Arabia has plans to cut crude exports by 120,000 barrels per day which is pushing the prices for huge importers like India.
The continued rally in the prices may hurt the Modi government as it will be forced to slash the duty imposed on the petroleum product earning good revenue to the exchequer which may disrupt the government plans and project.
The crude prices were high at 114 dollar per barrel when the Modi government took over in May 2014 and since then the prices fell to a lower band of 40 dollar per dollar. At one point it had even went down to 30 dollar per barrel. The prices remained below 50 dollar till September and now it has crossed the 60 dollar barrier.
UNI ADP AE 1437
More News

IndiGo commences Colombo operations

20 Jan 2018 | 7:51 PM

New Delhi, Jan 20 (UNI) In its endeavour to strengthen its growing network, IndiGo, India’s largest and fastest growing carrier on Saturday commenced its operations in Colombo, Sri Lanka.

 Sharesee more..
ONGC acquires 51.11pc of Govt stake in HPCL

ONGC acquires 51.11pc of Govt stake in HPCL

20 Jan 2018 | 7:11 PM

New Delhi, Jan 20 (UNI) Oil and Natural Gas Corporation Ltd (ONGC), the largest producer of crude oil and natural gas in India, has acquired the President's shareholding of 51 point 11 per cent in Hindustan Petroleum Corporation Limited (HPCL) in furtherance of the budget announcement by the Government of India for creating an ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.

 Sharesee more..

Shahnaz Husain Group launches its range of Herbal Deo

20 Jan 2018 | 7:03 PM

New Delhi, Jan 20 (UNI) The Shahnaz Husain Group has launched its exciting range of Herbal Deo fragrances in Indian Market under Brand Name “O”.

 Sharesee more..

Budget documents printing starts with ‘Halwa Ceremony’

20 Jan 2018 | 6:59 PM

New Delhi, Jan 20 (UNI) The formal printing of Union Budget documents for Financial Year 2018-19 started on Saturday with the traditional Halwa Ceremony in the North Block which houses the office of Finance Ministry.

 Sharesee more..

MARKET-GUJ-BULLION

20 Jan 2018 | 6:01 PM

Ahmedabad, Jan 20 (UNI) The Ahmedabad Bullion market showed a
divergent trend here today.

 Sharesee more..
image