ICRA says oil import bill to rise to $101-104 billion in FY25

India’s net crude oil import bill could reach $101-104 billion in the current financial year 2024-25 from $96.1 billion in FY24 provided the discounts on Russian crude purchase remain at prevailing lower levels amid rising import dependency, Icra said in its latest report. The estimate assumes an average crude oil price of $85 per barrel

India cuts windfall tax to zero

India cut windfall tax on petroleum crude to zero from Rs 4,100 per tonne with effect from May 16. The windfall tax on petrol, diesel and aviation turbine fuel (ATF) was left unchanged at zero. In early May, the govt had slashed windfall tax on domestically produced crude oil to ₹4,100 per tonne from ₹6,400

NSE to launch WTI crude, natural gas futures

National Stock Exchange (NSE) in India is set to launch rupee-denominated Nymex WTI crude oil and Henry Hub natural gas futures contracts in its commodity derivatives segment. The exchange has received approval from the Securities and Exchange Board of India (SEBI) and will announce the date of the launch soon. NSE had earlier signed a

Russia warns of serious consequences for oil ban

Oil prices see-sawed on Tuesday even as Ukraine peace talks made little headway, torn between the prospect of a ban on Russian oil imports and Russia’s warning crude costs could rise to $300 a barrel. After the third attempt by Russia and Ukraine at talks in Belarus, a Ukrainian negotiator said although little progress on

Shell abandons Russian oil and gas

Shell PLC said it is withdrawing from dealing in Russian oil and natural gas, saying it would immediately halt all spot purchase of crude from the country and will phase out its other trading and business dealings. While Russian crude and gas has been exempt so far from Western sanctions, oil soared above $139 a