Crude oil Archives

India Cuts Palm Oil Imports By 33%; Know Its Reason, Impact

Aditi priya singhJune 15, 20220

India has cut palm oil imports by 33.20% in May, taking the figure to 5,14,022 tons in May. However, during this period the import of RBD palm olein oil has been expanded. As per the industry body, Solvent Extractors Association (SEA), India is the world's biggest merchant(importer) of vegetable oil. India imported 7,69,602 tons of palm oil in May 2021. India's total vegetable oil imports declined to 10,05,547 tons in May this year from 12,13,142 tons a year prior. It Makes sense that India supplies around 50% of the absolute vegetable oil imports from palm oil. As per the SEA report, Indonesia removed the restriction on exports of palm oil products with specific circumstances on 23 May. Additionally, the tax on palm oil has decreased. In such a circumstance, it is normal that it...

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Why India Is Not Caring About America’s Displeasure Over Import Of Crude Oil?

Gunjan ChaudharyApril 7, 20220

There is a terrible period of cold war that is going on between America and Russia. US President Joe Biden is calling his Russian counterpart Vladimir Putin not only a brutal dictator but also a killer of humanity with "adjectives". In response, Putin is answering them with his own strategy. But at the same time, India is also not caring much for American concerns and resentment. India did not listen to America in other matters including import of crude oil from Russia. Foreign policy experts are justifying this move of India. Diplomatic experts say that after many decades, India has not cared for America's displeasure. Senior journalist Ranjit Kumar, who has knowledge of foreign affairs, says that India is showing understanding. It is not good for India to bow to American pressure. ...

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Ukraine Crisis Impact: Petrol, Diesel Prices Likely To Shoot Up By Rs 15 to 20

Aditi priya singhMarch 7, 20220

The common man may have to bear the brunt of the inflation regarding petrol and diesel. Due to the enmity between Russia and Ukraine, it is affecting the economic condition of India including the whole world. From edible oil to crude oil, smartphones and many electronic gadgets have become expensive. With continued demand for oils disrupted due to war, global crude oil prices are expected to remain in the range of $95 to $125 a barrel in the short term. Consequently, the domestic prices of petrol and diesel in India are expected to rise by Rs 15-22 per litre due to the global rise in crude oil prices due to the geopolitical crisis. However, a cut in excise duty may reduce the impact on petrol and diesel prices to some extent, but not completely. India currently imports 85% of its...