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  India to Build Its Own Oil Tanker Fleet, Aiming to Save USD 8 Billion in Charter Costs: Hardeep Puri

  News | October 30, 2025 11:53 IST

  At India's Maritime Week in Mumbai, Petroleum Minister Hardeep Singh Puri announced plans for India to build its own fleet of oil tankers. The initiative aims to reduce dependence on foreign shipping and save USD 8 billion annually in charter costs, boosting India's energy and economic self-reliance

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  Russia further slashes oil prices for India; discount now widens to USD 4 amid US tariffs

  World | September 02, 2025 19:07 IST

  The US initially announced 25 per cent levies on India but later hiked them to 50 per cent, asserting that it was a penalty on New Delhi for fuelling the Ukraine war by buying oil from Russia.

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  Israel-Iran tensions could pinch your pocket: These items may get costlier in India

  Business | June 15, 2025 7:54 IST

  Rising tensions between Iran and Israel have triggered volatility across global stock markets, with investors reacting nervously to the heightened geopolitical uncertainty.

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  US imposes sanctions on Chinese refinery for buying Iranian crude oil amid ongoing trade war

  World | April 17, 2025 7:27 IST

  The Trump administration said that the sanctioned refinery in China's Shandong province received dozens of shipments of crude oil from Iran worth more than USD 1 billion. Officials also announced that several companies and vessels involved in the shipments were added to the sanctions list.

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  India-Russia Relations: Union Minister Hardeep Singh Puri Says, "The Bond Is Beyond One Day"

  News | April 16, 2025 13:22 IST

  While speaking on the exploration and production of crude oil between India and Russia Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated that it is not a one-day affair. While addressing the press, he said, "If you look at exploration and production, it's not a one-day affair.

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  Govt scraps windfall tax on petrol, diesel, jet fuel exports

  Business | December 02, 2024 14:43 IST

  The decision to scrap windfall tax comes after nearly two months of deliberations. It will benefit the domestic producers that export the oil to other nations.

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  Windfall tax on crude petroleum slashed to zero by govt, effective from September 18

  Business | September 17, 2024 23:45 IST

  The Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective September 18. Previously set at Rs 1,850 per metric ton, the cut comes amid a drop in global oil prices and could lead to lower petrol and diesel costs.

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  Yemen's Houthi rebels attack two crude oil tankers in Red Sea, US says 'reckless acts of terrorism'

  World | September 03, 2024 9:57 IST

  The Houthis took responsibility for attacking the Panama-flagged Blue Lagoon I, which was coming from Russia, but made no mention of the attack on Saudi-flagged MV Amjad. The attacks come as the US seeks to salvage the still-burning MV Delta Sounion attacked by Houthis earlier.

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  Petrol, diesel fresh prices announced: Check rates of different cities on September 3

  Budget | September 03, 2024 8:34 IST

  Petrol and diesel prices in India are subject to variations influenced by factors such as freight charges, Value-Added Tax (VAT), and local taxes. These elements contribute to differing fuel rates across states.

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  What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS

  World | June 02, 2024 23:08 IST

  OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.

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  Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

  World | June 02, 2024 22:15 IST

  Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven't risen even amid turmoil in the Middle East and the start of the summer travel season.

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  'I need to make my 140 crore people happy, not US': PM Modi on India's oil import from Russia

  World | May 24, 2024 1:58 IST

  During the extensive interview on Thursday at Bharat Mandapam, New Delhi, PM Modi emphasised how he has often faced inquiries regarding India's choice to buy crude oil from Russia following President Vladimir Putin's declaration of full-scale war against Ukraine.

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  Govt hikes windfall tax on domestically produced crude petroleum, diesel: Know all about this tax

  Business | February 15, 2024 21:02 IST

  India introduced windfall profit taxes on July 1, 2022, aligning with a host of countries that levy taxes on the exceptional profits of energy corporations. These tax rates undergo regular review every two weeks, contingent on the average oil prices observed in the preceding fortnight.

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  Petrol, diesel fresh prices: Check rates of different cities on January 31

  India | January 31, 2024 10:02 IST

  Petrol and diesel pricing in India undergoes variations due to factors such as freight charges, Value-Added Tax (VAT), and local taxes. This leads to distinct rates across states, reflecting the diverse economic dynamics influencing fuel costs.

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  US sanctions UAE shipping firm for transporting Russian crude oil above USD60 per barrel price cap

  World | January 18, 2024 23:24 IST

  The United States, European Union, countries in the Group of Seven and Australia imposed a $60 a barrel limit in 2022 on Russian oil. Any purchases above the cap would violate the agreed-upon policy.

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  Petrol, Diesel price may be cut by up to Rs 10 in coming days, say sources

  India | December 29, 2023 11:04 IST

  Petrol, Diesel Price: The government is in talks with oil companies as it mulls to reduce the price of petrol and diesel in the coming days. Crude oil prices globally have also become cheaper.

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  Pakistan seeks more discounts on oil imports from Russia in comparison to India, Moscow rejects

  World | September 29, 2023 21:17 IST

  According to media reports, Pakistan urged Russia to finalise a long-term oil deal while remaining within the price cap at $60 per barrel-- nearly $6.8 less than what Moscow sold to India.

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  Eight key infrastructure sectors growth healthy but slower from last year

  Business | August 01, 2023 0:34 IST

  The output growth of the eight sectors slowed down to 5.8 per cent in April-June 2023-24 against 13.9 per cent in the year-ago period.

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  'Have billions of rupees in Indian banks which we can't use': Russian Foreign Minister

  India | May 08, 2023 17:51 IST

  We need to use this (Indian Rupee) money. But for this, these rupees must be transferred in another currency, and this is being discussed now," said Russian Foreign Minister.

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  India becomes Europe's largest fuel supplier while simultaneously buying record Russian crude oil

  Business | April 30, 2023 13:18 IST

  India has now become Europe's largest supplier of refined fuels this month as per the latest data from analytics firm Kpler.