Oil marketing companies can take a longer view of prices and link them to international rates over time so that there is insulation against day-to-day price volatility, HPCL chairman Surana said.

Russian crude oil grades, which account for about 10 percent of global oil supply, were hammered in physical markets since the imposition of western sanctions.

For the nine-month period between April and January, the core industries growth rate was recorded as 11.6 percent, the government said. In December 2021, the eight core sectors had grown by 4.1 percent.

The agreement between IOCL and Adani Group follows the investment decision by the board of IOCL in December 2021.

At the interbank foreign exchange, the rupee opened at 76.34 against the US dollar, then gained momentum and touched 76.27, registering a gain of 16 paise from the previous close.

On the domestic front, retail inflation data, wholesale inflation numbers, crude oil prices, and FII's behaviour will be key triggers for stock markets in the current holiday-shortened week.

By 2027, Aramco hopes to increase crude oil "maximum sustainable capacity" to 13 million barrels per day, and bump up gas production by more than 50% by 2030.

The central government has the room to isolate consumers from roughly 15 percent hike in international crude oil prices, and take the hit on its own income in FY23 

Given that crude oil prices have gone up by about $38 a barrel since November, retail fuel prices are bound to rise, although the increases may be gradual and the entire burden may not be passed on to consumers.

The surge in crude prices may accelerate the pace for adoption of renewable energy, and presents an opportunity for countries like India which are rich in natural resources, KPMG's Regina Mayor said.

Highlighting the shift in consumer preference, the minister said that there was a time when people had lots of apprehensions about electric vehicles, but now we have e-scooters, e-rickshaws and e-cars.

Saying that the fiscal situation was less challenging last year, T V Somanathan stressed that the government will work on maintaining growth and fiscal stability, while the primary responsibility of controlling inflation lies with the Reserve Bank of India.

The company’s downstream petroleum business reported revenue of Rs 105,236 crore in Q4FY22, up almost 24% on year. But the business saw its earnings before tax, interest income, interest expenditure, and dividend falling almost 44% year-on-year to Rs 2,261.67…

The company’s downstream petroleum business reported revenue of Rs 105,236 crore in Q4FY22, up almost 24% on year. But the business saw its earnings before tax, interest income, interest expenditure, and dividend falling almost 44% year-on-year to Rs 2,261.67…

Energy vertical head Subramanian Sarma cautions that the global supply chain is not yet streamlined and may cause challenges.

Moneycontrol conducted a poll to gauge sentiments towards crude oil prices and how fuel prices in India would, in turn, be impacted.

Crude snaps 7 weeks of gains. There are concerns of further hike in US rates. US gas prices closed at 2% down than last week. Watch Commodities Corner with Manisha Gupta to know more.

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