Following US tariffs and penalties on India’s trade relationship with Russia, state-run refiners like IOCL, BPCL, HPCL, and MRPL have ceased spot market purchases of Russian crude oil. This shift will likely increase costs as refiners turn to Middle Eastern and other sources. Reliance Industries and Nayara Energy, however, may continue their term-based Russian oil…
The United States has sanctioned six Indian companies. These companies are accused of importing petrochemicals from Iran. The sanctioned companies are based in Chennai and Mumbai. The US alleges these firms violated sanctions on Iranian products. The Iranian embassy in India has criticized the US action. They claim the US is weaponizing the economy against…
Oil marketing companies have reduced the price of 19 kg commercial LPG cylinders by ₹33.50, effective August 1, bringing relief to businesses. This follows a series of price cuts in recent months, driven by a drop in crude oil prices. While domestic LPG prices remain stable, increased adoption has doubled connections to 33 crore households.
Indian state refiners halt Russian oil purchases recently. This is due to shrinking discounts and warnings from U.S. President Donald Trump. Trump threatened tariffs on countries buying Russian oil. Private refiners continue purchases under existing deals. Refiners are now seeking alternative supplies from the Middle East and West Africa. Russia is currently India’s top oil…
Indian refiners are facing pressure as the US and EU intensify efforts to curb Russian oil flows. President Trump announced a 25% tariff on Indian exports, criticizing its Russian imports. State-run refiners are rushing to secure alternative crude, including from the Middle East and West Africa. Rising prices, reduced Russian supply, and geopolitical uncertainties have…