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Wilmar International chief says India must target 60% self-sufficiency in edible oils
India needs to produce more edible oils domestically. Kuok Khoon Hong, chairman of Wilmar International, suggests aiming for 50-60% self-sufficiency. This move is crucial given India's vast consumption and current reliance on imports. Stable government policies are key to encouraging local oilseed cultivation. Global factors are also driving up cooking oil prices.
Oil cos keep bleeding, on slippery slope with Rs 600-cr loss per day despite multiple petrol, diesel price hikes
Petrol, diesel price hike: Despite the latest round of increases, officials acknowledged that current retail prices are still insufficient to fully offset the sharp rise in international crude costs, leaving public sector fuel retailers exposed to substantial daily losses.
Modi wants Indians to press pause on gold. But the $5.2 trillion obsession runs deep
India’s attempt to protect the rupee is now colliding with one of the country’s strongest cultural habits — buying gold. After Prime Minister Narendra Modi urged citizens to avoid gold purchases for a year, the government raised gold import duty from 6% to 15% to reduce pressure on foreign exchange reserves and the current account deficit.
'Further fuel price hikes may intensify FPI selling in Indian markets'
Elevated crude oil prices further worsen India's inflation-growth trade-off by putting pressure on the rupee, widening the current account deficit, & limiting the scope for aggressive monetary easing
The Rs 3 relief that wasn't: Why investors are dumping oil stocks after long-awaited petrol, diesel price hike
Shares of HPCL and BPCL fell up to 3% despite the first fuel price hike since 2022, as investors worried the increase would not offset mounting losses. Analysts estimate OMCs could still lose nearly Rs 500 crore daily at current crude prices. With Brent crude above $100 and West Asia tensions persisting, markets fear another quarter of heavy financial pressure for state-run fuel retailers.
Fuel Price Hike: Here's how HPCL, BPCL and IOC get impacted
Industry estimates suggest that a hike of nearly ₹10 per litre for petrol and ₹15 per litre for diesel would be required for OMCs to fully break even at current crude price levels.
India asks US for Russian waiver extension as Iran war drags on
India has requested the United States to extend its waiver on Russian oil imports. This comes as the ongoing conflict in the Persian Gulf impacts global energy supplies. India emphasises that securing energy supplies remains a top priority for its citizens. Indian refiners are increasing Russian oil imports before the current waiver expires.
Rupee may slide to 96-98 by December-end amid oil shock: Mint poll
Most economists expect the rupee to depreciate 3-4% in the current financial year if crude oil prices remain elevated.
Petrol, diesel price hike in India a matter of time if Middle East conflict persists: RBI Governor Sanjay Malhotra
India faces potential retail fuel price hikes if the Middle East conflict persists. RBI Governor Sanjay Malhotra indicated this possibility due to rising energy import costs and inflation risks. The government has already reduced duties and state refiners are absorbing losses. Prime Minister Modi urged citizens to conserve fuel. Oil companies are struggling to maintain current prices.
‘How long can oil companies absorb losses?’: Hardeep Singh Puri on fuel prices
Speaking about the potential hike in fuel prices, India's Oil Minister Hardeep Puri reassured the public while acknowledging the pressure on oil companies. The minister highlighted the importance of proactively addressing the economic strain caused by current fuel pricing strategies.
Morgan Stanley warns oil market in ‘race against time’ as Strait of Hormuz remains shut amid Iran war
Morgan Stanley warned that global oil markets are in “a race against time” as prolonged disruption in the Strait of Hormuz could sharply tighten supplies and push crude prices higher. Analysts said current market buffers may weaken if the closure extends into late June or July, raising risks for global energy markets.
Coal India shares fall 3% after report says govt likely to sell Rs 10,000-crore stake via OFS
Coal India shares fell on Thursday following a report about a potential government stake sale. The government may sell 3-4% of the company for approximately Rs 10,000 crore. This move could offer shares at a discount to the current market price. The company's recent financial results showed a profit surge.