The allure of cheap Russian crude oil to Indian refiners faded in the financial year 20232024 (FY24) after Russian discounts shrank and Iraq offered better rates to claw back into the Indian crude oil market, the Indian government data shows. The rising costs of sourcing Russian crude oil may contribute to lower gross refining margins of Indian state-run firms in the previous quarter, said industry officials.
Russian oil was cheaper than Iraqi crude by less than $3 per barrel in FY24 compared to over $7 per barrel a year earlier, according to calculations by Business Standard based on customs data. Iraq was India's biggest crude supplier until two years back but the Russian invasion of Ukraine forced Moscow to redirect its European supplies to China and India at steep discounts, becoming India's biggest crude source in FY24.
Diese Geschichte stammt aus der May 08, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der May 08, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Delay in gratuity payment? You are entitled to interest
The Allahabad High Court recently ruled that gratuity for government employees is based on years of service, not retirement age.
Campus Activewear puts best foot forward
Stock gains over 18% on improved Q4 margin showing RAM PRASAD SAHU Mumbai, 29 May he stock of footwear major Campus Activewear surged ☐ 18.6 per cent on Wednesday to touch ₹296.7, logging the biggest gain in the BSE 500 index.
Election jitters, rate uncertainty trigger mkt tailspin for 4th day
Indian equity benchmarks declined for the fourth consecutive session on Wednesday amid heavy foreign portfolio investor (FPI) selling, concerns about the election outcome, and the outlook for rate hikes in the US.
BJP LS poll tally below 272 seats could be market's perfect storm
However, the most likely outcome is BJP crossing 300 seats, predict brokerages
After encouraging Q4, outlook positive for LIC
India's largest life insurer, Life Insurance Corporation of India (LIC) reported encouraging performance in the January-March quarter (Q4) of FY24.
Update in SOPs: Some FPIs may not be exempt from disclosures
Certain foreign portfolio investors (FPIs), which operate as pooled investment vehicles (PIVS), may not be exempt from the additional disclosure mandates by the Securities and Exchange Board of India (Sebi) following an update in the standard operating procedures (SOPs) for custodians.
Sebi ups guard against fraudulent messages, apps
WhatsApp groups from Hong Kong, Cambodia operated investment scams
Paid break for labourers in Delhi; Bihar orders closure of schools
Extreme heatwave continued to grip large parts of northern and central India on Wednesday with Delhi's Mungeshpur crossing 52 degrees' Celsius mark, highest-ever for the city.
Decide on cashless claims in 1 hr: Irdai to health insurers
Health policy-holders can now avail premium discount in case of no claims in previous year
Catharsis against western media
The idea that people cannot represent themselves but need representation is at the root of colonising the \"other\".
