Exclusive: India plans to extend fuel export curbs beyond March
That forced state refiners to fill the void and meet demand at home by selling fuels at government-capped lower prices.
India's oil and commerce ministries are discussing the extension of the order to beyond this fiscal year, one of the government sources said. "We would like to extend it ... we want private companies to sell diesel and petrol in the Indian market. Why should only state-run companies suffer when all Indian refiners are buying discounted Russian oil," the official said.After the Reuters report, shares of Reliance fell as much as 1.71% to 2,184.15 rupees, the lowest since March 8, 2022.
India's trade ministry directed Reuters to seek comments from the oil ministry. The oil and finance ministries did not immediately respond to requests for comment. Two traders said they expected no near-term impact in the diesel market as there was a supply glut with the East-West arbitrage closed. They also do not foresee big changes in fundamentals since Mideast and other Asian supplies can easily cover lower exports from Indian refiners.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: India plans to extend fuel export curbs beyond MarchIndia plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said.
Read more »
GBP/USD: Weekly Forecast 19th March - 25th MarchThe GBPUSD delivered an oddly strong bullish trend last week as global financial markets largely became nervous, and traders may want to look at the currency pair with speculative eyes- trading forextrading
Read more »
EUR/USD: Weekly Forecast 19th March - 25th MarchThe EURUSD experienced wicked reversals last week which certainly tested the fortitude of traders and more risk events are likely in the coming days- trading forextrading
Read more »
HN Editor Picks: Top Tech Stories of March 2023 | HackerNoonTake a look at all the best HackerNoon stories, handpicked for your reading pleasure and education on trending tech topics. - by hackernoon tech techstories
Read more »
Exclusive: Pakistan's Imran Khan: committee to lead party if I'm arrestedPakistan's former Prime Minister Imran Khan has formed a committee to lead his party if he is arrested, he told Reuters hours before an appearance before a court that had issued arrest warrants for him.
Read more »
March Madness 2023: Breaking down Saturday’s can’t-miss gamesHere are Saturday’s key March Madness 2023 games to watch:
Read more »