India’s oil import costs may rise if Russian oil purchases cease. A State Bank of India report suggests a potential increase of USD 9-12 billion. Russia currently supplies 10% of global crude. India has significantly increased Russian oil imports since 2022. This shift followed Western sanctions on Moscow. India’s diversified supply network may mitigate the…
Amidst rising US tariffs on India due to its Russian oil trade, Hindustan Petroleum Corp. Ltd. clarifies it has received no governmental directives to alter its Russian oil procurement. This statement follows market rumors suggesting state-owned oil refiners might reduce Russian crude oil spot purchases.
India’s Reliance Infrastructure is set to recover ₹214.13 billion in unpaid dues from its Delhi power distribution companies, following a Supreme Court ruling. These dues, resulting from past tariff shortfalls, will be recovered from consumers over four years starting April 2024, potentially increasing electricity tariffs. The Supreme Court has directed regulators to clear deferred costs…
Indian Oil Corporation and Bharat Petroleum Corporation have purchased a significant amount of non-Russian crude oil. The state refiners acquired at least 22 million barrels for delivery in September and October. This move follows pressure from the United States to reduce reliance on Russian oil. The purchases include crude from the U.S., Brazil, Libya, Middle…
Indian state-owned oil refiners are scaling back Russian crude purchases amid increased pressure from Washington, including tariffs on Indian exports to the US. Companies like IOC, BPCL, and HPCL plan to skip spot purchases until further government guidance. This shift could lead to increased demand for US, Middle Eastern, and African crude as alternatives.
Adani Power secured a tender to establish and manage a 2,400 MW thermal power plant in Bihar, investing $3 billion. The company bid ₹6.075 per unit for power supply, with the project operating under a design, build, finance, own, and operate model. This initiative is expected to create substantial employment opportunities during construction and operation.
To boost coal demand and lower electricity costs, Coal India Limited has taken a new step. Power plants using CIL coal can now sell surplus electricity in power exchanges. This began on August 1. Earlier, power generators could only supply power under existing agreements. The revised policy allows sale of un-requisitioned surplus power in the…
Nayara Energy, an EU-sanctioned, Russia-backed private refiner, has requested assistance from India’s shipping ministry to secure vessels for transporting its refined fuels. Facing difficulties in obtaining ships for its retail fuel supply within India, Nayara has already reduced its refinery’s crude processing.
Reliance Industries cautions that geopolitical tensions and tariff uncertainties could disrupt global trade, impacting its oil-to-chemicals business. The warning follows the US imposing additional tariffs on Indian goods, potentially harming key export sectors like textiles and chemicals. Upcoming India-US trade negotiations are crucial amidst concerns of trade distortions and stagnating demand in China.
Trump tariffs on India: The US decision to double tariffs on Indian goods due to Russian crude purchases has placed India in a difficult position, potentially disrupting its refining industry and straining relations with both Moscow and Washington. While India saved modestly on discounted Russian oil, its exports to the US are substantial.