India imports 85 per cent of its oil needs and rates benchmarked to international prices have fuelled inflation.
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Collections would have been higher but for fuel sales falling due to lockdown and other restrictions imposed to curb the spread of the coronavirus pandemic, which muted economic activity and stalled mobility.
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From an overall renewable energy target of 175 GW by 2022, India is now looking at 450 GW by 2030
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Crude oil for the July delivery traded higher by Rs 63, or 1.15 per cent, at Rs 5,561 per barrel in 5,330 lots.
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Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
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Petrol price was increased by 35 paise per litre and diesel by 23 paise a litre, according to a price notification of state-owned fuel retailers.
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Petrol price rose to Rs 99.84 a litre in Kolkata. Rates are already above Rs 100 mark in other metros.
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As per the MoU, NTPC and ONGC will explore the setting up of offshore wind and other renewable energy projects in India and overseas.
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IndianOil becomes the first Indian PSU refiner to procure Guyanese crude as part of our continuous efforts to diversify crude basket
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The tender for hiring a vessel to transport diesel along the Indian coast provides for the ship being seaworthy with valid certifications on the date of deployment after its selection in the bidding process.
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