Commerce Minister Nirmala Sitharaman said that the prices of petrol were reduced 32 times and increased 21 times after the price determination were handed over to oil companies.
The CEO of one of the leading private banks in the country, ICICI Bank, Ms. Chanda Kochar, announced that following the reduction in the last quarter profit, the higher officials will not be given any performance bonus.
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 44.59 per barrel (bbl) on 02.05.2016.
Only 1 percent of the total Indian populations are paying taxes. As per the latest data disclosed by the government for assessment year 2012-13, 2.87 crore individuals filed income tax returns for that year.
Since the petroleum products have escalated in the international markets, the rates of non-subsidized cooking gas, non-PDS kerosene and aviation turbine fuel (ATF) were raised.
The output of the Organisation of the Petroleum Exporting Countries (OPEC) is the highest in recent history. A survey conducted by Reuters says that the production increases, that have been led by Iraq and Iran, has offset strikes in Kuwait and other outages.
The government has been approached by domestic automobile makers to not agree to reduce or eliminate tariffs on CBUs or Completely Built Units for finalizing Free Trade Agreements or FTAs with the European Union and the RCEP or Regional Comprehensive Economic Partnership member countries.
The Foreign Investment Promotion Board (FIPB) cleared Rs. 13,030 crore worth of foreign direct investment proposals. The clearance includes the hiking of foreign investment limit in Axis Bank.
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 43.86 per barrel (bbl) on 28.04.2016.
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 43.03 per barrel (bbl) on 27.04.2016.
Crude oil prices to go down further
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As Saudi Arabia and Iran are competing with each other in the production of crude oil, the experts predict that the price of crude oil in the international market will go down further.
Apple Inc. has posted its first ever decline in iPhone sales. The company has also said that it has had a drop in revenue for the first time since 2003.
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 41.68 per barrel (bbl) on 26.04.2016.
