Read more about Oil and Gas stocks edge higher on Business Standard. Oil and Gas stocks were trading in green, with the S&P BSE Oil&Gas index increasing 265.85 points or 1.66% at 16328.39 at 09:49 IST.
India: Crude Oil Imports To Bear Covid Brunt In May
With the second wave of coronavirus pandemic raging across India, its full impact will reflect in reduced crude oil imports by refineries for May, according to S&P Global Platts Analytics.
This assumes significance given that India is a key refining hub in Asia, with an installed capacity of over 249.36 million tonnes per annum (mtpa) through 23 refineries. The fuel demand in India has again dipped with several states imposing lockdowns in the world’s third-largest oil importing nation.
“India’s crude imports and refinery runs remained robust in April as refiners shipped in cargoes contracted earlier and refrained from backing out of deals despite a second wave of COVID-19 triggering demand destruction fears. Analysts, however, said the full impact of the crisis will get reflected only in May numbers,” S&P Global Platts said in a statement.
May 27, 2021, 16:15 IST
On the 27th of May 2021, petrol and diesel prices in Hyderabad, Delhi, Chennai, and Mumbai skyrocketed.
Today s petrol prices, 27th May 2021: Petrol and diesel prices went up in all of the country s major cities today. Petroleum corporations such as Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), and Indian Oil Corporation Ltd (IOCL) adjust fuel prices in response to crude oil prices, so the rates listed below are effective as of 6 a.m. and are subject to change at any time.
Fuel costs fluctuate based on international crude oil prices, which has an impact on the domestic market. Furthermore, the rise and fall of fuel prices might be attributed to economic growth. The cost of gasoline varies by the state due to taxes and freight expenses.
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