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India Business News: Russia's crude oil imports to India surged to 35% in FY24 from 23% the previous year, surpassing other major suppliers like Iraq, Saudi Arabia, UAE, a
The world s third-largest oil importer and consumer is on track to post an oil demand increase of almost 1.2 million barrels per day (bpd), accounting for more than one-third of the projected 3.2 million bpd global gains, the IEA said in a report released at the India Energy Week in Goa.
The Indian government has extended the deadline for implementing an additional ₹2 per litre tax on unblended diesel to April 1, 2025. The tax, aimed at promoting biofuels and reducing crude imports, was initially announced in the FY23 budget. The move aligns with India s commitment to enhance domestic crude production, increase ethanol blending, and focus on renewables to cut crude imports by 10% to 67% by 2025.