V6 Spot Light – Crude Oil Rates in India
Brent crude oil prices falling below the $100 – a barrel mark. Oil is critical for India. For one, India imports more than two- thirds of its requirement, which constitutes 37 percent of total imports. In this July-September period oil marketing companies might record consecutive quarterly profits, For the June quarter, Indian Oil Corporation, India’s largest OMC, had reported a net profit of Rs 2,522.9 crore, against a net loss of Rs 3,093.2 crore in the year-ago period. Narendra Modi government is planning to restart cash transfer scheme, which is initiated by the previous UPA government. The government appointed a high level committee to resolve the problems with this scheme. Modi government decreasing diesel rates with this Crud oil price falling.