Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
India has deferred a ₹50 billion ($601.78 million) plan to fill parts of its strategic petroleum reserve, keeping in mind emerging trends in oil markets, the finance ministry said on Saturday.
In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth ₹50 billion for caverns in the southern cities of Mangalore and Visakhapatnam.
India, the world's third-biggest oil importer and consumer, imports over 80% of its oil needs and has built strategic storage at three locations in southern India to store over 5 million tonnes of oil to protect against supply disruptions.
Also Read : World oil demand surges amid Red Sea shipping disruptions, IEA says India's coal imports rise by 5% to 52 MT in April-May
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