Auto Industry News

Refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers

India's benchmark 10-year bond yield touched a three-week high in early trade, as global crude oil prices rose further raising concerns over the need for the central bank to tighten monetary policy to contain inflation.

Oil prices rose about 4% as U.S. gasoline prices jumped to a record high.

India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm.

Oil prices settled slightly higher as a planned European Union ban on Russian oil and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand.

Long queues snaked around gas stations in Sri Lanka's commercial capital and its outskirts on Monday even though the island nation's government was scrambling to deliver fuel supplies and douse any unrest as it battles a devastating economic crisis.

"We're not there yet," European Commission President Ursula von der Leyen said. Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month.

The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes.