India is making a quick buck by selling some of the cheaply bought crude oil stored in the country’s strategic reserves to Mangalore Refinery and Petrochemicals( MRPL).... This allows the government to rake in a significant margin over the purchase price of around$ 19 a barrel.... According to the Petroleum Ministry, this had resulted in a notional saving of Rs 5, 000 crore to the exchequer....

India has begun selling oil from its Strategic Petroleum Reserve( SPR) to state-run refiners as it implements a new policy to commercialise its federal storage by leasing out space, three sources familiar with the matter said. Reuters reported last month that India had changed its policy to allow the Indian Strategic Petroleum Reserves Ltd( ISPRL), which manages the federal oil inventories, to lease 30% of its overall 37 million barrels capacity to Indian and foreign companies. Last year, the IS

The government has allowed Abu Dhabi National Oil Company( Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday.... The Indian Strategic Petroleum Reserve Ltd has leased half of the 1.5 million tonne capacity in Mangalore storage to Adnoc.... The idea behind leasing the storage to foreign companies was that they could store oil for sale to d

Britain should" show some honesty" about what it signed up to over Brexit, Ireland's foreign minister has said.... Boris Johnson initially insisted these would have minimal effect, but the government has since admitted they are doing more economic damage than expected. Businesses say the protocol needs to be changed and some have stopped supplying Northern Ireland entirely because of the increase in bureaucracy.... The celebration marks the end of the Muslim month of fasting, called Ramadan...