India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
Petrol, that had in April/May witnessed 11-12 per cent growth in consumption, in fact saw a six per cent fall in demand at 8,02,500 tons in June, oil ministry officials said.
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
Under-recovery or the gap between retail selling price and the cost of import, this month dipped to an all-time low of 8 paise a litre, helped by the monthly increases and softening in international oil rates.
Union Home Minister Amit Shah, who released BJP's manifesto for the legislative assembly polls, said a committee would be constituted on UCC.
The demand for diesel is rising at 25 per cent annually, while the crude oil refiners are capable of catering to only 12-15 per cent growth.
Japanese major's idea part of strategy to double sales in emerging markets by 2017.
A graphic showing how the average prices for petrol and diesel have moved over the last ten years.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
The surprise decision of OPEC and its allies, including Russia, to cut oil output may cause an immediate rise in prices, delaying revision in fuel prices in India, industry sources said. The grouping of Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, on Sunday decided to further cut oil output by around 1.16 million barrels. The move led to Brent rising by almost 6 per cent to $84.58 per barrel on Monday.
Deepika Padukone, who makes her Hollywood debut with him in the film xXx: The Return of the Xander Cage, also arrived with him.
One of the challenges on diesel engine is refinement.
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
Putin asks to send the puppy which will be trained to replace Diesel, the French police dog that died during St Denis raid.
Amid rising air pollution caused by the burning of crop residue, the Bihar government has decided to identify farmers who are indulging in this practice and put up their names at the block offices, officials said on Saturday.
Honda Motors has developed its own diesel power-trains.
Move to be aimed at reducing subsidies on the fuel.
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
It all depends on many kilometres would you clock in a month.
Toyota Kirloskar Motors Limited has launched the diesel version of Toyota Corolla Altis in the country recently.
The iconic brand is considering petrol powertrains for its entire Indian portfolio, which includes the Jeep Compass, Meridian, Grand Cherokee and Wrangler.
This will be the sixth consecutive price cut for petrol since August.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
Allies and opposition parties tonight attacked the government over the hike in diesel prices saying it will further hit the common man and demanded an immediate rollback.
The government on Monday said it would not free diesel prices from its control in hurry as the move would lead to sharp rise in price of fuel most used in the transport sector.
The government had in June deregulated the prices of petrol but did not take a decision on diesel, which is used by various industries and the transport sector.
The Vin Diesel film had the best collections amongst all the movies in the running across the country.
If you opt for a petrol variant, you will need to reapply for loan.
India is now much ahead of other large railway networks in the world in terms of electrification -- with the US at just 1 per cent, China at 72 per cent and Europe at 60 per cent.
India Inc has said the decision to hike in diesel price was "inevitable" and this would help in fiscal consolidation.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
Pitting itself directly against Maruti Swift Diesel, Tata Motors plans to launch a 1.3 litre diesel variant of its small car Indica with a common rail direct injection (CRDi) engine developed in-house in the next few months.
State-owned oil companies have virtually stopped producing premium or branded petrol and diesel as sales have plunged due to huge differential in rates when compared with non-branded or ordinary fuel.
The auto industry, however, said any such step to impose additional taxes on the sector will not 'make sense'.
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