The price differential has been upwards of 20%.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
This is the first time that petrol sales in the world's third-largest oil importer have risen since the March 25 nationwide lockdown crippled economic activity and sent demand plummeting.
The share of diesel vehicles sold in 2014-15 was 37 per cent.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
The excise duty cuts on diesel and petrol will cost Rs 45,000 crore and lead to a 0.3 percentage point widening on the Centre's fiscal deficit, a foreign brokerage said on Thursday. Going by the overall consumption, the costs of the surprise move - which came after months of concerns over high payouts at filling stations - for the entire fiscal will come at Rs 1 lakh crore or 0.45 per cent of GDP, economists at Japanese brokerage Nomura said in a report. For the remaining months of the ongoing FY22, the cost will come at Rs 45,000 crore, which leads to an upward review of the fiscal deficit target.
The price of petrol has been hiked by Rs 1.39 per litre and that of diesel by Rs 1.04 a litre, in sync with firming international rates.
Steep taxes on petrol and diesel add to the cost of economic activity and reduce the Indian economy's competitiveness. The two fuels must be brought under GST's purview, suggests former IAS officer Ajay Shankar.
From April 2020, manufacturers will have to hike prices of diesel cars sharply to accommodate the costs incurred in the transition to BS VI emission norms, and widening the gap between a diesel and petrol car.
Prime Minister Narendra Modi on Friday invited President Volodymyr Zelenskyy to visit India and the Ukrainian leader said he would be happy to travel to the 'great' country.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
In a much-needed relief to cash-strapped airlines, this is the second straight monthly reduction in rates and the biggest single cut ever.
Total fuel subsidies accounted for less than 1 per cent of GDP and under 3 per cent of total government expenditures in FY14.
After Delhi, CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Re 1 due to rise in input costs. Mahanagar Gas Ltd, which retails CNG to automobiles and piped natural gas to households for cooking purposes in Mumbai and surrounding cities, said the increased prices will come into effect from the intervening night of July 8 and 9.
The price differential between diesel and petrol has narrowed. But there are still enough reasons to opt for the diesel variant.
Global supermajor BP Plc's exclusivity with Reliance Industries Ltd has ended but the energy giant will continue to pursue oil and gas as well as mobility ventures in India with the Mukesh Ambani firm owing to an unwritten strategic partnership, BP's outgoing India head Sashi Mukundan said. BP in 2011 spent $7.2 billion to acquire 30 per cent interest in 23 oil and gas blocks of Reliance. Eastern offshore KG-D6 block was the cornerstone of the deal that also provided for a 10-year exclusivity period which meant that BP would take up energy projects or investments in India only in partnership with Reliance.
"There were discussions and the ministry had received suggestions that petrol-diesel vehicles should be banned. I would like to clarify that the government does not intend to ban petrol and diesel vehicles. We are not going to do anything like that," Gadkari said, addressing a gathering at the Society of Indian Automobile Manufacturers (SIAM) annual convention, 2019.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
The impact of the ban will not be limited to sales.
With deregulation in diesel prices, this variant does not make sense.
Cement manufacturers have hiked prices after a challenging Q1FY25, and Q2FY25 (so far) when general elections and seasonal factors cut down on construction activity. The August prices are currently around 3-6 per cent above July 2024 but may not be sustainable in the face of weak demand. H2FY25 may see realisation growth which, if it happens, would drive average operating profit/tonne improvements in H2FY25 over a muted H1FY25.
The company has the largest car park in EVs in India, estimated to be around 170,000 units. As a pilot, it has already started work with used online car marketplace Spinny.
The Mahindra Thar undergoes yet another iteration. With 5 doors, longer dimensions, a more refined engine... and a new name. The Mahindra Thar Roxx, debuting on August 15, promises all that you have wanted in the head-turning SUV, says Rajesh Karkera/Rediff.com.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
The company, which unveiled its compact multi-purpose vehicle Triber in India, is bringing the MPV only in petrol engine option as part of the strategy even as it prepares to introduce electric vehicles in the near future.
While eight bodies were brought to the state-run North Bengal Medical College and Hospital (NBMCH) after the accident on Monday morning, two persons died during treatment, he said.
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
Petrol pumps in Mumbai, Nagpur and other parts of the state witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers.
Honda has taken to diesel and come up with its completely new City sedan. Ranged against it is the new version of the erstwhile segment leader, Hyundai's Verna.
The conversion produces significantly more energy than it requires and results in transportation fuels -- diesel, for example -- that can be blended with existing ultra-low-sulphur diesels and bio-diesels, researchers said.
Auto manufacturers have focused on launching CNG variants of their popular models to meet consumer demand for vehicles with lower running costs.
On January 17, when the government decided to allow state-owned oil companies to sell diesel at market price to bulk consumers, companies in the alternative energy space saw the opening of an opportunity.
The revision in rates announced by Indian Oil Corp is excluding VAT and the actual change will be higher after considering them
In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
