In a much-needed relief to cash-strapped airlines, this is the second straight monthly reduction in rates and the biggest single cut ever.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
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.
The impact of Trump's announcement of increasing import tariffs will have negligible benefit for India not because of companies trying to shift from China to other countries or their supply chains being affected due to their Chinese operations but because of our faulty policies, explains Mudit Jain.
"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.
With deregulation in diesel prices, this variant does not make sense.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
The impact of the ban will not be limited to sales.
The city's 24-hour Air Quality Index, recorded at 4 pm every day, stood at 418, up from 334 the previous day, and it may trigger stringent restrictions under the third stage of the graded response action plan to mitigate hazardous conditions.
Mark your calendar! On August 7, Tata Motors is unveiling a revolutionary vehicle -- the Curvv, billed as India's first SUV coupe.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
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.
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
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
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.
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.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
Petrol price has been reduced four times since March.
Rajesh Karkera/Rediff.com takes the latest offering from the Mahindra stable for a spin.
According to a report by rating and research agency CRISIL, it now takes six years to recover the premium-between Rs 100,000 on small cars and Rs 300,000 on luxury sedans-paid for diesel variants.
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.
Dealers say there's been a 20-25 per cent drop in demand.
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.
Customers have started to factor in the narrowing gap between petrol and diesel and the premium that needs to be paid for a diesel vehicle.
'Invest only in stocks of those companies that deliver on earnings and there is earnings visibility too for the next few quarters.'
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.
India, the world's third largest energy consumer, has enough petrol, diesel and cooking gas (LPG) in stock to last way beyond the three-week nationwide lockdown, as all plants and supply locations are fully operational, Indian Oil Corp (IOC) chairman Sanjiv Singh said.an Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite the loss of his father on the day the 21-day lockdown was declared, said there was no shortage of any fuel in the country and customers should not resort to panic booking of LPG refills.
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.
Retail rates of the fuel will now reflect international movement in oil prices.
Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
The new prices will be effective from Friday midnight.
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
Every time we pointed out the overwhelming evidence of diesel's toxicity, we were brushed aside.
Governments encouraged motorists to switch to diesel in the belief that its superior fuel economy would outweigh the higher pollutants per litre burned.
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.
Ministry may seek to retain control even after underrecovery becomes zero.
