Ministry may seek to retain control even after underrecovery becomes zero.
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.
Celerio's 793-cc diesel engine is the smallest in the market.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
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Travel time, too, has not fallen much after the abolition of octroi with trucks still queued up at regional transport offices and toll tax plazas.
High gold imports had contributed to high CAD which stood at 5.4 per cent in the second half of 2012-13 and was creating pressure on the rupee.
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.
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.
This trend is likely to gain pace with the new infrastructure cess on diesel vehicles.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
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.
Ford India said on Thursday it will launch the diesel variant of the mid-size Ford Fusion by the third quarter of this fiscal, even as it forecast demand for vehicles softening due to steep interest rates and possible revision in annual sales target.
The company says if the ban on diesel vehicles continues, around 13% of its sales will be hit.
The fuel price hike for the last 16 days had caused inconvenience and disappointment among the general public.
Oil companies choose to skip the revision this time.
A truck driver from Kerala tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
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CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel.
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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.
One litre of petrol now costs Rs 64.76 while the diesel price is Rs 54.70 a litre in Delhi
Under interim measures, there will be no renewal of registration of diesel vehicles which are more than 10 years old.
The demand for diesel cars, which account for 58 per cent of passenger vehicle sales in India every month, has seen a steep rise, as manufacturers continue to introduce variants that have diesel engines.
At one end the petrol motors have been criticised for consuming high fuel while on the other the diesel motors have also been condemned for being noisy and low powered.
If diesel subsidy can be confined to the running of public transport vehicles and agricultural pump sets, then it will stop benefiting private car owners and sundry other unintended recipients.
Normal or unbranded diesel currently attracts basic excise duty of Rs 1.46 a litre and an additional excise duty of Rs 2 per litre.
With Brent crude oil prices dipping below $100 per barrel, petrol prices may be cut by Re 1 a litre and there is also a likelihood of first reduction in diesel rates in seven years.
The first diesel car from Maruti Suzuki, Celerio diesel is pitted against Hyundai Grand i10, Ford Figo and Chevrolet Beat.
This is perhaps the first time that retail prices in India are higher than the global rates
Diesel price was on Monday hiked by 50 paise per litre, excluding VAT, with effect from midnight tonight.
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.
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Auto manufacturers have focused on launching CNG variants of their popular models to meet consumer demand for vehicles with lower running costs.
Petrol price is to go up by 30 paisa per litre, diesel by 18 paisa as government decides to hike petrol pump dealers commission.
