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.
A graphic showing how the average prices for petrol and diesel have moved over the last ten years.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
State-run Indian Oil Corporation (IOCL) reported a weak performance in the fourth quarter of FY24 (January-March 2024), and the turmoil in the energy market indicates it could endure another lacklustre quarter. The oil marketing company (OMC) reported an Ebitda of Rs 10,400 crore, down 27 per cent year-on-year (Y-o-Y) due to weak reported gross refining margin (GRM) of $8.4 per barrel in Q4FY24, which was almost half the consensus expectation of $15 per barrel.
One of the challenges on diesel engine is refinement.
Honda Motors has developed its own diesel power-trains.
Move to be aimed at reducing subsidies on the fuel.
Targeting Modi over inflation, Priyanka called him a "mehengai" man.
Toyota Kirloskar Motors Limited has launched the diesel version of Toyota Corolla Altis in the country recently.
Putin asks to send the puppy which will be trained to replace Diesel, the French police dog that died during St Denis raid.
Deepika Padukone, who makes her Hollywood debut with him in the film xXx: The Return of the Xander Cage, also arrived with him.
It all depends on many kilometres would you clock in a month.
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.
This will be the sixth consecutive price cut for petrol since August.
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.
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.
India Inc has said the decision to hike in diesel price was "inevitable" and this would help in fiscal consolidation.
The auto industry, however, said any such step to impose additional taxes on the sector will not 'make sense'.
Petrol and diesel prices across the country will increase by 9-13 paise a litre with effect from Tuesday midnight, after the government decided to increase the commission to petrol pump dealers.
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.
'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'
If you opt for a petrol variant, you will need to reapply for loan.
Indian Oil Corporation Ltd will start manufacturing fuel used in F1 racing in three months' time.
Public sector oil marketing companies currently lose Rs 11.65 per litre on diesel.
The government had in January authorised state-owned oil firms to hike diesel prices by small doses of up to 50 paisa per litre every month.
Hyundai Motors India, the country's second-largest car firm, launched the diesel version of its top-end sedan Sonata Embera tagged at an introductory price of Rs 14.75 lakh (ex-showroom Delhi).
'In April, we saw a 10 per cent growth in our own volumes.'
The new variant Scala RxE extends the Renault diesel portfolio and offers customers a competitive and well-packaged diesel option, Renault India said in a statement.
Diesel should be sold at market-driven prices, which the Indian automobile industry is demanding for long, only for the luxury players.
The innovation was recently conferred the gold medal at the Innovators' Award established by aerospace giant Lockheed Martin Corporation under its India innovation growth programme.
The government will require poll panel's nod if it decides not to effect a price increase.
It will house the company's first diesel engine developed for markets like India.
The company, which started export of its three-wheelers a couple of months back, is also exploring to venture into new markets like Bangladesh, Mexico, Peru and Guatemala.
With petrol costs going through the roof, it may not be too long before a diesel suberbike hits the Indian roads.
It is high time that petrol and diesel prices were decontrolled taking advantage of low inflation and global crude prices, the Economic Survey said, while criticising the government for its "imperfect" handling of oil price hike.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
