Petrol pumps across the country will shut shop on Monday to demand increase in commission on sale of petrol and diesel.
The Union Cabinet is believed to have approved a 'moderate' increase in the price of petrol and diesel in view of the surge in international crude prices.
Perhaps for the first time, petrol in India costs more than the superior jet fuel (ATF) used in aeroplanes, as the government has levied a record excise duty on the fuel used in two-wheelers and cars.
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.
The umbrella body of over 40 farmer unions said at a press conference that two days before the session begins, a "chetavani patra" (warning letter) will be given to all the opposition MPs to protest the laws inside the House.
Six non-BJP ruled states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, reduced their Value Added Tax (VAT). Six states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT, he said amidst vocal protests by the opposition members.
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.
With vast disparity in fuel prices, the demand for diesel cars had reached upto 85 per cent and petrol cars had come down to 15 per cent, which otherwise usually remained at 50:50 per cent levels in India.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
An oil pipeline at Makum in upper Assam's Tinsukia district was on Tuesday damaged in an explosion, for which the United Liberation Front of Asom claimed responsibility. The explosion in the pipeline of the IOC-Assam Oil Division created a 4-ft crater in Pachim Mamarani area, AOD sources said, adding that there was no report of any casualty.
The domestic car market, which sees sales of almost one diesel car for every petrol car sold, will see demand for diesel-powered cars to hit the roof.
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.
'It is important for states to agree 10-15 per cent duty cut and take home the same amount of tax revenue as budgeted.'
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.
But here, in a trend reversal, is a list of four diesel cars which are all geared to launch a petrol version, irrespective of the skyrocketing price of the fuel.
The United Progressive Alliance government has become a symbol of "heartless government" as it has failed to understand the pains of inflation borne by the common man, Bharatiya Janata Party leader Arun Jaitley said on Friday.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from next month.
The government will consider cutting petrol and diesel prices, if crude oil prices fall below $50 a barrel.
Petrol currently costs Rs 72.51 per litre in Delhi.
Congress said ATF prices have been reduced by 31% while petrol only 16%.
Demand, supply imbalance and taxes influence petrol and diesel prices.
Costlier petrol, diesel and LPG pushed up inflation to 7.76 per cent during the week ended November 6 amid fears that it could rise further in the coming weeks after the full effect of the second round of price hike in petro products during the perio
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.
Petrol prices are likely to be cut by over one rupee a litre early next week as appreciation in value of rupee against US dollar and fall in global oil rates has made imports cheaper.
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.
The Group of 20 nations has welcomed the strategies by member countries to phase out oil subsidies -- a bold move followed by India that only on June 25 raised petrol, diesel and cooking fuel prices.
Jet fuel (ATF) price on Wednesday was hiked by 4 per cent in line with firming international oil prices but petrol and diesel rates remained on freeze for a record 10th month in running. Aviation turbine fuel (ATF) price was increased by Rs 4,218 per kilolitre, or 3.9 per cent, to Rs 1,12,356.77 per kl in the national capital, according to a price notification of state-owned fuel retailers. The increase follows three rounds of reduction since November.
The auto industry, however, said any such step to impose additional taxes on the sector will not 'make sense'.
The government on Friday said that it is concerned about frequent hike in prices of petroleum products but does not plan to reduce taxes on oil goods.
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