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.
Petrol and diesel prices on Monday were hiked for the seventh day in a row as a rally in international oil prices took retail rates in India to new highs. Petrol price was increased by 26 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. This pushed retail rates, which differ from state to state depending on the incidence of local sales tax or VAT and freight charges, to their highest level. The hike took petrol price in Delhi to a record Rs 88.99 per litre and to a highest-ever rate of Rs 95.46 a litre in Mumbai.
Hitting out at the government, BJP on Wednesday scored a "double century" on price rise and questioned the "silence" of Congress President Sonia Gandhi on the "burning issue".
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
Between April-June 2016-17, the additional excise duty mop up on these two products stood at Rs 17,692 crore.
Govt hikes excise duty on petrol, diesel to mop up Rs 2.5K-cr.
Prices of Maruti passenger cars are likely to go up shortly, Jagdish Khattar, the managing director of Maruti Udyog Ltd, said in Chennai on Friday.
Maruti is sticking to this strategy at a time when rival Hyundai is looking to make the most of the monopoly it will have in the compact diesel segment from April 1, 2020, when the BSVI emission norms kick in. The market leader's confidence stems from the rapid shift in favour of petrol in the PV segment. For newer models such as MG Hector and Seltos, nearly 75 per cent bookings are for petrol variants, Kia has 55 per cent from petrol variants. The change in customer preference from diesel variants to petrol has happened quickly over the past few years.
The common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
The Odiya strongman, who delivered stunning victory to the BJP as the in-charge of Bihar unit, straight away got down to work after taking charge of the high-profile ministry.
Cement, coal, steel and urea prices are likely to go up
Petrol and diesel prices on Tuesday were hiked for the sixth time this month, propelling prices to cross the Rs 100-a-litre-mark in places from Nanded in Maharashtra to Rewa in Madhya Pradesh to Jaisalmer in Rajasthan. Petrol price was hiked by 27 paise a litre and diesel by 30 paise per litre, according to a price notification by state-owned fuel retailers. The increase took petrol and diesel prices to their highest-ever level across the country. In Delhi, petrol now comes for Rs 91.80 per litre and diesel is priced at Rs 82.36.
A subsidised 14.2-kg cylinder will now cost Rs 425.06 in Delhi as against Rs 423.09 previously, according to State-owned oil firms
After an hour-long meeting with Prime Minister Manmohan Singh, Communist Party of India general secretary A B Bardhan told reporters that the government is all se to raise the prices of petrol and diesel within the next 2-3 days.\n\n
Amul, Gowardhan raise prices by Rs 2 a litre; others might wait for some time.
Congress General Secretary Digvijay Singh on Sunday said in Bhopal that rising inflation is a major problem but it was necessary to hike prices of petroleum products because of the international situation.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are losing Rs 486 crore (Rs 4.86 billion) per day as they are made to sell diesel, domestic LPG and kerosene way below cost to keep inflation under check.
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The government on Tuesday raised excise duty on petrol by Rs 2.25 per litre and by Re 1 a litre on diesel but retail pump rates will not be increased as oil firms decided to absorb the duty change for the time being.
Petrol price inched towards the Rs 100-mark in Mumbai on Tuesday after fuel rates were hiked again. Petrol price was increased by 23 paise per litre and diesel by 25 paise a litre, according to a price notification of state-owned fuel retailers. The hike - 13th this month - pushed petrol and diesel prices to record-high levels across the country.
Cement prices are likely to go up by around Rs 8-10 per 50 kg bag with manufacturers saying that they may pass on the burden of hike in excise duty proposed in the Budget 2010-11 to customers.
He noted that the diesel price hike has put an additional burden of Rs 3,300 crore on Railways.
The rates are hikes by almost 8 per cent.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
The government HAD to increase the price of diesel; it could not have allowed the Indian economy to commit suicide by November 2012, a former senior official tells Sheela Bhatt
The rise in petro-product prices have been necessitated by rising global costs of petroleum and the fact that the price of petrol and diesel has not been increased in India since January 2004.
The price of petrol variant of the Verna has been raised by Rs 3,500 (for the base model), while the diesel model has become dearer by Rs 10,000.
Fuel prices are likely to be hiked again after the Parliament's Budget session ends on May 22.
Petrol and diesel will cost Rs 2 a litre less from Wednesday after the first excise duty cut by the Modi government comes into effect.
A moderate price hike for petrol and diesel is on the cards. M S Srinivasan, secretary, ministry of petroleum and natural gas, had last fortnight indicated that 'the hike would be just like the price of tea (Rs 2 to Rs 3).'
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
The price of subsidised cooking gas was on Tuesday hiked by over Rs 2 per cylinder, the sixth increase in rates in five months, while that of jet fuel was raised by a steep 7.3 per cent in step with global trends.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Petrol price on Friday scaled to Rs 102 per litre in some parts of Rajasthan and Madhya Pradesh after rates were raised for the fourth straight day after ending more than two-week-long hiatus during assembly elections in states like West Bengal. On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers. This took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73.
Uttam Ghosh offers his take on the latest hike in fuel prices at a time when the economy is in its worst condition ever.
The government has chosen to profiteer off people's misery and suffering, Gandhi said.
Former BJP minister Arun Shourie's remarks backing the hike in diesel price was lapped up by the Congress with the BJP, which has demanded a rollback, distancing itself.
The Congress on Saturday saw "no crisis" over the opposition of it allies like Trinamool Congress to the FDI in retail and said that the party was fully behind Prime Minister Manmohan Singh on the issue.
CK Birla group company Hindustan Motors on Monday said it has increased the prices of premium sedan Lancer marginally by upto one per cent.
Petrol price on Friday inched closer to the Rs 100-a-litre mark in Mumbai while diesel crossed the Rs 91 mark after oil companies raised rates again. Petrol price was increased by 19 paise per litre and diesel by 29 paise a litre, according to a price notification by state-owned fuel retailers. The hike -- 11th this month -- pushed petrol and diesel prices to all-time high levels across the country. In Delhi, petrol rates climbed to Rs 93.04 a litre and diesel rose to Rs 83.80.
