The Maharashtra government has reduced sales tax on diesel from 34 per cent to 25 per cent.
The auto major is not just looking at domestic sales, but also planning to ramp up exports to key markets from here, like the Middle East, North Africa and Australia.
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
The Congresshas announced a three-phased campaign, "Mehngai-mukt Bharat Abhiyaan".
Petrol is currently sold at a loss of Rs 6.68 per litre and diesel at Rs 5.81 per litre. Naik said the Vajpayee government had given Navratna oil firms the freedom to decide fuel prices.
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
This may come as a surprise to many. Retail price inflation in petrol was the lowest at 10.21 per cent in March since November 2020. In diesel, it scraped the bottom of the barrel at 5.19 per cent in the last month of 2021-22 since February 2020. Even liquefied petroleum gas (LPG) was at a nine-month low of 9.97 per cent in the month.
The government's decision to hike diesel price by Rs 5 has shocked the nation.
Given India's low average salaries and large number of jobs in the informal sector, even a small spike in inflation can put poor consumers at risk.
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
With the latest diesel price rise, coming after a rollback of most of the earlier proposals for a passenger fare increase, Indian Railways' operational surplus is expected to come down by 24 per cent, to Rs 11,707 crore (Rs 117.07 billion) in 2012-13 as against the Rs 15,557 crore (Rs 155.57 billion) anticipated at the beginning of the financial year.
The AIMTC, which had gone on strikes to protest diesel price hikes in the past, said it will hold a meeting of its national members on July 12 to chalk out its future course of action.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.
The Petroleum Federation of India, the apex body of public and private oil firms, has submitted to the oil ministry a 100-day agenda for the new government. On top of its list is decontrol of petrol and diesel prices. Currently, public sector retailers sell auto fuel at government-dictated rates, which the private sector competition is unable to match in times of high input cost (crude oil prices).
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.
Apple's ambitious strategy to expand iPhone exports, shift more production from China to India at a faster pace, and grow its domestic market hits a Trump-sized roadblock.
A graphic showing how the average prices for petrol and diesel have moved over the last ten years.
After a spike, losses on sale of diesel have fallen by nearly a rupee to Rs 2.49 per litre as international oil rates have moderated.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Petroleum Minister Ram Naik on Tuesday ruled out any increase in petrol and diesel prices in the run-up to the General Elections saying international crude oil prices have eased.
India Against Corruption on Friday alleged that the opposition to the hike in diesel price by political parties was a "drama" and demanded immediate rollback of the increase in fuel price.
Petrol and diesel prices will not be hiked immediately as the Cabinet on Friday did not discuss the issue, Defence Minister Pranab Mukherjee said.
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
In a bid to lower the impact of an unavoidable hike in petrol and diesel prices, Oil Minister Murli Deora has asked states like Delhi and Andhra Pradesh to lower sales tax (VAT) on auto fuels and shift towards specific rates.
Reliance Industries, India's largest private fuel retailer, may cut petrol and diesel prices by about Re one per litre on Thursday in step with a fall in international oil prices.
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
Here's how political leaders reacted to the government's decision to hike the price of diesel by Rs 5 and limit the number of subsidised gas cylinders to six per household per year.
The principal Opposition party said an immediate cut in petrol and diesel prices was required in the larger interest of the nation. The BJP also demanded that interest rate on housing loans be brought down to 6 per cent and a real push be given for infrastructure development to 'avoid a catastrophe'.
The price differential has been upwards of 20%.
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.
Finance Minister P Chidambaram on Wednesday hoped that the reduction in petrol and diesel prices would to some extent help ease inflation.
If the current trend continues, diesel will be deregulated in three months.
The government on Wednesday announced a cut of Rs 2 per litre in petrol and Re 1 in diesel prices from midnight tonight.
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.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
State-run oil companies on Monday increased prices of diesel and petrol by Re 1 per litre each.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
After natural gas prices, the government looks set to bite the bullet on auto fuel prices, with a panel of ministers scheduled to meet on June 7 to decide on freeing petrol and diesel prices.
BPCL gained nearly 4% to Rs 674, while HPCL gained more than 2% to Rs 451.
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