The announcements of price revision shall result in net incremental revenues to the tune of (Rs 14,700 crore) Rs 147 billion in FY05.
Jet fuel prices on Wednesday were hiked by over 18 per cent -- the steepest ever increase -- to all-time high levels after international oil price surged to a multi-year high.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
The Union government has collected Rs 94,181 crore through levy of excise duty on petrol and diesel in the first three months of the current fiscal on the back of a record tax on fuel that yielded 88 per cent higher revenue the previous financial year, the Lok Sabha was informed on Monday. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre, according to a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli in the Lok Sabha. This led to excise collections on petrol and diesel jumping to Rs 3.35 lakh crore in 2020-21 (April 2020 to March 2021), from Rs 1.78 lakh crore a year back, he said.
For now, the upside appears to offset damage done to exports by weaker global demand.
Amid protests from political parties over the hike in petrol prices, the government on Monday said the product was deregulated and the revision in the fuel rate was done by the oil marketing companies.
In most parts of the landlocked northeastern state, items such as rice, potato, onion and egg besides LPG cylinders and petrol are selling at rates much above the ones fixed by the government.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
Petroleum Minister Ram Naik on Wednesday hinted at reduction in prices of petrol and diesel in step with the fall in international oil prices, at the next fortnightly review due on April 15.
Reserve Bank Governor Shaktikanta Das on Wednesday ruled out upside risks to the 5.3 per cent inflation forecast for the current fiscal, saying the recent cut in excise duty on diesel and petrol as well as better management of supply-side issues on the food front have contained inflationary expectations. These measures are significantly positive for inflation management, he said. After months of calls for reducing taxes on fuels, the government, last week, cut the excise duty on diesel and petrol by Rs 10 and Rs 5 per litre, respectively.
India's fuel sales fell in the first half of April as a record rise in prices in a short 16-day period dented demand, preliminary industry data showed on Saturday. Petrol sales fell almost 10 per cent in the first half of April when compared with the same period in the preceding month, while diesel demand slid 15.6 per cent. Even cooking gas LPG, which had consistently shown growth even during the pandemic period, saw a 1.7 per cent month-on-month fall in consumption during April 1-15.
