Almost 38 per cent money goes to the state and central government of every litre of petrol you purchase.
Although petrol prices are high in India, they are nowhere as high as in some countries in Europe.
Earlier in April, the price was reduced by 85 paise per litre.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Last year witnessed a growth rate of 10.8 per cent against a 13.9 per cent rise in 2009-10.
If Monday saw long queues in front of most of the petrol bunks in the city of Chennai, Tuesday saw most of them closed with the sign, 'No petrol. No diesel.'
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
Petrol prices in India are amongst the highest in the world.
Petrol price has been reduced by about Rs 2 per litre, in line with falling international oil rates.
Greenpeace activists forced a temporary shut down of Shell petrol pump near the WEF meeting venue in Davos this morning and called for the energy giant to be suspended from the influential annual global economic meet being held in Davos.
The new prices are effective from Sunday midnight.
Actual reduction in price will be more after taking into account local VAT.
Reliance Industries Ltd on Friday reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost. Net profit was Rs 16,011 crore, or Rs 23.66 per share, in April-June - the first quarter of current 2023-24 fiscal year - compared with Rs 17,955 crore, or Rs 26.54 a share, earning a year back, according to a company's stock exchange filing.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
After Indian Oil Corporation, state-run Bharat Petroleum Corporation is planning to take over petrol stations in Sri Lanka, company chairman and managing director S Behuria said on Friday.
The remarks came after former President Ram Nath Kovind was tasked with the responsibility of heading a committee to explore feasibility of "one nation, one election".
The facility will be available at 2,500 petrol pumps
The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
A small British firm claimed to have developed a revolutionary new technology that can produce petrol using just air and electricity.
Bharat Petroleum Corporation (BPCL) on Tuesday hiked petrol prices by about Rs 2.96 a litre effective midnight tonight, and other state-owned oil companies IOC and HPCL will follow suit on Wednesday.
India is the second largest buyer of Iranian crude, after China.
After much persuasion by the UPA government in the aftermath of the petrol price hike, some Congress-ruled states made part-relaxations in taxes.
This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
With the government expressing its reluctance in raising prices of diesel and domestic LPG, the oil marketing companies may be forced to go for another round of increase in petrol price.
Diesel, which is sold at Rs 53.67 a litre in Delhi, will cost Rs 53.77 after the hike in commission.
Petrol dealers called off the strike planned for Friday to protest against government not passing off the benefits of drop in prices of petroleum.
The commercial capital may face shortage of petrol and diesel from Tuesday if agitating transporters stop ferrying petroleum products.\n\n\n\n
The country has fully switched over to cleaner Euro-III and Euro-IV petrol and diesel as of Wednesday and well ahead of the October one deadline, Minister of State for Petroleum Jitin Prasada said on Thursday.
Auto makers step up efforts export cars and offset adverse impact of foreign exchange fluctuations.
This is the third reduction in rates this month
State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said.
India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending "global trust deficit".
State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes.
In a letter to Cabinet Secretary P K Sinha, the Commission said it had received complaints about hoardings with photographs of the prime minister being displayed at petrol pumps in poll-bound Goa.
Unlike the decontrol of petrol and diesel prices during the National Democratic Alliance regime, when rates were adjusted by oil companies on the 1st and 16th of every month based on average international fuel prices, the oil ministry is treading cautiously this time.
The chief minister, however, justified the steep hike saying oil companies were incurring huge losses and the hike was necessary. She was on a private visit to Jammu.
Petrol pumps on Monday did business as usual as the day-long strike call given by Federation of All India Petroleum Traders evoked no response from the fuel station owners.\n\n\n\n
There are places on earth where petrol is cheaper than water.
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