The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Diesel rates were cut by 40 paisa to Rs 68.89 a litre. With this, the reduction in rates in last six weeks totals Rs 9.26 per litre on petrol and Rs 7.2 per litre on diesel.
The 2024 Kia Sonet facelift impresses with its comprehensive upgrades, ranging from a refreshed exterior design to advanced safety and technological features.
Public sector oil marketing company Indian Oil Corporation (IOC) will raise prices of petrol by 27 paise a litre, - for the first time since decontrolling petrol prices.
Petrol price has been reduced four times since March.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
Given India's reliance on coal, electric vehicles could at best be 10% more efficient than petrol in terms of CO2 savings.
'Oil companies like IOC, BPCL and HPCL have to set up world class systems where they are always two steps ahead of the crooks,' says Sudhir Bisht, a veteran of the petroleum industry.
'Two would be premium products and three would be mainstream products.'
Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.
At least 16 people were killed, and 75 injured after the billboard collapsed in an unexpected dust storm in Mumbai on Monday.
The operation went on for 66 hours after a giant 120 feet x 120 feet hoarding collapsed on a petrol pump in the Chheda Nagar area during gusty winds on Monday evening, the official said.
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
The new prices will be effective from Friday midnight.
Petrol price is to go up by 30 paisa per litre, diesel by 18 paisa as government decides to hike petrol pump dealers commission.
To curb petrol import costs, the NDA government is pushing for a 10% ethanol mix in petrol
Bajaj Auto, the king of the market for CNG-powered passenger three-wheelers, now wants to replicate this dominance in two-wheelers. The difference is that while the former is zooming - registrations for CNG-powered passenger three-wheelers nearly doubled during January-December 2023 - the latter, meaning a market for CNG-powered two-wheelers, does not exist.
Oil companies choose to skip the revision this time.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
Petrol price hike will have a cascading effect and prices are going to go out of control.
American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi -- wrote on X that he is looking forward to coming to India later this year.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
Rahul alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country.
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
'It is important for states to agree 10-15 per cent duty cut and take home the same amount of tax revenue as budgeted.'
Another partner or co-owner of the firm that operated the recreation facility has been nabbed which took the number of persons arrested in the case to five, officials said.
From the November 2014 price of $106 per barrel crude oil prices dipped to as low as $26 per barrel in January 2016 and remained flat for much of the year. Did the fuel prices reflect that?
Petrol price hiked by 60 paise per litre, diesel by 50 paise.
Petrol and diesel prices across the country will increase by 9-13 paise a litre with effect from Tuesday midnight, after the government decided to increase the commission to petrol pump dealers.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The price of liquefied petroleum gas cylinders across all categories, including subsidised LPG, was on Wednesday hiked by Rs 25 per cylinder -- the third straight increase in rates in less than two months.
CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
Margins for the oil refining and retailing sector have moved off their peaks, and the average integrated margins (refining plus marketing) for oil marketing companies (OMCs) have normalised. The ascent in crude oil prices, combined with static retail prices, has depressed marketing margins for diesel and petrol. However, the fall in marketing margins has been offset by increased gross refining margins (GRMs).
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
