Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
Maruti Suzuki India (MSIL) will hold discussions with the Centre and state governments on how the production of compressed biogas (CBG), which can be used in vehicles that run on compressed natural gas (CNG), can be expanded in the country, its majority shareholder Suzuki Motor Corporation (SMC) said. The demand for CNG vehicles has been rising significantly in the country. MSIL sold 145,000 CNG vehicles in the first quarter of 2024-25, marking a 28.3 per cent year-on-year (Y-o-Y) growth.
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.
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.
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.
Petrol price has been reduced four times since March.
Bajaj Auto is gearing up to launch clean-energy vehicles including another motorcycle powered by compressed natural gas (CNG), showcase ethanol-powered motorcycles and three-wheelers next month, as well as launch a new Chetak platform early next year, as it closes in on hitting 100,000 monthly sales from clean-energy vehicles this festival season. In an interview with CNBC-TV18, Bajaj Auto managing director Rajiv Bajaj said these initiatives were part of the firm's broader goal to achieve monthly sales of 100,000 clean-energy vehicles this festival season.
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.
Bharatiya Janata Party leader Kirit Somaiya on Sunday alleged that ad firm director Bhavesh Bhinde had paid Rs 46 lakh as bribe to a company of the wife of then GRP commissioner, who gave permission to install a hoarding which collapsed in Mumbai last month.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
'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.
'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.
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.
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.
Given India's reliance on coal, electric vehicles could at best be 10% more efficient than petrol in terms of CO2 savings.
A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.
Owing the sudden rains, Mumbai's Chhatrapati Shivaji international airport too announced a temporary suspension of flights. While incoming flights have been diverted to other destinations like Goa and Ahmedabad, outgoing flights have been delayed. Airport sources said flights are being resumed in a staggered manner to cope with the rush and it will take some time for normalcy to return.
Swift Dzire has clocked 2.5 million in sales, and you might, in a non-too-distant future, see headlines that the DZire has done 3 million as well, observes Suveen Sinha.
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.
Petrol price is to go up by 30 paisa per litre, diesel by 18 paisa as government decides to hike petrol pump dealers commission.
The new prices will be effective from Friday midnight.
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
To curb petrol import costs, the NDA government is pushing for a 10% ethanol mix in petrol
India, the world's third largest oil consuming and importing nation, in July bought $2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.
Preventive measures are in place and the forecast suggests further improvement, said the statutory body responsible for forming air pollution reduction strategies for the region and their implementation.
Indian Oil Corporation Ltd will start manufacturing fuel used in F1 racing in three months' time.
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.
Oil companies choose to skip the revision this time.
Petrol price hike will have a cascading effect and prices are going to go out of control.
'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.
A man allegedly burned his 40-year-old wife alive after she stopped him from consuming alcohol in a village in Budaun, police said on Friday.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
India needs to recognise and address challenges posed by its dependence on China for critical minerals and examine the implications of phasing down coal on bank balance sheets as it accelerates its green transition, the government's Economic Survey 2023-24 tabled in Parliament on Monday said. As part of its national plan to contribute to meeting the global goal of limiting the average temperature rise to 1.5 degrees Celsius, India has committed to reducing emissions by 45 per cent below 2005 levels by 2030, achieving 50 per cent cumulative electric installed capacity from non-fossil fuel-based energy resources, and creating a carbon sink of 2.5 to 3 gigatons of CO2 equivalent through additional forest and tree cover.
Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
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.
'We are seeing one of the highest discounts in recent years across companies.' 'October is a crucial month with several festivals coming up.'
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.
'It is important for states to agree 10-15 per cent duty cut and take home the same amount of tax revenue as budgeted.'
Petrol price hiked by 60 paise per litre, diesel by 50 paise.
