DIESEL
Retrofitting of inter-city diesel buses can generate over 50,000 jobs
Dr. Charan Singh and Davinder Sandhu emphasize the economic and environmental benefits of retrofitting. It offers a pragmatic solution for sustainable urban transport, driving economic revitalization and environmental improvements. Retrofitting leverages existing infrastructure while transitioning towards cleaner mobility, showcasing tangible progress in achieving sustainability goals.
Mumbai petrol and diesel tax slashed, Ajit Pawar announces in Maharashtra budget
Maharashtra's Deputy Chief Minister Ajit Pawar announced tax reductions on petrol and diesel in Mumbai, lowering diesel prices by 2 rupees per litre and petrol by 65 paise per litre. The state budget also includes provisions such as free gas cylinders under the CM Anna Chhatra Yojana, bonuses for cotton and soybean farmers, and increased compensation for deaths caused by animal attacks to Rs 25 lakhs
Petrol and diesel to come under GST? Here's what FM Sitharaman has to say after Council meeting
Finance Minister Nirmala Sitharaman on Saturday said the intention of the central government has always been to bring petrol and diesel under GST, and it is now up to the states to come together and decide on the rate. She said a provision has already bee...
India's downstream oil and gas profits to fall; upstream to remain strong: Fitch Ratings
India's oil and gas sector is forecasted to have mixed fiscal performance in FY24, with downstream profits expected to decline while upstream growth remains robust, driven by a 3-4% increase in petroleum product demand for FY25. Diesel and petrol will dominate consumption, with anticipated stable marketing margins for oil marketing companies. Upstream companies will continue high capex for production growth, while crude oil import dependency is projected to increase despite rising domestic production.
Karnataka BJP protests fuel price hike with cycle jatha, party workers detained
Karnataka BJP has staged a 'cycle jatha' in various locations across the state to protest the state government's hike in fuel rates. Workers in Bengaluru were detained midway, calling the detention unconstitutional. The party accused the government of suppressing protests and urged the people to revolt against the government.
How a tax sop has created a divide in India's motown
Indian automakers are at a crossroads as they navigate the shift from internal combustion engines to electric vehicles. Consumers are showing a preference for hybrids over EVs, sparking debate among automakers. The government's proposed tax reduction for hybrids has divided industry leaders, with some advocating for incentives solely for electric vehicles. The potential impact on sales volumes and climate goals is a central point of contention.
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Biggest reasons why petrol prices increase in India
Karnataka government on Saturday hiked sales tax on fuel which will make petrol and diesel costlier. Petrol will now go up by Rs 3 and diesel by Rs 3.5 per litre. Karnataka Chief Minister Siddaramaiah on Sunday defended the hike in petrol and diesel prices saying that it will ensure funding essential public services and development projects. The prices have been hiked to generate more revenue.
Petrol and diesel prices in India: After Karnataka fuel tax hike, check latest petrol, diesel prices in your city
Petrol and diesel prices in India: The petrol price in Karnataka are still lower than neighbouring Andhra Pradesh and Maharashtra. Here are the petrol and diesel prices of major cities in India, as on June 17, 2024.
Extreme heat melts diesel demand, sales drop 4% in June
In June, India's diesel demand fell due to extreme heat reducing travel, continuing a declining trend despite typically high election season sales. Diesel sales dropped 3.9% year-on-year and remained flat month-on-month. Petrol consumption also decreased by 4.6% annually. Contrarily, jet fuel and LPG demand saw year-on-year increases.
Karnataka fuel price hike: Rates still lower than neighbouring Andhra Pradesh, Maharashtra
The Congress-ruled Karnataka government's move to raise local tax on auto fuels pushed petrol prices above Rs 100 a litre and diesel to Rs 89, but rates are lower than neighbouring Andhra Pradesh which has the costliest fuel in the country, oil industry data showed. The Karnataka government on June 15 hiked local VAT (value added tax) from 25.92 per cent to 29.84 per cent on petrol and from 14.3 per cent to 18.4 per cent on diesel.
Karnataka hikes petrol, diesel prices by Rs 3 per litre
The Karnataka government has announced a sudden increase in petrol and diesel prices due to a revision in sales tax. Petrol price has risen by Rs 3 to Rs 102.84 per litre, while diesel price has increased by Rs 3.02 to Rs 88.95 per litre. The Petroleum Dealers Association attributes the hike to the state government's sales tax revision. The Finance Department of Karnataka aims to boost state revenue with this move.
Centre slashes windfall tax on crude oil to Rs 3,250 per tonne
The new rates will be effective June 15, 2024, Central Board of Indirect Taxes and Customs ( CBIC) said in a late night notification Friday.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
India's May fuel use inches up on month on strong industrial activity
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Assam government increases petrol prices by Rs 1.02 per litre, Diesel by Rs 1.01 a litre
Assam government has raised petrol prices by Rs 1.02 per litre and diesel prices by Rs 1.01 Chief Minister Himanta Biswa Sarma stated that the state's fuel prices are Rs. 7 lower than West Bengal's, making them among the most affordable in India. He emphasising that despite the recent increase, prices remain lower than in neighboring states.
Windfall tax on crude slashed to ₹5,200/tonne
Centre slashes windfall gains tax on domestically-produced crude to ₹5,200 per tonne from ₹5,700 per tonne effective June 1, 2024. No change in export duty on petrol, diesel, and ATF.
Govt cuts windfall tax on petroleum crude
The Indian government has cut the windfall tax on petroleum crude to 5200 Indian rupees ($62.33) per metric ton from 5700 rupees, with effect from June 1, according to a notification issued on Friday.
Fast XI: Here is the latest update about Vin Diesel starrer movie’s filming
Vin Diesel's Instagram update hints at 'Fast XI' being the final chapter in the franchise. The movie, slated for 2026, picks up after 'Fast X,' with Dom facing a new threat, Dante, played by Jason Momoa, who targets Dom's son. Director Louis Leterrier plans to conclude the series in Los Angeles, where it all began.
India's use of crude tankers to export diesel slows in May
Indian refiners reduce diesel shipments to Europe in May due to rising inventories and weak price spreads. April saw high exports, mostly from Reliance Industries' Jamnagar refinery, using Aframax and Suezmax vessels. Cost factors and ample European supply prompt refiners to shift focus back to Asia, exacerbating regional supply glut.
Electioneering at its peak but diesel sales slide, petrol almost flat
India's diesel sales dropped in early May, while petrol consumption remained steady despite peak election campaigns, according to state-owned firms' preliminary data. Petrol sales in the first half of May were nearly unchanged from last year, at 1.367 million tonnes. Diesel sales fell by 1.1% to 3.28 million tonnes, continuing declines seen in previous months. Despite factors like electioneering and reduced fuel prices, diesel demand has not increased. Jet fuel sales rose year-on-year, but cooking gas LPG sales slightly declined.
India slashes windfall tax to Rs 5,700 per tonne, effective May 16
The Centre reduced windfall gains tax on domestically produced crude to Rs.5700 per tonne from Rs 8,400 per tonne, effective May 16, 2024. Export duty on petrol, diesel, and ATF remains nil. The new rates were announced by CBIC in a late-night notification on Wednesday, following the revision of rates on May 1.
Car sales & summer heat fuel petrol demand in April
Sales of petrol by state-run fuel retailers rose 12.3%, showed provisional data sourced from state-run companies. This is lower than the overall increase of 14% for the industry, indicating market share expansion for private players. Similarly, diesel sales by state-run companies fell 2.3% against an overall 1% rise for the industry in April. ATF and LPG sales by state-run companies expanded by 7% and 12%, respectively, in April.
Petrol sales up 7%, diesel declines 9.5% in April
In the first half of April, India's petrol consumption surged by 7%, reaching 1.22 million tonnes, compared to 1.14 million tonnes during the same period last year. However, diesel sales witnessed a decline of 9.5% to 3.14 million tonnes. This rise in petrol sales can be attributed to increased use of personal vehicles following a price cut, along with the crop harvesting season and the onset of summer.
RIL and Nayara now sell a 4th of India's bulk diesel
RIL had 14.8% share in direct or bulk sales of diesel in March, up from 13.3% a year ago and 9.3% in the corresponding month of 2021, according to industry data. Nayara Energy's share increased to 10.9% in March from 8.7% a year ago and 2.6% in 2021. Together, the two refiners had a share of 25.7% in March, up from 22% in the previous year and 11.9% in 2021.
Oil at $100? Will oil prices hit a century this summer as a global shortage takes hold?
Oil prices surged above $90 a barrel due to military tensions between Israel and Iran, compounded by global supply shocks. Mexico cutting crude exports and other disruptions are intensifying fears of inflation. This supply crunch is turbocharging an oil rally, potentially pushing Brent crude to $100, impacting global economies and Biden's reelection chances.
India's diesel exports to Asia down 63% in March
Indian refiners exported 61,000 barrels per day (bpd) of diesel in March to customers in Asia, down from 163,000 bpd in February, according to energy cargo tracker Vortexa. Exports to Europe, however, rose 6.5% to 214,000 bpd in March. No diesel was exported to the US. "Ample supplies of diesel in Asia, especially due to strong exports from South Korea and China, have eroded export margins to Asia. Meanwhile, increasing planned or unplanned refinery maintenance in Europe has led to growing import demand," said Serena Huang, analyst at Vortexa.
Govt hikes windfall tax on crude petroleum to Rs 6,800 per tonne
The government has increased the windfall tax on domestically produced crude oil to Rs 6,800 per tonne from Rs 4,900 per tonne, effective from April 4. This tax, implemented as Special Additional Excise Duty (SAED), aims to regulate the petroleum industry and ensure the prioritization of domestic fuel over exports. Notably, the export duty on diesel, petrol, and ATF will remain at zero.
Government allows UAE's Adnoc to export oil from Indian strategic storage
In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost".
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