Petrol and diesel sales in India jumped in September 2022 as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared by 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the […]
Jet fuel (ATF) price was slashed by 4.5 per cent and that of commercial LPG used in hotels and restaurants by Rs 25.50 per 19-kg cylinder. The price of a 19-kg commercial LPG cylinder was cut to Rs 1,859.50 in the national capital from Rs 1,885, according to a price notification from state-owned fuel retailers. […]
The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in a 12 August letter sought exemption for fields or blocks, which were bid out to companies under Production […]
The country will see a much higher crude production volume from next year onwards, Petroleum Secretary Pankaj Jain said, adding that the outcome is the result of a series of efforts made by the Centre. Jain made these comments on the heels of contracts signed by the government for 34 oil exploration blocks. He was […]
Petrol sales in India rebounded in August 2022 but diesel continued to show a decline over the previous month as rains in several parts chipped away demand in some sectors, preliminary industry data showed. Petrol sales, which had dipped 5 per cent in July, increased 5.8 per cent to 2.81 million tonnes in August when compared with 2.66 […]
“At one point, the fuel retailers were losing Rs 20-25 per litre on diesel and Rs 14-18 a litre on petrol as international oil prices soared. These losses have been trimmed with the fall in oil prices,” said BPCL chairman and managing director Arun Kumar Singh. “Next month onwards there will be no losses on […]
India’s diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) showed. […]
Rising prices of compressed natural gas (CNG) are likely to dent the sales of CNG-powered vehicles. Moreover, these vehicles could face competition from their electric counterparts. According to a Motilal Oswal report, the Indraprastha Gas management has admitted that the introduction of electric vehicles can slash the demand for CNG vehicles long-term. Delhi-based Indraprastha Gas is making plans […]
Auto fuel exporters like Reliance Industries will gain as the government limited the windfall tax on such shipments to just Rs 5 per litre levy on diesel in its second review of these taxes introduced on July 1, taking into consideration the fall in their refining spreads. However, it raised the new additional excise duty […]
State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost. According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and […]
