Petrol, diesel prices in India may rise again after a short lull, as international crude prices surge

A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin squeeze, sources said. Petrol and diesel prices have remained unchanged for 12 days but now the international rate surge is exerting pressure. Current prices of petrol and […]

Read more

Crude prices soften, but India’s OMCs hold fuel prices for higher margins

IMG_0733.jpg

India’s state-run oil marketing companies (OMCs) – Indian Oil, Bharat Petroleum, Oil India, and HPCL – were prompt in raising retail prices of petrol and diesel since early May this year to “match the rise in global crude rates”, they have been less than forthcoming to the softening of crude oil since mid-July. The base […]

Read more

India’s crude import bill rises by 190% to $25 billion in the first quarter of FY22

The country’s crude oil import bill has increased 190.6% year-on-year to $24.7 billion in Q1FY22 with rising prices of the commodity in the international market and higher procurement volumes with demand for auto fuels increasing. The volume of crude oil imported in the quarter, at 51 million tonne, was 14.7% higher than the same period […]

Read more

Excise duty collections from petroleum products being used in infra development: Minister Nitin Gadkari

Union Minister Nitin Gadkari on Thursday said excise duty collected from petroleum products are being used for infrastructure development and other development items. The road transport and highways minister said this in the Lok Sabha while replying to a question on the impact of rising fuel prices on the logistics cost of transportation in the […]

Read more

Crude falls, but no respite for fuel prices in India; petrol price in Mumbai cross Rs 107 a litre mark

On Friday, 16 July, crude oil prices headed for their biggest weekly drop since May this year as expectations of more supplies spooked investors. In India, however, the price of petrol and diesel touched record highs. Mumbai’s petrol cost is the highest across metro cities, standing at a staggering Rs 107.54 per litre. Diesel in the […]

Read more