While India’s finance minister, Nirmala Sitharaman said in heer budget speech that the imposition of the agriculture infrastructure and development cess on petrol and diesel will not bear any additional burden to the consumers, the public is wary and watchful. Retail price of auto fuels have already reached record highs, as global crude prices have inched higher on […]
The Rajasthan government has reduced value-added tax (VAT) rate by two per cent on petrol and diesel, giving people the much-needed respite from rising fuel prices. The state finance department issued orders which came into effect from Thursday midnight. Chief Minister Ashok Gehlot said that despite the price of crude oil being at the lowest […]
While the pandemic stifled tax collections across the country, India’s excise duty mop-up jumped by 48 per cent in the current fiscal on the back of a record increase in taxes on petrol and diesel. It more than made up for the below-normal fuel sales during the lockdowns. Excise duty collection during April-November 2020, was […]
Petrol prices in Delhi touched an all-time high of Rs 84.2 per litre after rising by 23 paise today. Earlier, the petrol price had touched an all-time high of Rs 84 on October 4, 2018, in Delhi. Diesel prices, today, were also raised by 26 paise a litre, taking the price to Rs 74.38 a litre. While […]
State-run oil marketing companies (OMCs) have not changed petrol and diesel prices for a week now while crude oil has crossed $50 a barrel mark. The rise in crude oil prices may dent marketing margins if not passed on. However, Indian OMCs do have a cushion to absorb the crude price hike. Petrol price in Mumbai has touched Rs 90.34 […]
The profit of IOCL and HPCL in the first quarter of FY21 was more than their profits in the previous entire full year. In the month of January, 2020, the Indian basket of crude oil was at $64.3 per barrel. In April 2020, it fell to $19.per barrel and again rose to $42.42 a barrel […]
Aviation turbine fuel (ATF) price was hiked by a steep Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by state-owned oil marketing companies. Non-subsidised cooking gas LPG was also raised by Rs 11.5 per cylinder on the back of firming […]
On Monday, the government of India raised the cap on additional excise duty on petrol to Rs 18 per litre and diesel to Rs 12 per litre. This is an increase of Rs 8 per litre on the previous level of Rs 10 per litre on petrol and Rs 4 per litre on diesel. The […]
Minister of State for Finance Anurag Singh Thakur on Monday tabled three notifications relating to increase in excise duty and road cess on petrol and diesel by Rs 3 per per litre, amidst uproar by opposition in Lok Sabha. Thakur placed before the House the notifications dated March 13, 2020 seeking to raise special additional […]
Rating agency Moody’s has sounded a note of caution that any reduction in excise duty on petrol and diesel would adversely affect fiscal deficit unless it is matched by a commensurate cut in expenditure. Pressure has been mounting on the Indian government to cut excise duty on petrol and diesel to bring down their prices […]
