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Your petrol and diesel costs can be lowered through credit card cashback rewards.
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The fate of the fuel has wide-reaching ramifications for the global economy
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India, one of Asia's top-three diesel exporters, exported around 1.15 million metric tons (9.69 million barrels) of the industrial and transportation fuel in April, an average of data from LSEG, Kpler, Vortexa and two trade sources showed.
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Carpooling firms like QuickRide, QuicReach, GoPool, and BlaBlaCar are looking at increasing their market share as commuters seek cheaper options amid rising travel costs.
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The tax rate will rise to 21.17 percent from April 1, increasing the price by Rs 2 to Rs 91.02
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The company’s diesel exports to Bangladesh would be 1.5 times higher in the next fiscal, thanks to rising demand.
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India’s petrol consumption rose by almost 8 percent in the year till November from the previous year, while diesel—the most consumed petroleum product in the country—witnessed a growth of 2.4 percent in the same period, according to the oil ministry data.
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Diesel demand in November grew by 6.8 percent from the previous month at 8,165 tonnes. Jet fuel demand, however, was down a percent
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A turbulent geopolitical environment has led to a dramatic fall in profits for state-run oil marketing companies battling low refining margins amid weak cracks and low global demand
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With the upcoming elections in key states of Maharashtra and Haryana, and crude at a record-low levels, OMCs could be prodded into a price cut.
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NRL, a subsidiary of state-owned Oil India Limited (OIL), has exported 8 TMT of diesel this month. Payment for 4 TMT has been received and the balance is expected in the next 30 days.
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At home, retail fuel prices are determined by the state-run OMCs based on international oil prices as India is dependent on imports for around 87 percent of its crude requirements.
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Fuel demand in India, the world's third-biggest oil importer and consumer, typically falls during the four-month monsoon season beginning in June as parts of the country are affected by heavy floods
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Assam-based refinery NRL supplies diesel to the country through a pipeline connecting its Siliguri marketing terminal with Parbatiput in Bangladesh.
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A decision in this regard was taken by the council of ministers in a meeting chaired by Chief Minister Bhagwant Mann here.Addressing the media after the Cabinet meeting, Finance Minister Harpal Singh Cheema said the decision has been taken to raise VAT on petrol and diesel
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India imports around 87 percent of its crude, which makes it highly sensitive to movements in international oil prices.
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Sitharaman said that opposition parties should administer cuts in taxes on fuel in states governed by them before lecturing the central government.
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The jump in middle distillates exports from swing supplier India to the Asia Pacific will likely cap prices and refiners' margins in the region, while preventing a further build-up in inventories in Europe which have been weighing on prices there, the sources said.
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The issue of blending ethanol with diesel is still at an experimental stage, and I can say categorically that at present there is no plan to mandate”, said Minister for Petroleum and Natural Gas Hardeep Singh Puri
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There have been repeated calls to bring fuel under GST’s scope to create uniform pricing of key energy commodities, but several states have opposed the move earlier, citing the potential risk of losing hefty revenues that they derive from the fuel tax.
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In line with the increase in sales tax, petrol prices in Bengaluru rose to Rs 102.84 per litre from Rs 99.84 per litre, and diesel prices rose to Rs 88.95 a litre from Rs 85.93 in the city.
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In Bengaluru, price of petrol has increased to Rs 102.86 per litre, while diesel is now Rs 88.94 per litre after the revision on June 15.
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Demand for petrol and diesel rose by 4.4 percent and 5.5 percent, respectively, in May from the previous month, aided by the Lok Sabha elections
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Healthier margins would be required to cut pump prices by the oil marketing companies in the country, said energy experts.
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Domestic crude oil production in FY24 was 29.4 MMT, almost steady from 29.2 MMT in the previous year. In turn, India’s crude oil imports were the highest in the year as the country met 87.7 percent of its oil requirements from supply from other countries.
