The Zest Premio, which was launched on March 1, has been made available across all Tata Motors sales outlets in the country, a release said.
But that window may have already slammed shut, as diesel prices have retreated in tandem with this week's broad selloff among energy benchmarks. Since hitting a high of $2.1431/gallon on Jan. 26, diesel has dropped as much as 11 percent, and other tankers slated for New York have already been diverted elsewhere.
India had cut factory gate tax on the two fuels by 2 rupees ($0.0311) a litre each last week while presenting the federal budget, but it did not result in lower retail prices as new taxes were added.
The five petroleum items have been kept out of GST as they are considered cash cows, giving both the Centre and states bulk of their tax revenues.
IOC Chairman Sanjiv Singh said that prices in international markets have been fluctuating and are being reflected in domestic rates.
Prime Minister Narendra Modi, who faces elections in key states later this year, and a nationwide election in early 2019, has faced pressure over a rise in retail prices of petrol and diesel to a record level.
Responding to a query, the minister said the spike in petrol rates in the international market has impacted the cost of the fuel in India.
Petrol price rose to Rs 71.56 per litre in Delhi today, the highest since August 2014. Rates in Mumbai are almost touching Rs 80.
Petrol price rose to Rs 71.18 per litre in Delhi today, while diesel prices soared to their highest level of Rs 61.74 per litre.
Fuel prices are now dynamic and unregulated which means prices change on a daily basis based on the crude oil rates and the demand and supply mechanism.
A bench headed by acting Chairperson Justice U D Salvi directed the Commissioner of Transport Department of Delhi government to register the vehicles, subject to certain conditions.
Consumption of fuel, a proxy for oil demand, totalled 17.39 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
The ordinance has now been sent to Commercial Tax Department and the levy would take time and isn’t immediate, he clarified.
With the start of CNG supplies in Jalandhar, Punjab joins states like Delhi, Gujarat and Maharashtra to have compressed natural gas (CNG), an environment-friendly automobile fuel that is considered cheaper than diesel.
Diesel prices in Kolkata and Chennai also hit their highest in almost three years against a backdrop of increasing crude oil prices.
In a written reply in Rajya Sabha, Minister of State for Railways Rajen Gohain said that there is a proposal to completely phase out diesel locomotioves in the next five years.
“Government is in favour of bringing petroleum products under GST. We would like to await consensus of the states and hope states at some stage soner or later agree to the consensus,” said Jaitley.
Consumption of fuel, a proxy for oil demand, totalled 17.41 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
"Coal has been included and levied with 5 per cent tax but gas is outside GST, how fair is that," he said at the KMPG Energy Summit here.
The world's third biggest oil importer sees its diesel and gasoline consumption rising by about two-thirds by 2030, oil minister Dharmendra Pradhan said on Wednesday.
The energy hungry nation, which is looking to cut its oil imports by 10 percent in 2022, aims to boost use of bio fuels, the minister said.
The exports are expected to continue until year-end, likely weighing on low-sulphur cash differentials, the sources said, which have already dropped by half from a post-hurricane spike above $2 on U.S. import demand.
VW reported net profit attributable to shareholders down 53.4 per cent year-on-year, at 1.06 billion euros (USD 1.23 billion), after it booked 2.6 billion euros of additional charges for refitting diesel cars rigged to cheat emissions tests in the United States.
The US Environmental Protection Agency and the California Air Resources Board approved the fix for 3-liter diesel engines in 2013-2016 models of the Volkswagen Touareg and Porsche Cayenne and the 2015 Audi Q7.