Petrol is a transparent, petroleum‑derived flammable liquid that is used primarily as a fuel in most spark-ignited internal combustion engines. It is one of the main products, which is consumed heavily worldwide to fuel vehicles – the other is diesel. A derivative product of crude oil or petroleum, it is derived during the fractional distillation process. Although, its primary use is to fuel motor vehicles, it is not used for this purpose in its crude form. To use it as fuel for passenger vehicles, different additives are added to it like ethanol. Petrol price differs in every part of the world. A major driver of petrol prices is crude oil prices, which is one of the most important macroeconomic indicators for the world. In India, petrol prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges. Currently, the petrol price in the country has not changed for over 100 days – the longest freeze in the price since daily fuel price revision was adopted in June 2017 -- which comes during the assembly elections in states like Uttar Pradesh and Punjab. Prior to this, the second-longest pause of 82 days was between March 17, 2020, and June 6, 2020. More
Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, soared 9.3 per cent to 7.46 million tonne in May compared to the year-ago period.
While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers.
Windfall tax, also referred to as the special additional excise duty, was already nil on aviation turbine fuel (ATF), petrol and diesel. The same has been left unchanged.
The Energy Transition Advisory Committee (ETAC), headed by former petroleum secretary Tarun Kapoor has submitted a report recommending that India should ban the use of diesel-powered four-wheelers by 2027 in cities with over 10 lakh population and switch to electric and gas-fuelled vehicles. But why? Watch to find out.
Petrol and diesel rates remained unchanged in major metro cities across the country.
Petrol rates and diesel rates have been steady over the last eleven months.
The prices of petrol and diesel have been steady over the last eleven months in all major metropolitan cities of India.
At present, petrol in Delhi is being sold at Rs 96.72 a liter while diesel is being sold at Rs 89.62 a litre
Addressing a national seminar on maize to ethanol, Goyal said ethanol is a "sunrise sector" and asked the industry to set up factories for manufacturing of this green fuel which can operate on dual feed stock (sugarcane and food grains).
The oil ministry expects crude oil prices to remain volatile going ahead on account of China's reopening and weak economic activity in the West,
Petrol is costliest in Andhra Pradesh at Rs 110.48 a litre and cheapest in Uttarakhand at Rs 95.28.
Petrol is costliest in Andhra Pradesh at Rs 111.76 a litre and cheapest in Andaman and Nicobar at Rs 84.10
India imports a majority of its crude oil requirements from Middle-Eastern countries, Saudi Arabia and Iraq. Now lately, Russia has joined the fray.
Oil demand in India for 2023 will be driven by air travel recovery, supported by healthy mobility and steady industrial activity, said Organisation of Petroleum Exporting Countries (OPEC).
Crude oil prices are at the breakeven price range of $85-$88 per barrel for India’s oil companies, which have less room to pass on the hike to end-consumers, according to analysts.
As of today, only diesel carries a windfall tax while crude oil, aviation turbine fuel and petrol are exempted from any such levies.
Minister of Power and Energy Kanchana Wijesekara told reporters different categories of petrol and diesel will be sold at prices from 8% to 26% lower starting Wednesday midnight.
Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively.
Honda Cars is in the middle of restructuring its entire model lineup wherein some models will be discontinued and some reintroduced. It has already announced that it will stop selling the fourth-generation City mid-size sedan, WR-V crossover and Jazz premium hatchback from the end of this month.
The Centre reduced windfall gains tax on domestic production of crude petroleum to Rs 3,500 per tonne from Rs 4400 per tonne, it said late on March 20.
The Oil Minister Hardeep Singh Puri said OMCs did not pass on the high fuel costs to consumers.
Known for his Punjabi rap songs, AP Dhillon is massively popular in the state, especially among the youth.
According to the brokerage, businesses have so far lost Rs 1.2 per litre on the sale of fuel during the current quarter. Nonetheless, the brokerage claims that a profit of Rs 6.8 per litre on petrol has made the combined margin for the two fuels positive.
Petrol sales of state-owned fuel retailers jumped 12 per cent to 2.57 million tonne in February, as compared to 2.29 million tonne of consumption in the same period of last year.
In spite of assurances that there is an adequate supply of gasoline and government threats to clamp down on hoarders, there is still a shortage of gasoline in Punjab.