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The government hiked excise duty on petrol and diesel by Rs 2 per litre each. The excise duty on petrol was hiked to Rs 13 per litre and that on diesel to Rs 10 a litre.
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In FY 2025-26, the gross fiscal deficit is estimated to be Rs 22,900 crore (including Rs 4,000 crore of special assistance for capital expenditure by Government of India).
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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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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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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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Speaking at India Bio Energy & Tech Expo, the oil minister said the government is actively collaborating with the automobile industry to develop vehicles compatible with ethanol.
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In July, India imported 4.4 million metric tonnes (MMT) of petroleum products, compared to 3.8 MMT in the same period last year, according to oil ministry data.
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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 closure call of Pollution Under Control Centres (PUCC) by the Delhi Petrol Dealers' Association (DPDA) comes following the Delhi government's proposed hike in pollution certificate charges.
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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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Opposing the Karnataka Congress government’s decision to hike petrol and diesel prices by ₹3 and ₹3.50 respectively, several BJP leaders are slamming Congress over The decision, which was announced on June 15 via a notification circulated by the finance department, also stated that the sales tax for petrol increased from 25.92 percent to 29.84 percent and from 14.34 percent to 18.44 percent for diesel. The price of petrol, which earlier was ₹99.84, will now be ₹102.84. Diesel, on the other hand, is now ₹88.95. Watch here for more details.
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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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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.
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India—a net importer of crude oil—is highly sensitive to international oil prices as it receives over 85 percent of its requirements from other nations. This directly links the retail prices of petrol and diesel sold in the country to prices in the international market.
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The minister said he firmly believes the country can end fuel import by promoting the use of biofuels.
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The tax on diesel will increase to Rs 1.50/litre from nil. Further, SAED on petrol and ATF will continue to be nil.
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According to Revenue Secretary Sanjay Malhotra, the excise duty on petrol and diesel currently is the lowest in several years.
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The state-run oil marketing company posted a 207 percent standalone growth, or over a three-fold jump, in profit at Rs 529 crore for the December quarter of fiscal 2023-24 as against Rs 172 crore reported a year back.
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In 2022-23, India's merchandise exports to Oman were valued at $4.5 billion, with New Delhi supplying 6.6 percent of the West Asian nation’s imports
