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Petrol and diesel demand had fallen month-on-month in July. Whilepetrol consumption is almost flat in the first half of August, diesel - the most widely used fuel in the country - saw demand drop 11.2 per cent during August 1-15 to 2.82 million tonnes from 3.17 million tonnes in the same period of the previous month.
Analysts noted that OMCs have been losing money on the sale of petrol, diesel, and LPG. They believe the excise cuts should give OMCs a headroom to hike fuel prices and partially recover their under-recoveries. The freeze in fuel prices in the March quarter, despite escalating global oil prices, most likely owing to state elections, led to steep under-recoveries for oil marketing companies (OMCs), said Nomura India.
Petrol, Diesel price today, May 21: If you are a consumer of petrol in Delhi, you will be paying Rs 105.41 per litre, while consumers of diesel in the national capital will be paying Rs 96.67 per litre.
State fuel retailers posted robust growth in gasoline and gasoil sales in the first half of March, preliminary fuel sales data showed on Wednesday, as consumers and dealers topped tanks ahead on likelihood of a fuel price hike after March 10.
The lagged revision in the price of petrol and diesel is expected to be in a range of Rs 6-8 per litre.
"It is being done on case-to-case basis keeping in mind the relatively higher prices of electric vehicles as compared to conventional vehicles," said a senior Delhi Government officer.
Prices of petrol and diesel are market-determined in India and domestic refiners are expected to revise fuel prices daily in line with changes in the international rates.
Fuel prices rose for the second straight week as global oil prices remained bullish after fears of the Omicron variant of the coronavirus waned. In separate advisories, major oil industry players raised gasoline and diesel prices by P0.55 per liter, while kerosene prices went up by P0.70 per liter on Tuesday. But Phoenix Petroleum and Seaoil Corp. said they would not raise prices in areas battered by Typhoon “Odette.” Seaoil will also implement a discount promo from Dec. 20 to Dec. 31, which will give consumers a P4 per liter discount on gasoline and P2 per liter discount on diesel.
Jaipur: Saying that a "symbolic" reduction of Rs 5 and 10 per litre in the excise duty on petrol and diesel will not bring down inflation
NEW DELHI: Amid record-high fuel prices, finance minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).This meant that the central government continued to levy excise duty on them while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically.
As the festivals enter the door of India, demand for diesel rose by 6.6% and petrol by 4% in October. The increased transportation of goods during the season is the most crucial factor for the driven up demand. Refineries across the country have also started to gain pace as Indian Oil Corporation Ltd, the nation's largest refiner saw a rise of 94% run from below 50% since April.
U.S. oil major Exxon Mobil on Tuesday has signed an agreement with Global Clean Energy to buy 2.5 million barrels of renewable diesel per year for five years to help reduce its carbon footprint. Exxon plans to distribute the renewable diesel within California and potentially to other domestic and international markets. The renewable diesel will be sourced from Global Clean Energy’s refinery in Bakersfield, California, starting 2022.
If sources were to be believed, senior government functionaries have directed state-owned oil marketing companies (OMCs) to keep the daily price movement of Diesel and Petrol in check until elections. To achieve this, a portion of the price hike in the international market will be absorbed by the country. The new move is believed to avert any resistance on the grounds of a frequent increase in fuel prices.
US oil supermajor, ExxonMobil is all set to pour £500 million to upgrade Britain’s largest oil refinery and extend its facility. Almost a century-old Fawley refinery will see the addition of new oil processing units, enabling it to produce larger volumes of high-quality diesel. The upgradation is in line with Exxon’s growth plans to double earnings by 2025 with Fawley marked as a “strategic” site.
A PTI report has claimed that major revenue loss will make the addition of Petrol and Diesel into the GST regime less likely, citing disapproval from the central and state governments. Petro-products were excluded from the GST regime which came into force on July 1st, 2017. Currently, the highest VAT on petrol is levied in Mumbai, at 39.12%.
Increasing crude rates and weakening rupee against dollar are now providing the support for petrol and diesel prices in India to continue their 4-day streak of hike. Petrol and Diesel in the capital city, New Delhi were priced at ₹76.13 and ₹67.86 per litre. PPAC data shows that the crude oil basket of India averaged ₹ 73.85 in June; while the INR fell to ₹ 68.87 against the U.S. dollars.
Petrol and diesel prices in India are experiencing consecutive falls since they escalated on May 29. According to the Indian Oil website, diesel prices came down by 15 paise in Delhi and 16 paise in Mumbai. Based on the global oil prices, continuous revisions are being done for petrol and diesel prices by oil marketing firms. Prevailing VAT determines the price in every state.
The oil prices were reduced for a consecutive third day in India. The prices for petrol and diesel dropped by 6 paise and 5 paise per litre today, and now petrol costs Rs 78.29/litre, while diesel costs Rs 69.20/litre, in New Delhi. The state government of Kerala, however, has decided to cut petrol and diesel prices by Re 1, with effect from today, resulting in a Rs. 509cr revenue loss.