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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.
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.
The largest chemical producer in the world, BASF, has formed an alliance with the US Oil and Gas giant, ExxonMobil, to mutually develop new gas treating solvents and process technologies to be used in natural gas processing and petroleum refining. Through this new contract, BASF will market and license technologies developed from this association, along with FLEXSORB and OASE technologies.
The Petroleum Planning and Analysis Cell (PPAC) of the Indian Oil Ministry has disclosed that the countrywide fuel consumption for the month of April totaled to 17.67 million tonnes. This indicates a rise in India’s fuel demand by 4.4%, and is owed to the surge in cooking gas (LPG) and auto fuel consumption. The data from the PPAC also showed an increase in Petrol, Diesel, ATF and other fuels.
IOCL Chairman Sanjiv Singh clarified to the reporters that the decision of oil PSUs not to hike petrol and diesel prices was aimed at stabilising the prices. He said, "We strongly believe this was unrealistic. So, we thought of stabilising that, tapering it down to a certain extent. Now incidentally it has coincided with some of the state elections. It was not the intention (of oil marketing companies)."