Diesel

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

India's fuel demand rose in March as a pick-up in agriculture activity helped reverse a slowdown that was witnessed in the first half of the month, preliminary industry data showed on Sunday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. But a seasonal slowdown kicked in during the first half of March. However, there was a pick-up in the second half, which helped sales rise even month-on-month despite the high base of February. Petrol sales rose 5.1 per cent to 2.65 million tonne in March when compared with the same period of last year. Sales were up 3.4 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand rise by 2.1 per cent to 6.81 million tonne during March when compared with 6.67 million tonne sales in the same period a year back. Month-on-month the demand was up 4.5 per cent. In the first half, petrol sales had

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

The extension of rules may discourage some Indian refiners, mainly private companies, from buying Russian fuels for re-exports to countries

India's fuel demand fell in the first half of March after posting a record growth in the previous month, preliminary industry data showed on Thursday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. March saw the seasonal slowdown kicking in with rise in temperatures. Petrol sales decreased by 1.4 per cent to 1.22 million tonnes in the first half of March when compared with the same period of last year. Sales fell 0.5 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand slip 10.2 per cent to 3.18 million tonnes during March 1 to 15 when compared with 3.54 million tonnes sales in the same period a year back. Month-on-month the demand was down 4.6 per cent. During the first half of February, petrol consumption had jumped by almost 18 per cent year-on-year while diesel sales were up nearly 25 per cent. The consumption of p

The Gujarat government earned Rs 38,730 crore from value-added tax (VAT) and cess on petrol, diesel, CNG and PNG in the last two years, the state legislative Assembly was informed on Monday. The state government received Rs 4,219 crore from the Centre against Rs 21,672.90 crore as the Goods and Services Tax (GST) compensation for the period from January 1, 2021 to December 31, 2022, it was stated. Responding to a starred question in the Assembly, state Energy Minister Kanu Desai said the state government earned Rs 11,870 crore from VAT and cess on petrol, Rs 26,383 crore on diesel, Rs 128 crore on PNG and Rs 376 crore on CNG in two years. The state government had imposed 13.7 per cent VAT and 4 per cent cess on petrol, 14.9 per cent VAT and 4 per cent cess on diesel, 15 per cent VAT on PNG (commercial), 5 per cent VAT on PNG (household), 15 per cent VAT on CNG (wholesaler), and 5 per cent VAT on CNG (retailer), he said. He further informed the House that there was no change in the

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

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

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

She also revealed that petrol, diesel can be included in GST once states agree

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin's fossil fuel earnings as punishment for invading Ukraine. The ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide, while reducing the profits funding Moscow's budget and war. Diesel is key for the economy because it is used to power cars, trucks carrying goods, farm equipment and factory machinery. Diesel prices have been elevated due to recovering demand after the COVID-19 pandemic and limits on refining capacity, contributing to inflation for other goods worldwide. The new sanctions create uncertainty about prices as the 27-nation European Union finds new supplies of diesel from the U.S., Middle East and India to replace those from Russia

Kerala FM KN Balagopal presented the Pinarayi Vijayan 2.0 government's second budget proposing a Rs 2 cess on petrol and diesel in addition to a Rs 20 hike on Indian Made Foreign Liquor (IMFL)

With today's hike, petroleum will now cost Rs249.80 per litre, while diesel Rs 262.80 per litre, kerosene oil Rs 189.83 per litre and light diesel oil Rs 187 per litre

The EU and G-7 want to impose the limits on Russian exports to third countries

Noisy and polluting boats on the Ganga river are now plying on environment-friendly CNG as part of a plan to cut noise and air pollution on the holy river. As many as 583 boats already have CNG engines and plans are afoot to replace the entire fleet of boats operating on banks of the holy city of Varanasi with environment-friendly fuel, Oil Minister Hardeep Puri said on Sunday. These boats are being supplied CNG from India's first floating CNG station built by GAIL at Namo Ghat. "In July last year Prime Minister had desired that boats on holy Ganga should be run on CNG. Against the target of 500 boats, 583 have already switched to CNG and we are working to get 2,000 boats to convert," he said. To promote the fuel, a race of CNG-run boats was organised on banks of this holy city. Compared to diesel-fuelled boat engines, CNG engines produce less pollution and do not emit harmful gases like sulphur dioxide. CNG engines are also much quieter, thereby minimising the adverse effects the

India's role in supplying Europe is notable because it has become one of the biggest buyers of discounted Russian crude since the war broke out

India's petrol and diesel demand soared in December as increased consumption in agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Sunday. Petrol sales soared 8.6 per cent to 2.76 million tonnes in December, as compared to 2.54 million tonnes of consumption in the same month last year. Sales were 13.3 per cent higher than in COVID-marred December 2020 and 23.2 per cent more than in pre-pandemic December 2019. Month-on-month, the demand was up 3.7 per cent on the high base festive season created since October. Diesel, the most used fuel in the country, posted a 13 per cent rise in sales in December to 7.3 million tonnes, as compared to the same month last year. Consumption was up 14.8 per cent over December 2020 and 11.3 per cent higher than pre-COVID 2019. Diesel sales, however, dipped marginally by 0.5 per cent when compared with November 2022. Petrol and diesel sales were the highest since June. Industry source

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Lower global crude prices, higher gross refining margins have driven overall marketing margins upwards