Fuel Prices

The surprise decision of OPEC and its allies, including Russia, to cut oil output may cause an immediate rise in prices, delaying revision in fuel prices in India, industry sources said. The grouping of Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, on Sunday decided to further cut oil output by around 1.16 million barrels. The move led to Brent rising by almost 6 per cent to USD 84.58 per barrel on Monday. This spurt will reverse the softening in rates witnessed in the basket of crude oil that India imports. The Indian basket was hovering in the range of USD 73-74 per barrel for most of the second half of last month and had brightened prospects of a cut in petrol and diesel prices. "Public sector oil companies had been recouping losses they incurred for holding rates when crude oil prices shot through the roof. Last month, international oil prices and retail pump rates had come at par. But now with the prices rising, the difference between cost

Opposition Congress-led UDF observed 'black day' on Saturday with protests held against the Left government across Kerala as the state budget's proposal to levy cess on fuel and liquor among other tax hikes came into effect from today. The opposition front also announced that it would stay away from the anniversary celebrations of the second Pinarayi Vijayan dispensation, which begins today, as part of demonstrations against its various "anti-people" policies along with "unjustified and unscientific" budget proposals. Wearing black badges and holding black flags in their hands, several UDF activists took out marches in various panchayats and municipalities. Leader of Opposition V D Satheesan charged that an additional tax burden of Rs 5,000 crore has been imposed upon people because of the "mismanagement" and "negligence" of the state government. Besides the imposition of the fuel cess, power tariff and water tax have also been increased by the government, making the life of common

Gas pricing needs a long-term perspective

Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect February 5 following its embargo on coal and most oil from Russia. The 27-nation bloc is trying to sever its last uses of Russian energy and stop feeding the Kremlin's war chest as the anniversary of the invasion of Ukraine nears. The newest ban has risks: Diesel prices have already jumped since the war started on February 24, and they could rise again for the fuel that is key to the global economy. We're leaving money on the road to provide our services, said Hans-Dieter Sedelmeier of the family-run German bus and travel company Rast Reisen. Most things people buy or eat are transported at some point by trucks, which mostly run on diesel. It also powers farm equipment, city buses and industrial equipment. The higher cost of diesel is built into the price of almost everything, .

After the rise, the price of petrol was set at Rs 249.80 per litre

The impact of the gas price cap on India may, however, be muted as the EU, fearing disruptions to domestic gas supplies in winter, set the bar very high

A spike in coal prices has increased cost of generation

Six non-BJP ruled states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, reduced their Value Added Tax (VAT). Six states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT, he said amidst vocal protests by the opposition members. "Some of them are charging VAT at the rate of Rs 17 and other non-BJP states are charging at Rs 32. So, there is a differential. When the member was saying that today the cost of petrol is Rs 100 per litre in some places -- in some places which are non-BJP states -- and in other states, it is Rs 8-10 cheaper," he said. The minister said, currently the petrol price in India is one of the

Dissatisfied with petroleum minister Hardeep Puri's reply on increasing prices of petrol and diesel, opposition parties staged a walkout from Lok Sabha

Congress leader Rahul Gandhi took a swipe at BJP and questioned the government why the prices of petrol, diesel and gas cylinders have not come down

Congress leader Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi over high prices of petrol, diesel and cooking gas, saying the Bharat Jodo Yatra is the voice of 'loktantra' against his "loot-tantra". The Congress has been attacking the government for not reducing the price of petrol and diesel in the country despite global crude oil prices going down considerably. "Crude oil - 25 per cent cheaper. LPG - 40 per cent cheaper. This is international price data. Despite this, why prices of petrol, diesel and gas cylinder have not been reduced?" Gandhi said in a tweet in Hindi. "Mr. Prime Minister, Bharat Jodo Yatra is the voice of loktantra (democracy) against your 'loot-tantra'. You must answer," he said. Gandhi on Thursday had also attacked the government over the issue of fuel prices, alleging that while the people are suffering from high inflation, the prime minister is busy in recovering money from taxes.

Congress president Mallikarjun Kharge and Rahul Gandhi on Thursday hit out at the government over high prices of petrol and diesel in the country and said the BJP's "loot" continues even when global crude oil prices were down in the last few months. "On May 16, 2014 (Delhi) - Crude per barrel was USD 107.09. Petrol - Rs 71.51. Diesel - Rs 57.28. On December 1, 2022 - Crude per barrel is USD 87.55. Petrol - Rs 96.72. Diesel - Rs 89.62. Crude is 10-month low, But BJP's Loot remains high!" Kharge said on Twitter. Former Congress president Rahul Gandhi on Thursday said while global crude oil rates have come down by 25 per cent but the government has not reduced a single rupee in petrol and diesel prices in the country. He alleged that while the people are suffering from high inflation, the prime minister is busy in recovering money from taxes. "In the last 6 months, crude oil has become cheaper by more than 25 per cent. Petrol and diesel prices in the country can be reduced by more t

Core inflation is calculated by largely stripping away the volatile components of food and fuel. Goyal was referring to certain products that have linkages with oil prices

Protests gather steam as earnings dwindle and fuel prices surge; some say the earnings have declined by as much as 50%

Losses widened to Rs 838 crore ($103.25 million) for the three months ended Sept 30

Larger shares of the state-owned miner's production are sold significantly below global benchmark prices, deterring global investors from participating in divestment plans

The company said profitability was impaired by a sharp increase in power and fuel costs, which could not be passed on to consumers

Economic slowdown in China, world's second-largest oil consumer, adds to rising concerns about possible global recession triggered by numerous central banks raising interest rates to combat inflation

A government-appointed expert panel is proposing a two-stage system for distributing up to 200 billion euros ($195 billion) in subsidies Germany has announced to ease the strain of high energy prices. German news agency dpa reported Monday that the panel will suggest one-off payments to natural gas customers equivalent to a single monthly bill this year, followed by a price subsidy for part of people's consumption next year. Citing unnamed officials, dpa reported that from January businesses would pay 0.07 euros per kilowatt hour for the first 70% of their gas bill, based on the previous year's consumption. Private gas customers would pay 0.12 euros for the first 80%, starting in March. The proposal put together by a panel made up of representatives from industry, trade unions, scientists and lawmakers is due to be publicly announced later Monday. Many European countries have proposed similar subsidies on fossil fuels, prices for which have increased sharply worldwide in the wake

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday