Page 2 - Diesel

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

Railways' diesel consumption reduced by 50.29% in FY21 compared to FY20

The Railways has reduced its diesel consumption by more than 50 per cent in 2020-21 in comparison to its previous financial year, Railway Minister Ashwini Vaishnaw said on Wednesday. In his reply to a question in Lok Sabha, Vaishnaw said in 2018-2019, the Railways' diesel consumption was 26,41,142 kilo litres, which reduced by 10.44 per cent in 2019-2020, which further reduced by 50.29 per cent to 11,75,901 kilo litres in 2020-21. He further said in 2018-2019, the fuel bill was Rs 18,587.14 crore while in 2019-2020, the bill was Rs 16,377.60 crore. This reduced to Rs 11,438.70 in 2020-2021, the minister said. Vaishnaw said the completion of electrification projects depends on various factors like clearances from concerned departments of state governments or central ministries, completion of transmission lines by state power utilities and resolution of law and order issues during execution, which are beyond the control of the Railways ministry. "Therefore, it is not feasible to fix

Top Headlines: Air India on metro-to-metro routes; RBI rate hike & more

A Business Standard poll shows that the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) is likely to announce a 35-basis point (bp) hike in the repo rate on December 7

World's most-crucial fuel diesel heads for shortage touching everything

Within the next few months, almost every region on the planet will face the danger of a diesel shortage

Windfall profit tax on crude oil hiked, levy on export of diesel cut

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was hiked to Rs 10,200 per tonne, from Rs 9,500 per tonne, with effect from November 17, a government notification said. In the fortnightly revision of windfall tax, the government cut the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre. The levy on diesel includes Rs 1.50 per litre road infrastructure cess. The export tax on jet fuel or ATF, which was set at Rs 5 a litre in the last review on November 1, has not been altered. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. But the tax on petrol was scrapped in subsequent fortnightly reviews. While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel expo

Centre ready to bring petrol and diesel under GST: Hardeep Singh Puri

The Centre is ready for bringing petrol and diesel under the GST regime but it is unlikely that the states will agree to such a move, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday. For bringing the petrol and diesel under the GST, the states have to agree. If the states make the move, we are ready. We have been ready all along. That's my understanding. It is another issue how to implement it. That question should be addressed to the finance minister, Puri told reporters here. The minister, however, pointed out that it is unlikely that the states will agree to such a move as liquor and energy are revenue generating items for them. It is not difficult to understand, they (states) get revenue out of this. One who is getting revenue, why would he leave it? Liquor and energy are two things that generate revenue. It is only the Central government which is worried about inflation and other things, he added. The Union minister said the Kerala High Court had suggested

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Centre aiming to replace petrol, diesel-powered fleet with EVs soon: Report

CESL, the agency that handles the acquisition of EVs for the centre and the state governments, said that it has received an order of 3,500 EVs

Fuel sales jump in Sep as economy activity picks up before festival season

Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019. Demand was, however, 1.9 per cent lower than the previous month of August 2022. Diesel, the most used fuel in the country, posted a handsome 22.6 per cent rise in sales in September to 5.99 million tonnes when compared to the same month last year. Consumption was up 23.7 per cent over September 2020 and nearly 15 per cent higher than pre-Covid 2019. The fuel, which had seen a near 5 per cent drop in sales in August when compared to the previous month of July, saw demand rise 1.3 per cent month-on-month. Industry sour

India's Aug crude imports fall 13% on monthly basis on monsoon demand lull

Crude imports last month fell to 17.55 mn tons from July, data from Petroleum Planning and Analysis Cell showed. But, imports in August were up 0.9%, compared with corresponding period last year

Oil ministry seeks review of windfall tax; wants certain fields exempt

The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in the August 12 letter, reviewed by PTI, sought exemption for fields or blocks, which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC), from the new levy. It stated that companies have been since the 1990s awarded blocks or areas for exploration and production of oil and natural gas under different contractual regimes, wherein a royalty and cess is levied and the government gets a pre-determined percentage of profits. The ministry, according to the letter, was of the opinion that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government. Emails sent to the oil ministry as well as the finance ..

Deflating gas economy: Kirit Parikh has a tough task on hand as prices soar

As global prices soar, another committee to review gas pricing policies may find the going more challenging

Sale of petrol rebound in August but diesel continues to decline

Petrol sales in India rebounded in August but diesel continued to show a decline over the previous month as rains in several parts chipped away demand in some sectors, preliminary industry data showed. Petrol sales, which had dipped 5 per cent in July, increased 5.8 per cent to 2.81 million tonnes in August when compared with 2.66 million tonnes of demand in the previous month. The consumption was almost 16 per cent higher than August 2021 and 31.7 per cent more than 2.14 million tonnes in the same month in 2020. It was 20.6 per cent higher than the pre-pandemic demand of 2.33 million tonnes in August 2019. Diesel, the most widely used fuel in the country, saw consumption drop 4.9 per cent to 6.11 million tonnes from 6.42 million tonnes in July. The monsoon rains weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June. Rains restrict mobility and demand from the farm sector, which uses diesel in irrigation pumps and

Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax

India's diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) showed. Similarly, petrol exports fell to 1.1 million tonnes from 1.16 million tonnes in June. India first imposed windfall profit taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. Export duties of Rs 6 per litre were levied on petrol and aviation turbine fuel and Rs 13 a litre on diesel. The duties were partially adjusted in three rounds on July 20, August 2 and August 19, and have now been removed for petrol, with Rs 7 per litre and Rs 2 per litre remaining for diesel and ATF, respectively. The export levies helped ease the strain on domestic fuel supply. The levies wer

Auto LPG policy running on fumes as policymakers ignore fuel's potential

The government is largely ignoring this least polluting fuel in favour of diesel, petrol and electric vehicles

Govt cuts windfall profit tax on domestic crude oil to Rs 13,000 per tonne

The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and that on jet fuel exports to Rs 2 per litre but slashed the levy on domestically produced crude oil. At the third fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 7 per litre from Rs 5 a litre and brought back a Rs 2 a litre tax on ATF (Aviation Turbine Fuel) exports, a finance ministry notification showed. Last month, the government had scrapped the windfall profit tax on ATF exports. Alongside, the tax on domestically produced crude oil has been cut to Rs 13,000 per tonne from Rs 17,000 a tonne.

Centre planning to further cut windfall tax on crude, diesel: Report

The government is expected to review the new taxes, imposed on July 1, for the third time soon,

India's fuel demand continues to fall in August as monsoon sets in

Diesel demand in India fell for the second month in a row as the onset of monsoon chipped away consumption in key sectors like agriculture, preliminary industry data showed Tuesday.

Diesel pipeline break spills 45,000 gallons of fuel in Wyoming: US

A diesel pipeline in Wyoming owned by a company that's being sued by federal prosecutors over previous spills in two other states cracked open and released more than 45,000 gallons of fuel.

Fuel prices today: Check the prices of petrol, diesel in your city

Crude oil showed a declining trend, and prices are still stable in India. Petrol in Delhi is available at Rs 96.72, while Mumbai is selling at Rs 106.31 per litre. Check out fuel rates in your city