Page 30 - Fuel Prices

High fuel prices a burden, Centre-states must talk: FM Nirmala Sitharaman

Both the Centre and the states draw revenues by taxing fuel, and 41 per cent of the tax collected by the Centre goes to the states, Sitharaman said

States open to GST on fuel, want Centre to come up with clear plan

Say Centre should come up with clear proposal, with focus on compensation mechanism

GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study

A dollar increase in crude oil prices will push up petrol price by 50 paise and diesel by 150 paise per litre

Petrol price can come down to Rs 75 if brought under GST, says report

'There is lack of political will to bring crude under the ambit of GST,' say economists at SBI

Fuel price hike: SAD MLAs ride to Punjab Assembly on bullock carts

Sharanjit Singh Dhillon, SAD MLA from the Sahnewal constituency, told ANI that taxes on petrol and diesel are so high that people are unable to afford these items

Petrol stable at Rs 91.17 in New Delhi for fifth day, diesel at Rs 81.47

Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates

There is room for govt to cut excise duty on fuel without hurting revenues

The government has room to cut excise duty on petrol and diesel by up to Rs 8.5 per litre without impacting its target for revenue from the tax on the two fuels, analysts said. Petrol and diesel prices hover at a historic high following a relentless increase in rates over the past nine months. There have been calls by opposition parties as well as sections of society to the government to reduce excise duty to ease consumer pain. "We estimate excise duty on auto fuels in FY22 (April 2021 to March 2022), if it is not cut, at Rs 4.35 lakh crore versus budget estimate of Rs 3.2 lakh crore. "Thus, even if excise duty is cut by Rs 8.5 per litre on or before April 1, 2021, FY22E budget estimate can be met," ICICI Securities said in a note. It expressed optimism for an excise duty cut given demand recovery, impending privatisation and inflation concerns but expected it to be more modest than Rs 8.5 a litre. Excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between M

Petrol stable at Rs 91.17 in New Delhi, diesel unchanged at Rs 81.47

Yesterday, a report said that the finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record-high domestic prices, quoting three government officials

Best of BS Opinion: Dealing with cyber-attacks, don't cut fuel taxes & more

Here's a selection of Business Standard opinion pieces for the day

Don't cut fuel taxes

Roll-back will increase fiscal risks

Delhi Cong protests rising fuel prices, women party workers carry cylinders

Delhi Congress leaders and workers staged a protest near the BJP headquarters here on Tuesday against the rising prices of petrol, diesel and cooking gas.

Jet fuel prices up by steep 6.5%; petrol, diesel unchanged for 2nd day

Jet fuel prices on Monday were hiked by a steep 6.5 per cent on the back of a rally in international oil prices. Aviation turbine fuel or ATF price was hiked by Rs 3,663 per kilolitre, or 6.5 per cent, to Rs 59,400.91 per kl in the national capital, according to a price notification of state-owned fuel retailers. This is the third increase in jet fuel prices since February. Rates were increased by 3.6 per cent on February 16, and by Rs 3,246.75 per kl on February 1. The increase in rates will add to the margin woes of airlines who continue to operate flights at less than capacity, amid pandemic-driven travel restrictions. Brent crude oil prices on Monday rose to USD 65.49 per barrel - the highest in more than a year - on optimism in the global economy and on hopes for improving oil demand as vaccines are being rolled out. Meanwhile, petrol and diesel prices were unchanged for the second day in a row after hitting an all-time high. Petrol is priced at Rs 91.17 per litre in Delhi a

Govt considering reduction in excise duties on petrol, diesel: Report

Finance Ministry may take a final call on fuel tax cut following Opec's meeting this month, say sources

Fuel price: Vehicles to be off the road for 12 hours on March 2 in Kerala

A 12-hour vehiclestrike against rising fuel prices in the country would be held in Kerala from 6 AM on March 2. All trade unions, except the Bharatiya Mazdoor Sangh (BMS) which is affiliated to the BJP, would take part in the strike called for by the unions. The state-run KSRTC, private bus owners association and commercial vehicles would be off road, a press release from the Samyukta Samara Samithi (joint protest committee) of the unions said here. The committee has requested allprivate vehicles also to stay off the road to express solidarity with the protest. "In 2014, when Prime Minister Narendra Modi first came to power, the petrol price was Rs 75 per litre and diesel Rs 57 for a litre. Now, the cost is above Rs 94 and Rs 89 respectively," the panel said. This is affecting the common man, it said. The SSLC, plus-two, among others, on March 2 have been rescheduled for March 8, state government said. The APJ Abdul Kalam Technology University too has postponedthe e

Petrol, diesel prices remain unchanged as oil companies observe trends

The rise in the petrol and diesel price has paused for the last couple of days as oil marketing companies have decided to wait and watch the developments on the global oil market

Indian biggest fuel retailers gearing up for rural-led economic rebound

The increasing economic importance of India's hinterlands is influencing business expansion plans and accelerating a trend of more service stations being opened in the countryside

Why costly diesel burns a bigger hole in your pocket than petrol

While consumers feel the petrol pinch directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use

Key states turn down FM Nirmala Sitharaman's proposal to cut fuel tax

Cite constraints on revenue, already hit by Covid lockdowns; 'ball in Centre's court'

Petrol, diesel prices unchanged across metros, Rs 91.17 per litre in Delhi

Similarly, in Mumbai, Chennai and Kolkata, the fuel was sold for Rs 97.57, Rs 93.11 and Rs 91.35 a litre respectively

Haryana: Khap panchayat to increase milk price to protest against farm laws

Khap panchayat in Hisar on Saturday decided to increase the rate of milk against farm laws and rising fuel prices