Diesel Rates

As the crude prices have come down, oil marketing companies are making profits of Rs 15/litre and Rs 12/litre on petrol and diesel, respectively.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri today said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024.

Petrol and diesel could be taxed under GST (Goods and Services Tax) rather than VAT (Value Added Tax) if state governments agree to the proposal and fix a suitable rate, Finance Minister Nirmala Sitharaman told NDTV Profit Friday.

Petroleum Minister Hardeep Singh Puri said on Saturday that oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter.

The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.

Jet fuel (ATF) price on Wednesday was hiked by 4 per cent in line with firming international oil prices but petrol and diesel rates remained on freeze for a record 10th month in running.

The government has also reduced the tax on export of diesel to Rs 5 per litre, from Rs 6.5 and the same on overseas shipments of ATF to Rs 3.5 a litre, from Rs 4.5 a litre.

Tax rates were cut at the last fortnightly review on December 16, following a decline in global crude oil prices. International oil prices have since then firmed up, necessitating the raising of windfall tax.

Union Minister Nitin Gadkari today said it was his dream that vehicles running on diesel and petrol get phased out in the next four to five years.

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel.

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost.

The Congress on Sunday demanded immediate relief for middle and lower-income group families by reducing petrol and diesel by at least Rs 15 per litre and cooking gas prices by at least Rs 150 per cylinder.

International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost.

The freeze on petrol, diesel and LPG price revision despite rising cost will hit profitability of state-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd this fiscal, Fitch Ratings said on Wednesday.

As the crude prices have come down, oil marketing companies are making profits of Rs 15/litre and Rs 12/litre on petrol and diesel, respectively.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri today said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024.

Petrol and diesel could be taxed under GST (Goods and Services Tax) rather than VAT (Value Added Tax) if state governments agree to the proposal and fix a suitable rate, Finance Minister Nirmala Sitharaman told NDTV Profit Friday.

Petroleum Minister Hardeep Singh Puri said on Saturday that oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter.

The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.

Jet fuel (ATF) price on Wednesday was hiked by 4 per cent in line with firming international oil prices but petrol and diesel rates remained on freeze for a record 10th month in running.

The government has also reduced the tax on export of diesel to Rs 5 per litre, from Rs 6.5 and the same on overseas shipments of ATF to Rs 3.5 a litre, from Rs 4.5 a litre.

Tax rates were cut at the last fortnightly review on December 16, following a decline in global crude oil prices. International oil prices have since then firmed up, necessitating the raising of windfall tax.

Union Minister Nitin Gadkari today said it was his dream that vehicles running on diesel and petrol get phased out in the next four to five years.

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel.

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost.

The Congress on Sunday demanded immediate relief for middle and lower-income group families by reducing petrol and diesel by at least Rs 15 per litre and cooking gas prices by at least Rs 150 per cylinder.

International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost.

The freeze on petrol, diesel and LPG price revision despite rising cost will hit profitability of state-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd this fiscal, Fitch Ratings said on Wednesday.