Diesel Prices

Commission paid to petrol pump dealers on sale of petrol and diesel has been hiked without change in retail price but rates will go down in several places in states such as Odisha, Chhattisgarh, and Himachal Pradesh on account of intrastate freight rationalisation. Commission on sale of petrol has been hiked by 65 paise a litre and that on diesel by 44 paise per litre. Alongside, the state-owned firms also rationalised intrastate tariffs which could lead to a reduction in rates of up to Rs 4.5 a litre in some parts. Indian Oil Corporation (IOC) -- the state-owned market leader -- on October 29 wrote to dealers informing of an increase in dealer margin for all categories. "Considering the hardship of retail outlets selling less than Rs 170 per kilolitre per month, special care has been taken to alleviate the same," it said. "You will be entitled to an upward revision of dealer margin of approximately Rs 0.65 per litre for petrol and Rs 0.44 a litre of diesel." This is the first ...

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Both petrol and diesel to be cheaper by Rs 2 in Delhi from Friday

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Congress leader Priyanka Gandhi Vadra on Saturday slammed the Centre over high prices of petrol and diesel, alleging that the government's priority was only to fill the pockets of a few billionaires. In a post in Hindi on 'X', the Congress general secretary said crude oil has become cheaper by 29 per cent in the international market in the last 19 months. "Oil companies have earned Rs 1.32 lakh crore profit in six months. The burden of their huge earnings is being passed on to the people of the country," she alleged. Inflation is at its peak in the country due to the high prices of petrol and diesel, Gandhi said. "Poor and middle-class people are not able to run their families but they have not got any relief. The government's priority is only to fill the pockets of a few billionaires," she alleged.

State-owned fuel marketing companies are likely to revert to daily revision in prices of petrol and diesel only when international oil prices stabilise below USD 80 per barrel on a sustained basis, industry officials said. Three state-owned fuel retailers -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 20th month in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in the first half of 2022-23 fiscal year before easing rates propelled them to profitability. "There is considerable volatility in the international oil market and prices fluctuate wildly," an official said. "Oil companies can cut prices by Re 1 per litre and everyone will applaud. But when international oil prices go up, will they be allowed to raise rates remains in doubt." India is the

Russia banned diesel exports on Sept. 21 to stabilise domestic market fundamentals, though this was partially lifted from Oct. 6

The price of petrol and diesel hit a record high after the Pakistan government announced a hike of PKR 26.02 and PKR 17.34 per litre, respectively, on Friday

Nitin Gadkari said that it is essential to clarify that there is no such proposal currently under active consideration by the government

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The good news is that the market looked even worse this time last year following Russia's invasion of Ukraine - and prices ultimately came down, helped by a relatively mild winter

According to the report, an oil production cut by one of the members of the OPEC will not impact the market due to emerging alternative markets

India's private fuel retailers -- Reliance-bp and Russia's Rosneft-backed Nayara Energy -- have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said. Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK's bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers. The losses were despite pricing fuel at slightly higher rates than state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL). But a fall in international oil prices over the last six weeks has helped bring the PSU pump-matching retail rates at par with cost, three sources with direct knowledge of the matter said. Nayara, the largest private fuel retailer that owns over 7 per cent of India's 86,855 petrol pumps, started pricing petrol an

Diesel sales in India jumped up sharply in the first half of April as agricultural activity pick-up and trucking increased to meet industrial demand, preliminary industry data showed on Monday. Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, soared over 15 per cent to 3.45 million tonnes in the first half of April when compared to a year ago. Month-on-month sales rose 8.4 per cent when compared with 3.19 million tonnes of diesel consumed in the first half of March that had witnessed seasonal slowdown. Petrol sales rose about 2 per cent to 1.14 million tonnes during April 1 to 15 when compared with the same period of last year. Sales however fell 6.6 per cent month-on-month, the data showed. In the first half of March, petrol sales had fallen 1.4 per cent and diesel 10.2 per cent year-on-year. Consumption of petrol in April first half was 14.6 per cent more than COVID-marred April 1-15, 2021 and almost 128 per cent more than i

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

Petrol and diesel sales in India saw a double-digit year-on-year growth in November as increased demand from the agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Thursday. Petrol sales soared 11.7 per cent to 2.66 million tonnes in November, as compared to 2.38 million tonnes of consumption in the same month last year. Sales were 10.7 per cent higher than in COVID-marred November 2020 and 16.2 per cent more than in pre-pandemic November 2019. Month-on-month, the demand was up 1.3 per cent on the high-base festive season created in October. Diesel, the most used fuel in the country, posted a 27.6 per cent rise in sales in November to 7.32 million tonnes, as compared to the same month last year. Consumption was up 17.4 per cent over November 2020 and 9.4 per cent higher than pre-COVID 2019. The fuel has seen a rise in sales month-on-month since September. It rose by a massive 17.1 per cent when compared with 6.25 .

The government has put off by one month the levy of an additional Rs 2 per litre excise duty on petrol and diesel that is not doped with ethanol and bio-diesel in a bid to give the industry more time to implement the measure. The finance ministry, in a Gazette notification issued late on Friday (September 30), stated that the additional excise tax will now be levied from November 1, 2022. Union Finance Minister Nirmala Sitharaman had in her Budget for the fiscal year beginning April 2022 brought a Rs 2 per litre additional levy on petrol and diesel that is not blended with ethanol and bio-diesel, respectively. This duty was to be applicable from October 1, 2022, but now has been differed to November 1. Presently, 10 per cent ethanol, extracted from sugarcane or surplus foodgrain, is blended or mixed in petrol (meaning 10 per cent of ethanol mixed with 90 per cent of petrol) with a view to cutting oil import dependence and providing farmers with an additional source of income. But .

The move follows moderation in the Indian basket of crude to $92.53/barrel on average in September compared with the August average of $97.4/barrel

The government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne