Petrol Export

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 ...

The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel

The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel

Nayara Energy, India's largest private fuel retailer, posted a 48 per cent jump in petrol sales in the first quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the January-March quarter, Nayara sold 70 per cent of all petroleum products it produced at its Vadinar oil refinery in Gujarat in the local Indian market, a company statement said. "Nayara Energy is primarily focused on catering to the growing demand of petroleum products in India through institutional business, sales to other oil companies and through its own retail chain," it added. Driven by its missive of 'In India, For India', the firm posted robust 24 per cent year-on-year growth in domestic retail sales and a 12.5 per cent rise in institutional sales, the statement said, without providing more details. Petrol sold locally rose to 0.89 million tonnes in the first quarter of 2024 from 0.60 million tonnes in January-March 2023. Diesel sales were almost flat at 1.7 .

The petrol pump strike in parts of Assam, scheduled to begin on Saturday morning, was deferred, a leader of their association said. The North East India Petroleum Dealers' Association (Greater Guwahati Unit) had called for 'no purchase no sale' from 5 am on Saturday till 5 am on Monday over a host of demands. Among their demands was the revision of the dealers' commission, which has been pending since 2017. "Following the intervention of the government, we have decided to defer the strike. In the meantime, we will hold further talks with the oil companies on resolving our issues," the leader said. The announcement came hours after the state government brought petroleum dealers and retailers under the Essential Services Maintenance (Assam) Act or ESMA, which prohibits strikes.

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

Fuel outlets operating in the valley districts of Manipur have decided to shut down for three days starting Friday due to alleged "financial crisis" and "donation demands by various organisations". Representatives of the retail outlets made this announcement after an emergency meeting on Thursday, stating that any additional pressure during this time will result in further closures. On February 10, the representatives had informed Chief Minister N Biren Singh that they might be forced to close their retail outlets if the financial demands or donations exceed their capacity to pay. In the letter to the CM, representatives of the retail outlets highlighted the challenges faced by them, including a decline in sales, significant decrease in profit margins (almost 40-50%), and an "excessive number of demands for donations from various organisations." "We are facing a decline in sales due to the present crisis and our profit margins have decreased considerably by almost 40 per cent to 50

India raised its windfall tax on petroleum crude to 3,200 rupees/ton from 1,700 rupees from Saturday while keeping the windfall tax on diesel and aviation turbine fuel at zero

Petroleum product exports contributed $57 billion to India's coffers in fiscal 2022/23, around 12.7% of India's total exports by value

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

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Export taxes on petrol are likely to see the steepest reduction, while levies on diesel and jet fuel could also be lowered to adjust the impact of price declines

Gujarat has the highest percentage of private oil pumps at 24%, followed by Rajasthan at 14.5%; the former will elect a new legislative assembly by this December, the latter, a year later

Brokerage firm Motilal Oswal reiterates its BUY rating with revised target prices of Rs 171 and Rs 364 for ONGC and Oil India, respectively.

Metals & oil firms together saw profit of Rs 3.05 trn in FY22

The ministry imposed cess on petroleum products of Rs 6 a litre, Rs 13 per litre and Rs 6 on petrol, diesel and ATF exports, respectively, to improve domestic fuel supply and garner additional revenue

Hike in excise duty on fuel was imposed after private refiners made a killing exporting the dirt cheap Russian fuel available to them at elevated prices