Diesel Price

Headroom to slash petrol, diesel prices by Rs 2-3 per litre: Icra

A reduction in crude oil prices in recent weeks has improved margins on retail auto fuels, providing state-owned firms a headroom to cut petrol and diesel prices by Rs 2-3 per litre, rating agency Icra said on Thursday. The price of a basket of crude oil India imports averaged USD 74 per barrel in September, down from about USD 83-84 a barrel in March when petrol and diesel prices were last cut by Rs 2 per litre. In a note, Icra said the marketing margins on retail sales of auto fuels for the Indian Oil Marketing Companies (OMCs) have improved in recent weeks with the reduction in crude prices. The rating agency anticipates that there is headroom for the downward revision of retail fuel prices if crude prices remain stable at current levels. Girishkumar Kadam, Senior Vice President and Group Head, Corporate Ratings, ICRA, said: "ICRA estimates that the OMCs' net realisation was higher by Rs 15 per litre for petrol and Rs 12 a litre for diesel vis--vis international product prices i

Price cut before Maha elections in question as global oil market volatile

International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71. A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year. "Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after," the official, speaking on condition of anonymity,

Punjab govt raises fuel VAT, ends power subsidy to tackle fiscal crisis

The Punjab government increased VAT increase on petrol and diesel, raising the tax by 61 paise per litre for petrol and 92 paise per litre for diesel

Karnataka fuel price hike: Rates still lower than Andhra, Maharashtra

The Congress-ruled Karnataka government's move to raise local tax on auto fuels pushed petrol prices above Rs 100 a litre and diesel to Rs 89, but rates are lower than neighbouring Andhra Pradesh which has the costliest fuel in the country, oil industry data showed. The Karnataka government on June 15 hiked local VAT (value added tax) from 25.92 per cent to 29.84 per cent on petrol and from 14.3 per cent to 18.4 per cent on diesel. This led to petrol price now costing Rs 102.86 per litre in Bengaluru and diesel coming for Rs 88.94 a litre. But the rates in Karnataka are still lower than neighbouring Andhra Pradesh and Maharashtra. TDP-BJP combine ruled Andhra Pradesh has the costliest petrol at Rs 109.87 a litre, followed by Left Democratic Front (LDF)-ruled Kerala, where a litre of petrol comes for Rs 107.54. Congress-run Telangana is close behind with petrol costing Rs 107.39 a litre. BJP-ruled states are not far behind -- petrol costs Rs 106.45 a litre in Bhopal, Rs 105.16 in P

Govt cuts windfall tax on petroleum crude to Rs 5,200 per MT from Rs 5,700

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

Ukrainian drone attacks on Russia refineries may disrupt diesel market: IEA

Ukrainian drones have ramped up attacks on Russia's oil industry this year in an attempt to disrupt fuel supplies to the military and curb the Kremlin's revenue

Govt hikes windfall tax on crude to Rs 6,800 for 5th time since Feb

The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel

Petrol, diesel consumption jumps in Oct as festive spending surges: Report

Petrol and diesel consumption rose in October as festive spending reversed the initial decline in sales, buoying growth, preliminary data of state-owned firms showed on Wednesday. Auto fuel sales declined in the first half of October but rose sharply in the second compared to the year-ago priod, helping companies post a decided growth rate for the month. Petrol sales by three state-owned fuel retailers rose 3 per cent in October to 2.87 million tonnes while diesel consumption was up 5 per cent at 6.91 million tonnes. Consumption of petrol had fallen 9 per cent year-on-year in the first half of October and diesel sales by 3.2 per cent. But the start of Navratri/Durga Puja celebration helped reverse the trend. Last year, Durga Puja/Dussehra as well as Diwali fell in October. This year the festival season, when consumption picks up, started in the second half of October. Petrol consumption in the first half of October was 1.17 million tonnes and in the second half, it was 44 per cent

Petrol, diesel sales fall in first half of Oct ahead of festive season

Petrol and diesel sales fell in the first half of October ahead of the start of festival season that is expected to boost consumption, preliminary data of state-owned firms showed. Last year, Durga Puja/Dussehra as well as Diwali fell in October. This year the festival season, when consumption picks up, starts in the second half of October. Petrol sales by three state-owned fuel retailers fell 9 per cent year-on-year, the first drop in two months. Diesel consumption dropped 3.2 per cent. The decline was largely because of the larger base of last year. Petrol sales dropped to 1.17 million tonnes during the first half of October from 1.29 million tonnes a year back. Sales dropped 9 per cent month-on-month as well. Consumption of diesel, the most consumed fuel in the country -- accounting for about two-fifths of the demand, dropped to 2.99 million tonnes during October 1 to 15 from 3.09 million tonnes a year back. Month-on-month sales were, however, up 9.6 per cent when compared wit

After outlier record high global diesel cracks in 2022, margins plunge

A crash in global cracks in April-June this year will shrink profits of refiners when compared with the outlier period of last year, an analysis of data and industry experts said

Govt wants petrol & diesel prices slashed; OMCs cite Covid losses

Executives of state-owned firms disagree with view, say they are yet to make up for losses

Petrol, diesel sales drop in March after record growth in February

India's fuel demand fell in the first half of March after posting a record growth in the previous month, preliminary industry data showed on Thursday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. March saw the seasonal slowdown kicking in with rise in temperatures. Petrol sales decreased by 1.4 per cent to 1.22 million tonnes in the first half of March when compared with the same period of last year. Sales fell 0.5 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand slip 10.2 per cent to 3.18 million tonnes during March 1 to 15 when compared with 3.54 million tonnes sales in the same period a year back. Month-on-month the demand was down 4.6 per cent. During the first half of February, petrol consumption had jumped by almost 18 per cent year-on-year while diesel sales were up nearly 25 per cent. The consumption of p

Congress-led Himachal govt hikes VAT on diesel by Rs 3.01, BJP slams move

With this, the diesel is now costs Rs 86 per litre in the state

Petrol, diesel prices may not fall despite 30% dip in global crude price

In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices

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

Analysts bullish on auto stocks amid govt. measures on fuel, steel price

At the operational level, Nomura sees margin benefit for companies in the backdrop of a cut in steel prices

Telangana rejects calls to cut fuel VAT, says had no hike in seven years

The Value Added Tax (VAT) on petrol in Telangana is 35.2 per cent while it is 27 per cent on diesel

Petrol, diesel prices hiked by 80 paise; total rise at Rs 10 per litre

In Mumbai, the petrol and diesel prices per litre are at Rs 120.51, increasing by 84 paise & Rs 104.77, up 85 paise

Petrol and diesel prices hiked for first time in over four months

Up 80 paise a litre; domestic gas cylinder now dearer by Rs 50

Slipping on oil prices

Dual diesel rates will be distortionary