Page 5 - Petrol

Oil ministry seeks review of windfall tax; wants certain fields exempt

The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in the August 12 letter, reviewed by PTI, sought exemption for fields or blocks, which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC), from the new levy. It stated that companies have been since the 1990s awarded blocks or areas for exploration and production of oil and natural gas under different contractual regimes, wherein a royalty and cess is levied and the government gets a pre-determined percentage of profits. The ministry, according to the letter, was of the opinion that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government. Emails sent to the oil ministry as well as the finance ..

Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more

In a bid to counter the growing clamour among the G7 nations to enforce a price cap on Russian oil, Moscow told New Delhi it is willing to provide petroleum at even lower rates than before to India

India's August fuel demand rises 16.3% y-o-y to 17.81 million tonnes

Sales of gasoline, or petrol, were 11.6% higher from a year earlier at 3 million tonnes

Sale of petrol rebound in August but diesel continues to decline

Petrol sales in India rebounded in August but diesel continued to show a decline over the previous month as rains in several parts chipped away demand in some sectors, preliminary industry data showed. Petrol sales, which had dipped 5 per cent in July, increased 5.8 per cent to 2.81 million tonnes in August when compared with 2.66 million tonnes of demand in the previous month. The consumption was almost 16 per cent higher than August 2021 and 31.7 per cent more than 2.14 million tonnes in the same month in 2020. It was 20.6 per cent higher than the pre-pandemic demand of 2.33 million tonnes in August 2019. Diesel, the most widely used fuel in the country, saw consumption drop 4.9 per cent to 6.11 million tonnes from 6.42 million tonnes in July. The monsoon rains weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June. Rains restrict mobility and demand from the farm sector, which uses diesel in irrigation pumps and

Loss on petrol ends; continue to incur loss on diesel sales: BPCL chairman

A moderation in international oil prices has helped Indian fuel retailers to break even on petrol and domestic cooking gas LPG but they continue to lose money on diesel, the most used fuel in the country, an official said on Monday. State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) did not raise petrol and diesel prices for almost five months now despite rising international oil prices. This is because international oil prices were highly volatile, rising or falling by USD 5-7 per barrel on a single day, BPCL chairman and managing director Arun Kumar Singh told reporters. "Our ability to pass on this kind of volatility is simply not there. No marketer can transfer this kind of volatility," he said, adding, "It is our deep desire to absorb volatility. We don't pass on sharp increase or fall in prices." And so the oil companies decided to absorb "some losses with hope that we can make up for

Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax

India's diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) showed. Similarly, petrol exports fell to 1.1 million tonnes from 1.16 million tonnes in June. India first imposed windfall profit taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. Export duties of Rs 6 per litre were levied on petrol and aviation turbine fuel and Rs 13 a litre on diesel. The duties were partially adjusted in three rounds on July 20, August 2 and August 19, and have now been removed for petrol, with Rs 7 per litre and Rs 2 per litre remaining for diesel and ATF, respectively. The export levies helped ease the strain on domestic fuel supply. The levies wer

Fuel price: What is windfall gain tax and how it affects fuel prices?

What is windfall gain tax? How does it impact petrol-diesel prices? Which countries impose it? Read this detailed article to know everything about fuel and its relation to windfall gain tax

Fuel prices today: Check the prices of petrol, diesel in your city

Crude oil showed a declining trend, and prices are still stable in India. Petrol in Delhi is available at Rs 96.72, while Mumbai is selling at Rs 106.31 per litre. Check out fuel rates in your city

Bangladesh hikes fuel prices to highest levels since independence

Bangladesh's retail fuel prices have been hiked to levels not seen since the country's independence in 1971

Sri Lanka to implement QR code system-based fuel distribution from today

Sri Lankans have been urged not to overcrowd fuel stations in the country as the fuel distribution process for vehicles as per QR code system which was delayed earlier, will be implemented from Monday

IOC sold petrol at Rs 10 a litre loss, diesel at Rs 14 in Q1FY23: Report

The nation's largest oil refining and fuel retailing firm reported a net loss of Rs 1,993 cr in April-June qtr compared to Rs 5,941 cr of net profit in the same period a year back

Petrol reserves in Sri Lanka insufficient to meet needs of people

The World Food Programme said that the remaining petrol reserves in Sri Lanka are likely to be insufficient to meet the needs of people

Fuel prices today: Check the prices of petrol, diesel in your city

Crude oil prices have been showing an upward trend globally, indicating a slight weakness in the US dollar

The missing link: India's EV revolution is waiting for charging stations

The scarcity and poor viability of charging stations remains a major obstacle to the government's green mobility ambitions

Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

Fuel demand in India declines in July so far adding to oil's gloom: Report

The three biggest retailers sold 1.28 million tons of gasoline during July 1-15, down about 8% from the corresponding period in June, according to refinery officials with knowledge of the matter

Warren Buffett's Berkshire Hathaway buys more Occidental Petroleum shares

Warren Buffett's Berkshire Hathaway now controls nearly 20% of Occidental Petroleum's stock after picking up another $250 million worth of shares of the oil producer this week

Focus on windfall tax review leads to oil stocks ending in the green

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

IOC, BPCL, HPCL may post Rs 10,700-cr combined loss in Q1: Report

ICICI Securities said the companies are losing Rs 12-14 per litre on petrol and diesel, completely offsetting the strong refining performance during the quarter

Green fuel will end need for petrol in India after five years: Gadkari

Union minister Nitin Gadkari has expressed confidence that green fuel will end the need for the use of petrol in vehicles in the country after five years