Page 3 - Diesel

India hikes windfall tax on crude oil, reduces tax on ATF and diesel

The tax, levied in the form of Special Additional Excise Duty (SAED), on domestically produced crude oil has been raised to Rs 2,300 from Rs 1,300 per tonne, according to an official notification

Chandigarh imposes temporary restriction on sale of petrol, diesel

The Chandigarh administration stated that this measure is a precautionary step to manage the current situation until normalcy is restored

Govt cuts windfall tax on crude oil to Rs 1,300 from Rs 5,000 per tonne

The government on Monday cut the windfall profit tax on crude oil produced in the country and on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to Rs 1,300 from Rs 5,000 per tonne, according to an official notification. SAED on the export of diesel has been reduced to Rs 0.50 a litre from Rs 1 per litre. However, the levy on export of jet fuel or ATF has been hiked to Rs 1 per litre from nil earlier. SAED on petrol will continue to be zero. The new tax rates will come into effect from Tuesday. India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Diesel sales recover after Diwali drop but still lower than last year

India's diesel consumption in the first half of December recovered from the steep fall seen last month on transporters taking a Diwali break, but sales were still lower than last year, preliminary data of state-owned firms showed. Diesel consumption at 3.15 million tonne during December 1 to 15 was 0.7 per cent higher than 3.13 million tonne demand in the first half of November. The demand was 8.1 per cent lower than 3.43 million tonne consumption in December 1-15, 2022. Industry officials said the November dip in sales was largely on account of some truckers taking Diwali break to visit their homes. Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. The transport sector accounts for 70 per cent of all diesel sales in the country. Petrol sales by three state-owned fuel retailers rose 0.7 per cent to 1.22 million tonne in the first fortnight of December on increased personal vehicle movement. Fuel consumption has been on a

Diesel sales drop 7.5% in November as truck drivers take Diwali break

India's diesel consumption slumped by 7.5 per cent in November on a fall in demand in the transportation sector where some took Diwali break, preliminary data of state-owned firms showed on Friday. Diesel consumption dropped to 6.78 million tonnes in November from 7.33 million tonnes a year back. Industry officials said this was largely because some truckers take Diwali break to visit their homes and the demand is largely going to come back this month. Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. Transport sector accounts for 70 per cent of all diesel sales in the country. Petrol sales by three state-owned fuel retailers rose 7.5 per cent to 2.86 million tonnes on increased personal vehicle movement during the festive season. Fuel consumption has been on a see-saw over the last couple of months. Petrol demand had fallen 9 per cent year-on-year in the first half of October and diesel sales by 3.2 per cent but the sta

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16

Centre cuts windfall tax on crude oil to Rs 6,300/tonne, halves for diesel

Windfall tax: The levy on the export of jet fuel and petrol will continue to be zero

Wants to bring petrol under GST: Sitharaman slams Cong on double standards

Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting "double standards" on the issue. The Bharatiya Janata Party and the central government have been in favour of bringing petroleum products under the GST regime from the beginning as it will benefit the people, she told reporters here. "Who are the people who are stopping petrol and diesel from being brought under GST? If Priyanka is in favor of bringing petrol and diesel under GST, she should ask every state government of Congress to agree to it in the GST Council, the minister said. The media should question the Congress on its "double standards", she added. Congress general secretary Priyanka Gandhi Vadra has been targeting the BJP governments at the Centre and in Madhya Pradesh over inflation during her campaign rallies ahead of November 17 assembly elections in the state. Asked about the impa

Hindustan Petroleum to stop buying diesel from other companies next year

Hindustan Petroleum Corporation Ltd (HPCL) will stop buying diesel from companies like Reliance Industries Ltd and Nayara Energy once it completes expansion of its Visakhapatnam refinery in Andhra Pradesh and builds a new one in Rajasthan next financial year, company officials said. HPCL owns almost a quarter of petrol pumps in the country but does not have commensurate oil refining capacity to produce petrol and diesel. So to make up for this, it buys products from refiners such as Mangalore Refinery and Petrochemicals Ltd (MRPL), Reliance Industries' Jamanagar units in Gujarat and Nayara's Vadinar refinery. At an investor call post announcing second quarter earnings, HPCL chairman Pushp Kumar Joshi says the firm's focus on capital spending in the last five years in "strengthening quality and capacity" of assets has "started yielding results now". The company has already expanded its Mumbai refinery capacity to 9.5 million tonnes per annum from 7.5 million tonnes and would complete

Cummins India's Q2 net profit rises 23% rise at Rs 329 cr on lower costs

Cummins India's total expenses fell 5.1% to Rs 1,620 crore on lower cost of raw materials such as aluminium and steel

Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel

The windfall tax on aviation turbine fuel that had been 1 rupee/liter has been removed, the notification said

India begins producing 'reference' fuel, joins select league of nations

India on Thursday began producing 'reference' petrol and diesel, joining a select league of nations that produce the highly specialised fuel which is used for testing automobiles. Launching the fuel, Oil Minister Hardeep Singh Puri said the start of production of 'reference' fuel is another step towards Aatmanirbhar Bharat (self-reliant India) as it will end imports. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India. For decades, India has relied on imports to meet the demand for these specialised fuels. But now, Indian Oil Corporation (IOC) has indigenously developed products that will replace imports, ensuring a reliable supply at a much lower cost for vehicle manufacturers and testing agencies. Puri said there are only three suppliers of reference fuel in the world including US giant

HPCL aims to cut diesel purchase from other cos following output boost

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said

HPCL aims to cut diesel purchase from other cos following output boost

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said

Crude oil prices hold steady, Russia rolls back diesel export ban

On Friday, Brent futures were down 11 cents, or 0.13%, at $83.96 at 1203 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents, or 0.16%, at $82.18

Shell India hikes diesel prices by Rs 20 per litre in less than a week

Shell India has hiked diesel prices by as much as Rs 20 per litre in less than a week's time, but the dominant public sector fuel retailers continue to keep rates on freeze for a record 18th month in a row. With international oil prices hovering around USD 90 per barrel, the India unit of the world's second-largest oil and gas company last week started raising fuel prices by Rs 4 per litre every day, company dealers and industry sources said. The result is Shell India, whose 346 petrol pumps are mostly concentrated in the southern and western states, is now selling diesel at Rs 130 per litre in Mumbai and Rs 129 in Chennai. Petrol at Shell bunks costs Rs 117-118 a litre. This compares to a price of Rs 106.31 a litre for petrol at public sector company's petrol pumps in Mumbai and Rs 102.63 in Chennai. Diesel at PSU pumps costs Rs 94.27 a litre in Mumbai and Rs 94.24 in Chennai. In Bengaluru, Shell is selling diesel for Rs 122 as compared to Rs 87.92 a litre rate at petrol pumps ow

Russia likely to ease ban on pipeline exports of diesel soon: Report

Energy Minister Nikolai Shulginov said further decisions on fuel market regulation would be published in the near future

Diesel sales down 3% in September, petrol up 5.4% amid receding monsoon

Diesel sales in India fell 3 per cent in September as a receding monsoon continued to dampen demand and slowed industrial activity in some parts of the country, preliminary data of state-owned firms showed. While diesel sales by three state-owned fuel retailers fell year-on-year, petrol sales rose in September. Consumption of diesel, the most consumed fuel in the country -- accounting for about two-fifths of the demand, fell to 5.81 million tonnes in September from 5.99 million tonnes demand in the same period a year ago. Demand dipped by over 5 per cent in the first half of September, and consumption picked up in the second half as rains receded. Month-on-month sales were up 2.5 per cent when compared to 5.67 million tonnes of diesel consumed in August. Diesel sales typically fall in monsoon months as rains lower demand in the agriculture sector, which uses the fuel for irrigation, harvesting and transportation. Also, rains slow vehicular movements. Consumption of diesel had soa

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30

CAQM grants temporary exemption for diesel gensets for emergency services

This decision comes just two days before the scheduled implementation of GRAP