Page 5 - Diesel

Diesel sales fall in June as monsoon sets in, cuts demand in agri sector

Diesel sales dropped in June as the arrival of monsoon cut demand in the agri sector and reduced vehicular movement, preliminary industry data showed. Demand for diesel, the most consumed fuel in the country -- accounting for about two-fifths of the total demand, fell 3.7 per cent to 7.1 million tonnes in June compared to the year-ago period. Diesel had soared 6.7 per cesalesnt and 9.3 per cent in April and May, respectively, as agriculture demand picked up and cars yanked up air-conditioning to beat summer heat. Month-on-month sales were almost flat compared to 7.09 million tonnes of diesel consumed in May. Petrol sales, however, rose 3.4 per cent to 2.9 million tonnes in June 2023 compared to the year-ago period. Sales were unchanged month-on-month, the data showed. Petrol and diesel sales have been on the rise since the second half of March on the back of a pick-up in industrial and agriculture activity. But the arrival of monsoon has cooled temperatures and reduced demand for

Petrol, diesel sales fall in June as monsoon sets in, industry data shows

Petrol and diesel sales fell in the first half of June as the arrival of monsoon cut demand in the agri sector and reduced vehicular movement, preliminary industry data showed. Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, fell 6.7 per cent to 3.43 million tonne in June 1-15 compared to the year-ago period. Sales of diesel had soared 6.7 per cent and 9.3 per cent in April and May, respectively as agriculture demand picked up and cars yanked up air-conditioning to beat summer heat. Month-on-month sales were up 3.4 per cent when compared with 3.31 million tonne of diesel consumed in May 1-15. Petrol sales dropped 5.7 per cent to 1.3 million tonne during the first half of June 2023 when compared with the same period last year. Sales were down 3.8 per cent month-on-month, the data showed. Petrol and diesel sales had been on the rise since the second half of March on the back of a pick-up in industrial and agriculture activity.

Reliance suspends Sikka port's diesel, oil products exports due to cyclone

Reliance said in a letter sent to traders that it had declared a force majeure on exports from Sikka due to the storm, which weather forecasters say could hit India's western state of Gujarat

Punjab hikes petrol price by 92 paisa per litre, diesel prices by 88 paisa

Cash-strapped Punjab government on Sunday increased petrol price by 92 paisa per litre and diesel price by 88 paisa

Fuel margins turn positive, price cut will have to wait: Offcials

Margins on petrol and diesel have turned positive following softening of international oil prices but a revision in retail prices may happen only after state-owned oil firms recoup losses they incurred last year, officials said. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have temporarily abandoned the daily price revision since last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are now being recouped with rates dropping. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But last month, margins on diesel turned positive with a small 50 paise a litre profit, they said, adding, this, however, was not enough to make up for the past ...

Saudi oil output cuts unlikely to lift prices to high $80s-low $90s: Citi

Prices are expected to be range-bound, the analysts added, with Brent averaging $81 a barrel through the year

IOC, 2 domestic engine makers working on 5% ethanol blending in diesel

Indian Oil and two domestic engine makers are actively working on 5 per cent ethanol blending in diesel, a senior official of the country's largest oil firm said on Monday. Indian Oil Corporation Director (R&D) SSV Ramakumar said that experimental work is going on at its laboratory and the R&D centres of the two engine manufacturers. "Two key Indian heavy-duty diesel engine makers, Indian Oil and one of the other oil marketing companies are very actively working on blending 5 per cent of ethanol in diesel," he said in an event organised by automobile industry body SIAM. He noted that one of the main apprehensions is that the blending might have some issues with the fuel injectors. "So, we are keenly experimenting and seeing and establishing the effects of this ethanol blending. I think in the next six months, you are going to hear something collectively from us," Ramakumar stated. He noted that ethanol blending in diesel is important as it is the most used fuel in the ...

Nayara Energy exports dip, 0.07 mn tonnes diesel flows to Europe in FY23

Nayara Energy, India's second-biggest private oil refinery, reported a sharp decline in fuel exports as domestic sales surge on retail network expansion and demand rise, a company official said. During calendar year 2022, Nayara reported 61 per cent of sales from the domestic market and the remaining 39 per cent from exports of all products including jet fuel (ATF), diesel and petrol. Out of the total 6.91 million tonne of fuel exported by Nayara during 2022, diesel exports stood at about 4.39 million tonne or roughly 64 per cent of all exports. More than 84 per cent of all fuel exports were to Asia, the Middle East and Africa with only minuscule volumes going to the EU, a company spokesperson said. Nayara sold the bulk of the fuel it produced from its 20 million tonne a year oil refinery at Vadinar in Gujarat through its 6,500+ petrol pumps - the largest fuel retail network by any private company. During January-March 2023, subsequent to meeting domestic demand, Nayara Energy's .

Audi's ex-chief pleads guilty in automaker's diesel emissions scandal

The former head of Volkswagen's luxury division Audi pleaded guilty Tuesday to charges tied to the automaker's diesel emissions scandal, becoming the highest-ranking executive convicted over cars that cheated on emissions tests with the help of illegal software. Rupert Stadler answered yes to a statement read in court by his attorney that said Stadler admitted wrongdoing and regret for his failure to keep rigged cars off the market even after the scandal had become public knowledge, the dpa news agency reported. Stadler entered the plea under an agreement with the judge and prosecutors that provides probation instead of jail time and orders him to pay a 1.1 million euro ($1.2 million) fine in return for a thorough admission of guilt. Three lower-ranking managers also have taken plea deals in the 2 1/2-year-long trial in Munich. Stadler had been charged with fraud and false certification by prosecutors who said he let cars with rigged software be sold after September 2015. That's w

Jio-bp launches diesel that will save of Rs 1.1 lakh per truck yearly

Jio-bp on Tuesday announced the launch of its diesel with Active technology, set to elevate diesel standards for Indian consumers.

India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero

Prior to this, the government announced the reimposition of the windfall profit tax on domestically produced oil from zero to Rs 6,400 per tonne. The government also scrapped the export duty on diesel

Govt cuts windfall tax on petroleum crude to Rs 4,100/tonne from Rs 6,400

The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

Petrol, diesel sales rise as agriculture season picks up: Industry data

India's fuel demand rose in March as a pick-up in agriculture activity helped reverse a slowdown that was witnessed in the first half of the month, preliminary industry data showed on Sunday. 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. But a seasonal slowdown kicked in during the first half of March. However, there was a pick-up in the second half, which helped sales rise even month-on-month despite the high base of February. Petrol sales rose 5.1 per cent to 2.65 million tonne in March when compared with the same period of last year. Sales were up 3.4 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand rise by 2.1 per cent to 6.81 million tonne during March when compared with 6.67 million tonne sales in the same period a year back. Month-on-month the demand was up 4.5 per cent. In the first half, petrol sales had

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

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

Govt may extend diesel, gasoline export curbs beyond March 31: Report

The extension of rules may discourage some Indian refiners, mainly private companies, from buying Russian fuels for re-exports to countries

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

Gujarat govt earned Rs 38,760 cr from taxes on petrol, diesel in two years

The Gujarat government earned Rs 38,730 crore from value-added tax (VAT) and cess on petrol, diesel, CNG and PNG in the last two years, the state legislative Assembly was informed on Monday. The state government received Rs 4,219 crore from the Centre against Rs 21,672.90 crore as the Goods and Services Tax (GST) compensation for the period from January 1, 2021 to December 31, 2022, it was stated. Responding to a starred question in the Assembly, state Energy Minister Kanu Desai said the state government earned Rs 11,870 crore from VAT and cess on petrol, Rs 26,383 crore on diesel, Rs 128 crore on PNG and Rs 376 crore on CNG in two years. The state government had imposed 13.7 per cent VAT and 4 per cent cess on petrol, 14.9 per cent VAT and 4 per cent cess on diesel, 15 per cent VAT on PNG (commercial), 5 per cent VAT on PNG (household), 15 per cent VAT on CNG (wholesaler), and 5 per cent VAT on CNG (retailer), he said. He further informed the House that there was no change in the

Govt slashes windfall tax on diesel to Rs 0.50 per litre, nil on ATF

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

Petrol, diesel sales surge to double digits in February after winter lull

Petrol sales of state-owned fuel retailers jumped 12 per cent to 2.57 million tonne in February, as compared to 2.29 million tonne of consumption in the same period of last year