Page 6 - Diesel

Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

Exporters need to be receptive towards impact of recession: FM Sitharaman

She also revealed that petrol, diesel can be included in GST once states agree

Indian refiners may buy Russian oil for domestic demand, export own: Report

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

Europe bans Russian diesel, other oil products over Ukraine conflict

Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin's fossil fuel earnings as punishment for invading Ukraine. The ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide, while reducing the profits funding Moscow's budget and war. Diesel is key for the economy because it is used to power cars, trucks carrying goods, farm equipment and factory machinery. Diesel prices have been elevated due to recovering demand after the COVID-19 pandemic and limits on refining capacity, contributing to inflation for other goods worldwide. The new sanctions create uncertainty about prices as the 27-nation European Union finds new supplies of diesel from the U.S., Middle East and India to replace those from Russia

Kerala budget 2023: Opposition fumes as petrol, diesel, liquor get costlier

Kerala FM KN Balagopal presented the Pinarayi Vijayan 2.0 government's second budget proposing a Rs 2 cess on petrol and diesel in addition to a Rs 20 hike on Indian Made Foreign Liquor (IMFL)

Pakistan hikes petrol, diesel prices by Rs 35 amid economic crisis

With today's hike, petroleum will now cost Rs249.80 per litre, while diesel Rs 262.80 per litre, kerosene oil Rs 189.83 per litre and light diesel oil Rs 187 per litre

European Union mulls $100 a barrel price cap for Russia diesel exports

The EU and G-7 want to impose the limits on Russian exports to third countries

Environment-friendly CNG replaces diesel as fuel on boats in Varanasi

Noisy and polluting boats on the Ganga river are now plying on environment-friendly CNG as part of a plan to cut noise and air pollution on the holy river. As many as 583 boats already have CNG engines and plans are afoot to replace the entire fleet of boats operating on banks of the holy city of Varanasi with environment-friendly fuel, Oil Minister Hardeep Puri said on Sunday. These boats are being supplied CNG from India's first floating CNG station built by GAIL at Namo Ghat. "In July last year Prime Minister had desired that boats on holy Ganga should be run on CNG. Against the target of 500 boats, 583 have already switched to CNG and we are working to get 2,000 boats to convert," he said. To promote the fuel, a race of CNG-run boats was organised on banks of this holy city. Compared to diesel-fuelled boat engines, CNG engines produce less pollution and do not emit harmful gases like sulphur dioxide. CNG engines are also much quieter, thereby minimising the adverse effects the

Refining troubles: Huge sanctions looming for fuel that powers the world

India's role in supplying Europe is notable because it has become one of the biggest buyers of discounted Russian crude since the war broke out

Petrol, diesel sales surge in Dec as economy picks up momentum, shows data

India's petrol and diesel demand soared in December as increased consumption in agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Sunday. Petrol sales soared 8.6 per cent to 2.76 million tonnes in December, as compared to 2.54 million tonnes of consumption in the same month last year. Sales were 13.3 per cent higher than in COVID-marred December 2020 and 23.2 per cent more than in pre-pandemic December 2019. Month-on-month, the demand was up 3.7 per cent on the high base festive season created since October. Diesel, the most used fuel in the country, posted a 13 per cent rise in sales in December to 7.3 million tonnes, as compared to the same month last year. Consumption was up 14.8 per cent over December 2020 and 11.3 per cent higher than pre-COVID 2019. Diesel sales, however, dipped marginally by 0.5 per cent when compared with November 2022. Petrol and diesel sales were the highest since June. Industry source

Diesel launches new smartwatch with Snapdragon Wear 4100+ in India

The 'Griffed Gen 6' smartwatch is priced at Rs 25,995 and is available at Dieselindia.com and in select Diesel stores

OMC marketing margins improve in December after extended period of decline

Lower global crude prices, higher gross refining margins have driven overall marketing margins upwards

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

Railways' diesel consumption reduced by 50.29% in FY21 compared to FY20

The Railways has reduced its diesel consumption by more than 50 per cent in 2020-21 in comparison to its previous financial year, Railway Minister Ashwini Vaishnaw said on Wednesday. In his reply to a question in Lok Sabha, Vaishnaw said in 2018-2019, the Railways' diesel consumption was 26,41,142 kilo litres, which reduced by 10.44 per cent in 2019-2020, which further reduced by 50.29 per cent to 11,75,901 kilo litres in 2020-21. He further said in 2018-2019, the fuel bill was Rs 18,587.14 crore while in 2019-2020, the bill was Rs 16,377.60 crore. This reduced to Rs 11,438.70 in 2020-2021, the minister said. Vaishnaw said the completion of electrification projects depends on various factors like clearances from concerned departments of state governments or central ministries, completion of transmission lines by state power utilities and resolution of law and order issues during execution, which are beyond the control of the Railways ministry. "Therefore, it is not feasible to fix

Top Headlines: Air India on metro-to-metro routes; RBI rate hike & more

A Business Standard poll shows that the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) is likely to announce a 35-basis point (bp) hike in the repo rate on December 7

World's most-crucial fuel diesel heads for shortage touching everything

Within the next few months, almost every region on the planet will face the danger of a diesel shortage

Windfall profit tax on crude oil hiked, levy on export of diesel cut

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was hiked to Rs 10,200 per tonne, from Rs 9,500 per tonne, with effect from November 17, a government notification said. In the fortnightly revision of windfall tax, the government cut the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre. The levy on diesel includes Rs 1.50 per litre road infrastructure cess. The export tax on jet fuel or ATF, which was set at Rs 5 a litre in the last review on November 1, has not been altered. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. But the tax on petrol was scrapped in subsequent fortnightly reviews. While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel expo

Centre ready to bring petrol and diesel under GST: Hardeep Singh Puri

The Centre is ready for bringing petrol and diesel under the GST regime but it is unlikely that the states will agree to such a move, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday. For bringing the petrol and diesel under the GST, the states have to agree. If the states make the move, we are ready. We have been ready all along. That's my understanding. It is another issue how to implement it. That question should be addressed to the finance minister, Puri told reporters here. The minister, however, pointed out that it is unlikely that the states will agree to such a move as liquor and energy are revenue generating items for them. It is not difficult to understand, they (states) get revenue out of this. One who is getting revenue, why would he leave it? Liquor and energy are two things that generate revenue. It is only the Central government which is worried about inflation and other things, he added. The Union minister said the Kerala High Court had suggested

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Centre aiming to replace petrol, diesel-powered fleet with EVs soon: Report

CESL, the agency that handles the acquisition of EVs for the centre and the state governments, said that it has received an order of 3,500 EVs