Page 2 - Fuel Prices

Excise duty cut can result in fiscal loss of ₹1.5 trillion, say economists

₹10 per litre excise duty cut on petrol and diesel may cost ₹1.5 trn in FY27 but help sustain consumption amid the West Asia crisis, even as economists flag risks to fiscal space

Govt absorbing burden of oil price rise to shield consumers: Hardeep Puri

Hardeep Puri said that the government has taken a significant hit to its tax revenues to offset the losses of oil companies amid elevated international prices

Petrol excise cut: How fuel taxes fill govt coffers and who gets the money

The Centre's excise duty cut has put the spotlight back on petrol and diesel taxes, a major revenue source for both Centre and states and a key pillar of government finances

India cuts fuel duty on petrol & diesel, imposes export levy on diesel, ATF

Ministers say decision aims to cushion consumers and support oil marketing companies as crude prices surge amid Iran War

₹1.5 trn hit to exchequer as govt cuts petrol, diesel excise: Deven Choksey

Deven Choksey believes the excise cut may bring some respite to OMCs amid high energy prices, while create a ₹1.5 trillion dent to the exchequer per year.

West Asia war: India cuts fuel duty; Trump delays Iran strikes for 10 days

Brent crude eased to around $107 per barrel as India cut fuel duty, while Trump delayed Iran strikes and Tehran allowed select countries to use the Strait of Hormuz

Why India cut fuel excise duty now and what it means for petrol prices

India's excise duty cut on petrol, diesel comes amid rising global oil risks linked to West Asia tensions; here's why the move matters, how fuel prices are calculated, and what it means for consumers

Govt cuts excise duties on petrol, diesel by ₹10/litre each amid Iran war

The move comes against the backdrop of a global energy crisis triggered by the US-Israel conflict with Iran and Tehran's blockade of the Strait of Hormuz

IOC, BPCL, HPCL shares react as govt trims excise duty on petrol, diesel

The government has reduced the excise duties on petrol and diesel by ₹10 per litre each, bringing them down to ₹3 per litre of petrol and zero per litre of diesel

Cong slams PM over rising oil, gas import dependence amid supply concerns

The Congress on Friday attacked Prime Minister Narendra Modi over India's increasing dependence on crude oil, LPG and natural gas imports. "The gas grandly promised by Mr Modi has remained that -- gas," Congress general secretary in-charge of communications Jairam Ramesh said on X, pointing to India's dependence on natural gas imports. "Between 2014-15 and 2024-25, India's dependence on crude oil imports went up from 84% to 90%. Between 2014-15 and 2024-25, India's dependence on LPG imports went up from 46% to 62%," Ramesh said, adding that "all this when the mantra was supposed to be Atmanirbharta, or self-reliance. The natural gas story is murkier, he claimed. "On June 26, 2005, the then CM of Gujarat (Modi) boasted that the Gujarat State Petroleum Corporation had discovered India's biggest gas reserve in the deep waters of the Krishna-Godavari river basin. Mr Modi announced that this would make India energy independent," Ramesh said. He claimed that five CAG (Comptroller and ..

Energy crisis: Let prices adjust for a sustainable long-term solution

The cost of the Indian basket, however, has increased more sharply to over $156 per barrel due to disruptions in supplies from West Asia

India buys first Iran LPG cargo after US eases sanctions amid crisis

India had shunned energy purchases from Iran ‌in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data

Odisha keeps power tariff unchanged for fifth year despite rising costs

Regulator retains electricity rates for FY27 despite rising procurement costs, offering relief to consumers while introducing incentives for digital payments and efficiency

Telecom sector braces for higher expenses as diesel price increases

Tower firms rely on diesel generators to power sites in non-grid remote, rural areas

Fuel crisis shuts aluminium extrusion plants amid West Asia conflict

LPG supply dries up, PNG cuts and rising input costs disrupt operations, forcing plant shutdowns and slashing output as firms struggle to service loans

Petrol dealers may face cash crunch as OMCs seek advance payments

Dealers warn of reduced fuel orders as refiners end credit supply amid losses on petrol and diesel sales with retail prices unchanged

Akasa Air to add fuel surcharge on tickets as jet fuel costs soar

The low-cost carrier joins Air India and IndiGo in passing on rising jet fuel costs to passengers, citing geopolitical tensions in West Asia and surging aviation turbine fuel prices

Sri Lanka raises fuel prices over 8% as Iran war fuels panic buying

Sri Lanka has increased retail fuel prices by over 8 per cent with effect from midnight Monday in a bid to curb hoarding and panic buying amid rising global crude oil prices, officials said on Tuesday. The price revision comes as global crude oil prices crossed USD 100 per barrel for the first time in four years following escalating tensions in West Asia. Under the latest revision, the prices of widely used petrol and diesel varieties have been increased by LKR 22 per litre, the state-run Ceylon Petroleum Corporation (CPC) said. The move is aimed at curbing hoarding and panic buying, it said. "We have noticed heavy consumption since the news of the Middle East war situation," a CPC official said. Long queues have been seen outside fuel stations since February 28 after hostilities intensified following US-Iran strikes against Iran, triggering fears of supply disruptions. The CPC said Sri Lanka currently has sufficient fuel stocks to last until the end of April.

Queues, price hikes and shortages as Asia battles worsening fuel crunch

Despite oil prices staying relatively contained amid the crisis, with traders warning of $100 crude, the impact is already being felt across Asia, the world's largest energy-consuming region

AAI denies seeking aviation fuel stock details from airport operators

In a statement issued late in the evening, AAI said the reports suggesting such communication were "false and factually incorrect".