Fuel Pricing

Govt has not ruled out petrol, diesel price hike in near future: Report

An increase in petrol and diesel prices in the near future is not ruled out, government sources said on Friday, as losses mount from a four-year-old freeze in retail rates despite the sharp rise in global crude oil prices. International crude oil prices this week climbed to a four-year high of USD 126 per barrel before cooling down slightly, but remained above USD 110 a barrel as ship transits through the Strait of Hormuz remained restricted and US and Iranian leaders traded barbs amid stalled peace talks. Government sources said the possibility of a petrol and diesel price hike in the near future is not ruled out. Earlier in the day, Indian Oil Corporation (IOC), making a statement on behalf of the industry, said petrol and diesel price as also domestic LPG rates are not being increased despite a surge in international energy cost. State-owned oil firms hiked prices of commercial LPG, industrial diesel, 5-kg LPG and jet fuel sold to international airlines in keeping with the ...

Datanomics: Gas inflation rises, other fuel rates muted amid West Asia war

War-driven fuel shock hits India unevenly: LPG inflation spikes, petrol and diesel stay flat after tax cuts, while electricity prices continue to decline

Fuel price relief? Why India cut fuel excise duty now and what it means for oil prices

The government has reduced excise duty by ₹10 per litre on both petrol and diesel amid rising global oil risks linked to West Asia tensions. This brings excise on petrol down to roughly ₹3 per litre,

West Asia War’s economic shock: How India Inc is being impacted | Crude oil | US-Iran war | LPG

As the war in Iran enters its third week, its ripple effects are now hitting India’s economy. From fuel shortages and factory disruptions to export losses and rising costs, multiple sectors are under

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.

Private refiners tap domestic fuel market as export margins tighten

Reliance Industries and Nayara Energy are stepping up sales at home as fuel demand growth slows in developed markets and China, the world's second biggest oil consumer

Chennai Petroleum to set up retail fuel outlets; commits Rs 400 cr capex

IndianOil Group company Chennai Petroleum Corporation Ltd coinciding with its Diamond Jubilee year has embarked on a journey to set up retail outlets to sell petrol and diesel, a top official said on Tuesday. The company, which has been producing fuel at its refineries located near the city, has earmarked Rs 400 crore as capital expansion towards this cause. "We are embarking on a journey to set up retail outlets. Long back about 20 years back, CPCL had one standalone outlet in Sriperumbudur. Now, we are again venturing into this strategic growth path. So this is one exciting journey we are taking now. We want to see that during this Diamond Jubilee year, we will be able to establish some diamond jubilee outlets that is a target we are working on," CPCL Managing Director H Shankar told reporters. Declining to elaborate on the number of outlets planned initially, he said during the Diamond Jubilee celebrations the company would be in a position to launch the first round of retail ...

All green tech should have fair taxation: Toyota Kirloskar India head

Brazil's market-driven fuel pricing allows flexible fuel blending

China issues 19 mn metric tons of fuel under 2025 1st batch export quota

China manages its refined oil exports via a strict quota system, using exports as a tool to balance and ensure the domestic market is sufficiently supplied

India may cut petrol, diesel prices as global oil prices reach 2024 lows

The government last cut petrol and diesel prices by Rs 2 per litre, ahead of the general elections in March 2024

GST on crude oil, petrol and diesel boils down to revenue concerns

Despite Constitutional provisions, inclusion of petrol and diesel under GST framework remains a distant dream

Interim Budget 2024-25: Food, fertiliser subsidy pegged lower in FY25

The government had rolled out PMUY in May 2022 to make clean cooking fuel, such as LPG, available to the rural and deprived households

BPCL Q3 results: Net profit jumps 82% on higher refining, sales margins

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday reported an 82 per cent jump in its December quarter net profit on the back of higher-than-expected refining margins and a rise in margins on fuel sales. Its consolidated net profit of Rs 3,181.42 crore in October-December - the third quarter of the current fiscal year, stated on April 1, 2023 - compares to Rs 1,747.01 crore earnings in the same period of the previous financial year, according to a company statement. Its profit was, however, lower than Rs 8,243.55 crore earnings in the preceding quarter (July-September 2023). The continuing freeze in fuel prices, which is now 21 months old, despite a fall in input raw material (crude oil) prices helped raise marketing margins. BPCL earned an estimated USD 13.3 on turning every barrel of crude oil into fuel like petrol and diesel during October-December. Pre-tax earnings from fuel marketing soared to Rs 4,372.93 crore in the third quarter from Rs 2,618.95 crore a year ba

ATF price cut by 4%; commercial LPG rate down Rs 1.5 per cylinder

Jet fuel or ATF price on Monday was cut by 4 per cent, the third straight monthly reduction, and commercial cooking gas (LPG) rates were marginally lowered by Rs 1.50 per 19-kg cylinder in line with international benchmarks. However, the price of domestic LPG -- used in household kitchens for cooking purposes -- remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was cut by Rs 4,162.5, or 3.9 per cent, in the national capital to Rs 101,993.17 per kl, according to price notifications of state-owned fuel retailers. This is the third straight monthly reduction in jet fuel prices. ATF price was cut by almost 6 per cent (Rs 6,854.25 per kl) in November and by Rs 5,189.25, or 4.6 per cent, in December. The three rounds of reduction have wiped away almost 45 per cent of the Rs 29,391.08 per kl increase in rates effected in four monthly tranches starting July 1. The reduction in the price of jet fuel, which makes up for 40 per cent of an airline's operatin

India's fuel subsidies fourth largest in the world, shows IMF data

India's per capita fuel subsidies was much lower at $245 compared to Saudi Arabia ($6996), South Korea ($3120), Russia ($2982), Japan ($2498), US ($2243) and China ($1568)

How fuel price mirage has eroded India's credibility among investors

Lack of oil pricing reform is yielding supernormal profits for state-owned companies but hindering global majors from investing

Will end monopoly on petrol supplies: Nigeria's NNPC after tripling prices

Nigeria's state owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television, a day after it nearly tripled prices at its fuel stations countrywide

Petrol, diesel prices remain largely unchanged, check prices in your city

It is important to note that Oil Marketing Companies review and decide the fuel prices every day at 6 am in the morning

Reliance sells diesel at a cheaper rate than state fuel retailers: Dealers

Fuel JV of Reliance, BP is selling diesel at about Rs 1 a litre lower than state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum, 6 fuel station dealers under Jio-BP brand said

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