Page 3 - Jet Fuel
Export tax on diesel, ATF hiked; windfall tax on domestic oil production up
The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and that on jet fuel exports to Rs 9 per litre. The levy on domestically-produced crude oil too has been increased by Rs 300 per tonne to Rs 13,300. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7, while on ATF (Aviation Turbine Fuel) exports, it was hiked to Rs 9 per litre from Rs 2, according to a finance ministry notification issued on Wednesday.
 "Export tax on diesel, ATF hiked; windfall tax on domestic oil production up")
New pricing model aiming to prune jet fuel cost by 15% likely in two months
OMCs to shift to single uniform system instead of the prevailing dual pricing mechanism for domestic and overseas airlines
 "New pricing model aiming to prune jet fuel cost by 15% likely in two months")
Govt will re-evaluate airfare cap depending on ATF price movement: Scindia
Scindia said that as it stands today, the fares of airlines are not close enough to the low portion of the fare cap and are very far away from the high portion of the fare cap.
 "Govt will re-evaluate airfare cap depending on ATF price movement: Scindia")
ATF rates slashed by 2.2% on account of fall in international oil prices
Jet fuel (ATF) prices on Saturday were reduced by 2.2 per cent, reflecting a fall in international oil prices
Focus on windfall tax review leads to oil stocks ending in the green
Export taxes on petrol are likely to see the steepest reduction, while levies on diesel and jet fuel could also be lowered to adjust the impact of price declines
 "Focus on windfall tax review leads to oil stocks ending in the green")
Govt to review windfall tax on crude oil and fuel exports every fortnight
The review is based on the premise that if crude prices fall, then windfall gains will cease and new taxes would be rollback
 "Govt to review windfall tax on crude oil and fuel exports every fortnight")
Top headlines: Gold import duty raised to 15%, GST receipts up 56% in June
India's factory output expanded at its slowest pace in nine months in June. More on that in our top headlines
 "Top headlines: Gold import duty raised to 15%, GST receipts up 56% in June")
Cost turbulence, rising competition may put pressure on airline stocks
Price hikes may plague demand, robust passenger traffic notwithstanding
Catch 22: Airlines want a 15% hike in airfares but fear a drop in traffic
In the nine hikes since January 1, the jet fuel prices have been increased by Rs 49,017.8 per kl or nearly 55%
ATF prices hiked by 16%, touch new record, as global crude prices soar
The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been increased by Rs 19,757.13 per kilolitre, or 16.26%, to Rs 1,41,232.87 per kl (Rs 141.2 per litre) in Delhi
India's petrol, diesel sales jump in first fortnight of June
Diesel, the most-used fuel in the country, saw sales jumping 47.8 per cent year-on-year to 3.4 million tonnes between June 1-14.
 "India's petrol, diesel sales jump in first fortnight of June")
India's fuel demand up 22% YoY in May from low base in 2021: S&P Global
India's oil product demand in May was up 860,000 barrels per day or 22 per cent year-on-year from a low base in 2021, S&P Global Commodity Insights said in a note.
 "India's fuel demand up 22% YoY in May from low base in 2021: S&P Global")
Jet fuel price cut by 1.3%, commercial LPG rate reduced by Rs 135
Jet fuel prices on Wednesday were cut by 1.3 per cent -- the first reduction after 10 rounds of price hikes -- on softening international crude oil rates.
Jet fuel prices at all-time high with 5.3% hike; 10th increase this year
The price of aviation turbine fuel (ATF) was hiked by Rs 6,188.25 per kilolitre, or 5.29 per cent, to Rs 1,23,039.71 per kl (Rs 123 per litre) in the national capital
 "Jet fuel prices at all-time high with 5.3% hike; 10th increase this year")
India's petrol, diesel sales rebound in May as pick-up in economic activity
Petrol sales grew 14 per cent during the first half of May when compared with the same period in the preceding month, while diesel demand rose 1.8 per cent
 "India's petrol, diesel sales rebound in May as pick-up in economic activity")
African airlines join forces to stave off potential jet-fuel price crisis
A committee has been formed -- including major carriers such as South African Airways and Kenya Airways -- to secure deliveries for 12 months starting in July
 "African airlines join forces to stave off potential jet-fuel price crisis")
Nigeria is first nation to halt domestic flights over soaring fuel prices
Nigeria's 23 airlines say they have been "subsidizing" flights for the past four months and can no longer absorb the costs after the price of aviation fuel more than tripled to 700 naira per liter
 "Nigeria is first nation to halt domestic flights over soaring fuel prices")
India's fuel sales fall in April first half after record rise in prices
Petrol sales fell almost 10 per cent in the first half of April when compared with the same period in the preceding month, while diesel demand slid 15.6 per cent
 "India's fuel sales fall in April first half after record rise in prices")
Aviation turbine fuel price rises marginally, rates at record high
Meanwhile, petrol and diesel prices remained unchanged for the 10th straight day after rising by a record Rs 10 per litre each.
 "Aviation turbine fuel price rises marginally, rates at record high")
Airline CEOs bat for lower taxes, better infra to tide over ATF price hike
They say 21% of an airline's revenue goes straight to govt by way of taxes; want improved processes in order to become hubs for global travel
 "Airline CEOs bat for lower taxes, better infra to tide over ATF price hike")