Page 3 - Petrol Prices

Govt imposes taxes on fuel exports as West Asia conflict jolts supply

The country raised LPG prices earlier this month and subsequent speculation around a likely increase in pump prices of diesel and gasoline has led to panic buying

Opposition calls fuel duty cut 'late', links move to polls; BJP defends

The Congress on Friday claimed that the government's excise cuts will not change prices for dealers and consumers, and that the relief exists only in the narrative, not in reality. The government has slashed excise duty on petrol to Rs 3 per litre and exempted diesel fully from the duty. The Congress said the government should focus on delivering actual relief to consumers, instead of "manufacturing headlines and fooling people." The party's media and publicity department head, Pawan Khera, said, "If you saw the headlines about petrol and diesel prices 'coming down' and thought the government had offered relief to your pocket, you'd be mistaken." As of now, prices remain the same for dealers and for consumers, he claimed. "What has actually been reduced is the 'special additional excise duty' - a levy paid by Oil Marketing Companies to the government. The words 'special' and 'additional' reveal how unnecessary this tax is," Khera said on X. He pointed out that these companies ha

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 ..

Deep Dive with AKB - Oil's great slide: What this means for India

The oil market recently saw something that it had never seen before. For the first time in history, the prices slid to less than zero on 20th April. What has happened lately to cause such a massive drop? How bad is the global outlook? And what does all this mean for India, which is a major importer of petroleum products? Let’s take a #DeepDiveWithAKB to understand.

Interim Budget 2019: Rs 25k-cr petroleum subsidies may be carried over

This comes even as it is under pressure to meet a challenging fiscal deficit target of no more than 3.3% of GDP for 2018-19