Page 7 - Petrol

Petrol, diesel prices unlikely to change in India as oil nears $90 in 2023

Oil prices hit a 10-month high of nearly USD 90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end of the year. For a nation that is more than 85 per cent dependent on imports for its oil needs, the surge in prices means India will have to shell out more and the prospect of returning to market-driven petrol and diesel prices in the near future diminished further. Brent crude prices surged around 6.5 per cent over the past week after Saudi Arabia, which leads the expanded OPEC+ cartel with Russia, decided to keep its one million barrels a day reduction in supplies to the global market until the end of December. Russia has added its own voluntary export cuts in recent months. The move has led to Brent rising above USD 90 a barrel for the first time this year on Tuesday. On Wednesday, it was trading at USD 89.67 per barrel. The basket of crude oil that India imports has averaged USD 89.81 per barrel this month, up from USD 86.43 in

Carbon dioxide to ethanol: Chennai-based Ramcharan springs another surprise

The company has already tied up in this regard with Nikhil Gadkari-led Manas Agro and Infrastructure on Monday to convert various effluents discharged into energy and value-added products

Heavy rains dampen Indian retailers' gasoil, gasoline monthly sales in July

Fuel demand in India, the world's third-biggest oil importer and consumer, typically falls during the four-month monsoon season beginning in June as parts of the country are affected by heavy floods

Govt hikes windfall tax on petroleum crude to Rs 4,250 per tonne from Aug 1

A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday

China's petrol demand to peak as electric vehicle sales soar: Analysts

With gasoline consumption having topped out in the U.S., the world's top gas guzzler, in 2019 and China set to peak around next year, global gasoline markets could move into a surplus from 2025

DEEFCC secy asks employees to discard petrol, diesel vehicles once a week

The Department of Environment, Forest and Climate Change (DEFCC) of Bihar government on Tuesday asked its all officials to discard the use of petrol/diesel vehicles at least once in a week in their official work. DEFECC secretary Bandana Preyashi in a circular to officials requested them to use electric vehicles, bicycles or rickshaws at least once in a week in their official work. "Keeping the rising level of vehicular pollution in mind, we must take the initiative to save the environment. All officials and employees of the department are requested to use fuel-efficient vehicles at least once in a week for official work from August. We must discard the use of 'petrol/diesel vehicles' at least once in a week for our official work. We should use electric vehicles, bicycles, rickshawsor if possiblewe can walk to our offices also," Preyashi said in a circular to all employees of the department. Talking to PTI, Preyashi said "We have collectively decided to discard use of 'petrol/diesel

Oil, petrol sales of state retailers decline in July amid heavy rains

Demand from the agriculture sector also gets affected in this period due to fewer irrigation-related requirements

Petrol, diesel sales fall in June as monsoon sets in, industry data shows

Petrol and diesel sales fell in the first half of June as the arrival of monsoon cut demand in the agri sector and reduced vehicular movement, preliminary industry data showed. Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, fell 6.7 per cent to 3.43 million tonne in June 1-15 compared to the year-ago period. Sales of diesel had soared 6.7 per cent and 9.3 per cent in April and May, respectively as agriculture demand picked up and cars yanked up air-conditioning to beat summer heat. Month-on-month sales were up 3.4 per cent when compared with 3.31 million tonne of diesel consumed in May 1-15. Petrol sales dropped 5.7 per cent to 1.3 million tonne during the first half of June 2023 when compared with the same period last year. Sales were down 3.8 per cent month-on-month, the data showed. Petrol and diesel sales had been on the rise since the second half of March on the back of a pick-up in industrial and agriculture activity.

Punjab hikes petrol price by 92 paisa per litre, diesel prices by 88 paisa

Cash-strapped Punjab government on Sunday increased petrol price by 92 paisa per litre and diesel price by 88 paisa

Fuel margins turn positive, price cut will have to wait: Offcials

Margins on petrol and diesel have turned positive following softening of international oil prices but a revision in retail prices may happen only after state-owned oil firms recoup losses they incurred last year, officials said. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have temporarily abandoned the daily price revision since last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are now being recouped with rates dropping. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But last month, margins on diesel turned positive with a small 50 paise a litre profit, they said, adding, this, however, was not enough to make up for the past ...

Govt wants petrol & diesel prices slashed; OMCs cite Covid losses

Executives of state-owned firms disagree with view, say they are yet to make up for losses

Oil marketing companies likely to cut petrol-diesel prices: Report

According to the report, an oil production cut by one of the members of the OPEC will not impact the market due to emerging alternative markets

Transparent pricing

Petrol pump prices need to be reviewed

Saudi oil output cuts unlikely to lift prices to high $80s-low $90s: Citi

Prices are expected to be range-bound, the analysts added, with Brent averaging $81 a barrel through the year

Cash sales at petrol pump spike to 90% as people rush to use Rs 2,000 notes

Cash purchase of fuel at petrol pumps using Rs 2,000 notes has spiked to almost 90 per cent of daily sales as buyers rushed to tender the withdrawn currency notes. Petrol pump dealers said cash sales before the surprise announcement on Friday of the withdrawal of the Rs 2,000 note was only 10 per cent, but now customers were using the withdrawn note to make small purchases of Rs 100/200, expecting petrol pumps to return change. They have now asked the Reserve Bank to instruct banks to provide enough small denomination notes to help serve customers smoothly. "Majority of the customers are trying to use Rs 2,000 notes even for small purchases of Rs 100-200 and are expected change from the petrol pumps and hence the petro outlets are extremely short of change across the country," All India Petroleum Dealers Association president Ajay Bansal said in a statement. It said the petrol pump dealers have been requesting customers to use the card or digital payment for fuel purchases. "Befor

Govt cuts windfall tax on petroleum crude to Rs 4,100/tonne from Rs 6,400

The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero

Amid reeling economic crisis, Pak govt hikes petrol price for next 15 days

High-speed diesel, and light diesel oil rates remained stable, whereas the price of petrol increased to (PKR) 282 per litre. Kerosene oil's price is also increased by (PKR) 5.78 per litre

Petrol price in Pakistan likely to go up by Rs 10-14 per litre: Report

The increase can jump to 14 PKR per litre if govt also adjusts the exchange rate losses, unlike the previous review when the authorities didn't pass on the impact of rupee devaluation to the masses

Petrol, diesel sales rise as agriculture season picks up: Industry data

India's fuel demand rose in March as a pick-up in agriculture activity helped reverse a slowdown that was witnessed in the first half of the month, preliminary industry data showed on Sunday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. But a seasonal slowdown kicked in during the first half of March. However, there was a pick-up in the second half, which helped sales rise even month-on-month despite the high base of February. Petrol sales rose 5.1 per cent to 2.65 million tonne in March when compared with the same period of last year. Sales were up 3.4 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand rise by 2.1 per cent to 6.81 million tonne during March when compared with 6.67 million tonne sales in the same period a year back. Month-on-month the demand was up 4.5 per cent. In the first half, petrol sales had

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy