Tag: petrol

Petrol and Diesel Rates Remain Unchanged For 20th Consecutive Day; Check Prices Here

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Prices of petrol and diesel remained unchanged for the 20th consecutive day on Friday, March 19 as the rates are kept at pause by the oil marketing companies. A surge in the prices was observed in the month of January and February which led to demands for a cut in excise duty. However, you will have to pay different fuel prices in different states as along with the freight charges, taxes also get levied on them by both central and state governments. 60 percent of the retail selling price of petrol is made up of the central and state taxes while it is over 54 percent of diesel. Also, Rs 32.90 per litre of excise duty on petrol is charged by the centre while Rs 31.80 a litre on diesel.

Daily revision of petrol and diesel prices are done with effect from June 15, 2017 based on international rates and foreign exchange rates. However, before June 2017 the rates were revised every fortnight.

Fuel prices in India are revised by the oil marketing companies such as Indian Oil, Bharat Petroleum, etc based on the International rates.

Following are the rates of petrol and diesel in various cities of the country according to Good Returns:

New Delhi: The petrol price stood at Rs 91.17 per litre in the national capital as the rates remained unchanged while the price of diesel is at Rs 81.47 a litre on Friday, March 19.

Mumbai: A person will have to pay Rs 97.57 for a litre of petrol in Mumbai while Rs 88.60 for the same quantity of diesel.

Chennai: Rs 93.11 is the price of petrol per litre which one will have to pay in the city whereas diesel is selling at Rs 86.45 a litre.

Bengaluru: Petrol is being sold at Rs 94.22 per litre in Bengaluru while the rate of diesel stayed at Rs 86.37 for the same quantity.

Kolkata: The purchaser of the fuel will have to pay Rs 91.35 per litre for petrol and Rs 84.35 for the same quantity of diesel in the city.

Hyderabad: In Hyderabad, the rate of petrol stood at Rs 94.79 a litre while diesel is at Rs 88.86 per litre.

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India’s Petrol, Diesel Demand Boomerangs to Pre-Covid Levels, ATF Yet to Catch Up

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In an indication of a fast-recovering economy post pandemic, India’s fuel demand, except ATF, has returned to pre-Covid levels.

Fuel sales had fallen by a record 45.8 per cent in April last year when a nationwide lockdown was imposed to check the spread of coronavirus infections. Demand started to recover with the easing of lockdown restrictions, with petrol returning to normal growth first and now diesel too is back at pre-Covid levels.

“Expect for ATF, we have touched normal demand,” Indian Oil Corporation (IOC) Chairman Shrikant Madhav Vaidya said in a media briefing. “We are back on track.”

While petrol sales had reached pre-Covid levels a few months back, diesel was up 7.4 per cent year-on-year in the first half of March.

With airlines not operating all flights, ATF sales remain below normal.

This is the first annual rise in petrol sales since October. ATF sales, which fell by more than 80 per cent in the aftermath of the lockdown, was down 36.5 per cent in the first half of March.

India’s economy returned to positive growth territory in the fourth quarter of 2020 as its real GDP expanded by 0.4 per cent year-on-year after two-quarters of contraction.

Crude oil suppliers group OPEC’s monthly oil report last week forecast a 13.6 per cent jump in India’s oil demand in 2021 to 4.99 million barrels per day.

India’s oil demand had fallen 10.54 per cent in 2020 to 4.40 million bpd from 4.91 million bpd in 2019.

The recent positive developments in industrial activities will result in industrial fuels being the backbone for oil demand growth in 2021, with a healthy rebound for transportation fuels providing further support, it said adding the aviation sector will remain under pressure throughout 2021 and will also be a major source of uncertainty.

In 2020, India’s GDP contracted by 7 per cent, but it is forecast to grow by 9 per cent in 2021.

“Following the 0.4 per cent growth registered in 4Q20, India’s was one of the few major economies to post growth in the quarter as lockdowns eased, and this rebound is expected to continue as consumption manufacturing activity rise,” the OPEC report said

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Petrol, Diesel Prices Remain Unchanged for 18th Day: Check Rates Here

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The global oil market has remained volatile with continuous variations in prices however, the fuel prices in India have remained steady for over a fortnight now. The rates have remained unchanged for 18 consecutive days however; it has not helped in bringing the rates down which have crossed the Rs 100 per litre (petrol) mark in various parts of the country. The rates of the fuel started witnessing an upswing in January 2021 which led to demands for a cut in excise duty.

The prices of petrol and diesel are revised daily based on international rates and foreign exchange rates. Here are the rates of petrol and diesel in various cities of the country according to Good Returns:

New Delhi: The rate of petrol stood at Rs 91.17 per litre while the price of diesel is at Rs 81.47 a litre in the national capital on Wednesday, March 17.

Mumbai: In Mumbai, a person will have to pay Rs 97.57 for one litre of petrol while Rs 88.60 for the same quantity of diesel.

Chennai: The price of petrol stood at Rs 93.11 per litre in the city whereas diesel was selling at Rs 86.45 a litre.

Bengaluru: Petrol was selling at Rs 94.22 per litre in Bengaluru while diesel prices stayed at Rs 86.37 for the same quantity.

Kolkata: One will have to pay Rs 91.35 and Rs 84.35 per litre for petrol and diesel respectively in the city.

Hyderabad: Petrol is at Rs 94.79 a litre and diesel is at Rs 88.86 per litre.

Recently amid record-high fuel prices in the country, Finance Minister Nirmala Sitharaman has informed that there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).

In India fuel prices are revised by the oil marketing companies including Indian Oil, Bharat Petroleum, etc based on the International rates.

Keywords: petrol prices, diesel prices, petrol diesel prices in india, change in petrol price, fuel prices, fuel prices in india

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India’s diesel sales rise as economic activity picks up – Times of India

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NEW DELHI: State fuel retailers’ diesel sales rose 7.4% to 2.84 million tonnes in the first fortnight of March from a year earlier, preliminary industry data showed on Tuesday.
Petrol sales rose 5.3% to 1.05 million tonnes in the same period from a year earlier, the data showed.
This is the first annual rise in gasoil sales in the country since October. Fuel sales in India took a hit in March last year as the government imposed a nationwide lockdown to curb the spread of the novel coronavirus.
The economy returned to growth in the three months to December and the recovery is expected to gather pace as consumers and investors shake off the effects of the Covid-19 pandemic.
The rise in gasoil sales, which account for about two-fifths of the country’s overall fuel demand, comes despite record-high local retail prices and points to rising industrial production in the country.
State companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum own about 90% of the retail fuel outlets.
State retailers sold 3.3% less cooking gas in the first half of March than a year ago to 1.01 million tonnes as a significant reduction in subsidies curtailed demand for the fuel, the data showed.
Jet fuel sales were down 36.5% to 204,000 tonnes.

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GST Council May Consider Inclusion of Petrol, Diesel At An ‘Appropriate Time’: Nirmala Sitharaman in Lok Sabha

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Amid record-high fuel prices, Finance Minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST). When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities – crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) – were kept out of its purview given the revenue dependence of the central and state governments on this sector.

This meant that the central government continued to levy excise duty on them while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically. While the taxes haven’t come down, a spike in global oil prices on demand recovery has pushed petrol and diesel to an all-time high, leading to demand for them come under the GST.

“At present, there is no proposal to bring crude petroleum, petrol, diesel, ATF and natural gas under GST,” Sitharaman said in a written reply to a question in the Lok Sabha. She said the law prescribes that the GST Council shall recommend the date on which the goods and services tax be levied on petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas and ATF.

“So far, the GST Council, in which the states are also represented, has not made any recommendation for inclusion of these goods under GST,” she said. The Council may consider the issue of inclusion of these five petroleum products at a time it considers appropriate keeping in view all the relevant factors, including revenue implication, she added.

Including oil products in GST will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on the fuels in the country. Sitharaman has in recent weeks talked of inclusion of fuel under GST as well as centre and states taking a joint call on cutting taxes to cushion consumers against the spike in retail prices.

To a separate question, her junior in the finance ministry, Anurag Singh Thakur said excise duty on petrol was Rs 19.98 per litre a year back and is Rs 32.9 now. Similarly, on diesel, the excise duty has been raised from Rs 15.83 to Rs 31.8. “The excise duty rates have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the present fiscal position,” Thakur, Minister of State for Finance, said giving reasons for raising the levy.

On the impact of higher fuel rates on general prices, he said ‘petrol for vehicle’ inflation has increased from 7.38 per cent in January 2020 to 12.53 per cent in January this year. Similarly, ‘diesel for vehicle’ inflation has increased from 6.44 per cent in January last year to 12.79 per cent this year, he said.

On fuel pricing, Thakur said the prices of petroleum products in the country are benchmarked to international product prices. “Generally, the price of petroleum products in the country are higher/lower than other countries due to a variety of factors, including prevailing tax regime and subsidy compensations by the respective Governments,” he said.

The government ended subsidies on petrol in 2010 and on diesel in 2014. ATF pricing was freed in 2002.

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Petrol, Diesel Prices Remain Steady: Check Prices in Metro Cities on March 10

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After a stagnant 10-day run petrol and diesel prices have hardly varied in India. Thanks to the elections in five states, Oil Marketing Companies (OMC) are going easy with retail fuel prices on a gentle nudge from the Central government, even after Brent crude topped $70 per barrel. This is the first time since the Covid-19 pandemic began that the Brent crude price retailed at $70/barrel mark in the international markets.

Currently, the price of petrol in New Delhi stands at Rs 91.17 per litre, Rs 91.35 in Kolkata, Rs 93.11 in Chennai, while it remains the highest in Mumbai at Rs 97.57.

Similarly, the price of diesel too remained unchanged. Currently the diesel rates in the national capital stood at Rs 81.47 per litre, Rs 84.35 in Kolkata, Rs 86.45 in Chennai and Rs 88.60 in Mumbai.

According to an Indian Express report, while the OMC’s kept the prices of both the fuels unchanged for 10 days, they had hiked the prices of petrol and diesel by about Rs 10 per litre and Rs 11 per litre respectively since the beginning of November last year. This comes as a result of crude oil prices rising from about $40 per barrel to about $66 per barrel at the end of February 2020. However, OMC’s will have to resume price hikes if crude oil prices stay elevated.

The report also states that consumers around the world are facing the impact of crude oil prices and are recovering to pre-Covid levels. Whereas Indian consumers are still bearing the brunt of elevated taxes leading to record high prices.

In several other parts of India, including some cities in Madhya Pradesh and Rajasthan, the price of key fuel has crossed the psychological Rs 100 per litre mark. In Rajasthan’s Sri Ganganagar retail petrol is priced at Rs 101.84, whereas diesel is available at Rs 93.77 per litre. Likewise, in Madhya Pradesh’s Anuppur, petrol costs at Rs 101.59 per litre and diesel at Rs 91.97.

Keywords: India, Fuel, Petrol Prices, Diesel Prices, Petrol Price Today, Diesel Price Today, Brent Crude, New Delhi, Mumbai, Chennai, Kolkata

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Despite Skyrocketing Prices, India’s Fuel Demand May Hit Record High to Make up For Covid Slump

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India’s demand for gasoline diesel and other fuels is likely to reach a record 215.24 million tons in the next one year, according to Ministry of Petroleum and Natural Gas’s arm, Petroleum Planning and Analysis Cell.

The demand is likely to shoot up by 10 % from the current year, which has been hit hard by the Covid-19 pandemic.

India’s fuel consumption last year plunged by as much as 70 per cent, led by the world’s biggest lockdown.

India is the third highest oil importer and strong demand for transport and industrial fuels is expected to drive next year’s rebound. Consumption of diesel, an economic barometer and the country’s most-used fuel, will grow by more than 13 per cent, as will demand for gasoline. Overall fuel demand in the current financial year is expected to fall 8.5 per cent.

Also read: Haryana Khap Urges Dairy Farmers to Hike Milk Rates in Protest Against Farm Laws, Rising Fuel Prices

A trend for more commuters to use personal cars, instead of buses, trains and other modes of public transport, is expected to drive India’s demand for gasoline.

Demand for aviation fuel, which suffered the biggest blow, is estimated to grow more than 74 per cent during 2021-22, but will remain a little lower than the pre-pandemic year, the PPAC’s projection showed.

India’s GDP in the third quarter of FY21 rose marginally at 0.4 percent, in line with expectations, reaffirming that the economy had managed to exit the Coronavirus pandemic-led slump by 2020-end, according to official data released by the National Statistical Office (NSO) on Friday.

Petrol and diesel prices continue have been soaring due to continuous rise in fuel rates. Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan last month blamed the hike on reduced production by the international market.

“There are two main reasons behind the fuel price rise. The international market has reduced fuel production and manufacturing countries are producing less fuel to gain more profit. This is making the consumer countries suffer,” Pradhan was quoted as saying by news agency ANI.

“We have continuously been urging the Organisation of the Petroleum Exporting Countries (OPEC) and OPEC plus countries that it should not happen. We hope there will be a change,” he said.



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‘Govt Should Shed Its Arrogance, Reduce Fuel Taxes’: Congress

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The Congress Saturday accused the Modi government of ignoring the woes of common man and asked it to shed its “arrogance” and reduce the tax imposed on petrol, diesel and LPG. Addressing a press conference here, Congress spokesperson Abhishek Singhvi said the government should immediately roll back the additional taxes of Rs 23.78 and Rs 28.37 per litre on petrol and diesel respectively, which will help bring down fuel prices.

He quoted Prime Minister Narendra Modi’s words as Gujarat chief minister to urge the government to reduce the high tax components on petroleum products. Singhvi said the common man is already hurt due to rising inflation and joblessness amid a decline in the economy post-pandemic. The PM may ignore the Congress’ demand, but he should at least listen to his own words as Gujarat CM during the UPA regime at the Centre, or may heed RBI Governor Shaktikanta Das’s advice that the rising fuel prices will have a cascading effect, the Congress leader said.

“The Congress and the country urge you to listen to your own voice in bringing down petrol and diesel prices,” he said, playing Modi’s statements on petrol/diesel rates made during the UPA regime. He also took a dig at Finance Minister Nirmala Sitharaman for saying she is in a dilemma over removing the tax on petrol and diesel, asking, “What is the ‘dharam sankat’ and impediment that even the finance minister cannot reduce fuel tax. Is the PM stopping the FM from doing so? It is “shameful”, Singhvi said, that while crude oil is 39.2 percent cheaper since May 2014, petrol and diesel under the Modi regime are 27.5 and 42.2 percent costlier.

He said it was “reverse coalition” where the global rates are coming down, but domestic rates are rising. Singhvi alleged that this government has raised petrol and diesel rates on 14 occasions in the last 20 days, which he said was unfortunate.

The Modi government has been the most ‘Mehengi Sarkaar’ for the people, which has taxed them heavily. This arrogant government refuses to acknowledge people’s problems or give any relief to them. It has only tried to ‘divide, deceive, dupe, distract and delude’, which are the five favourite Ds of the ‘Hum Do, Hamre Do Sarkaar’, he alleged. The Congress leader said in the last over six years, this government has earned over Rs 21.5 lakh crore by imposing additional excise duty on petrol and diesel. Citing figures to substantiate his claim, he said in May 2014, the international crude oil price was USD 108 per barrel and petrol was selling at Rs 71.51 per litre in Delhi while diesel was selling at Rs 57.28 a litre. The international crude oil prices as on February 25, 2021 are USD 65.70 per barrel, but the price of petrol has increased to Rs 91.17 per litre in Delhi whereas diesel is selling at Rs 81.47 per litre in Delhi, he pointed out, alleging that the BJP regime has increased petrol rates by 820 per cent and diesel by 258 per cent since it came to power. He also said the price of domestic gas cylinder has increased by Rs 200 in the last three months and accused the government of consistently misrepresenting facts about subsidy on LPG cylinder. We demand the immediate withdrawal of ‘Modi tax’ of Rs 23.87 and Rs 28.37 per litre on petrol and diesel, which was increased by the Modi government since May 2014. This is not a favour, the people deserve relief in these hard pandemic times. This reduction will reduce petrol price to Rs 67.39 per litre and Diesel price to Rs 53.10 per litre, Singhvi said.



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Petrol Price in Delhi at Rs 91.17 as Fuel Rates Spike by 15-24 Paise After 3-Day Break. Check Prices Here

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Fuel prices took a leap again on Saturday after remaining unchanged for 3 days. Fuel rates increased by 15-24 paise taking the Petrol price in Delhi to Rs 91.17/l & in Mumbai to Rs 97.57/l. While Diesel price in Delhi stood at Rs 81.47/l, in Mumbai it stood at Rs 88.60/l.

Across the country as well the petrol and diesel prices increased between 20-30 paise per litre depending on the level of local duty at the state level.

Petrol and diesel prices have been rising continuously since February 9. The prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi.

A few days back, petrol prices even crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra.

However, to reduce the burden on consumers, Nagaland became the fifth state to cut taxes after the recent surge of fuel prices that have pushed prices to new highs. On Wednesday, the northeast state joined four other states, namely West Bengal, Rajasthan, Assam, and Meghalaya, to have reduced state-related taxes on fuel.

The Nagaland state government said the tax rate for diesel has been reduced from Rs 11.08 to Rs 10.51 per litre. While the tax on petrol and other automotive spirits has been reduced from Rs 18.26 to Rs 16.04 per litre. With this change, the retail price of petrol and diesel in Nagaland came down to Rs 90.41 and Rs 83.99 per litre each.

Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making a loss on the sale of auto fuels.



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