The Indian government has once again raised the windfall tax on petroleum crude oil, this time to Rs 3,300 (USD 39.76) per metric ton, effective from 16 February 2024. This marks the second increase in two weeks, following a previous hike from Rs 1,700 to Rs 3,200 on 3 February 2024. Additionally, the government reintroduced […]
India raised the windfall tax on petroleum oil to Rs 3,200 per tonne on Saturday, a considerable increase from the previous rate of Rs 1,700. Furthermore, the windfall tax on diesel and aviation turbine fuel remains unchanged, at zero, as stated by the government late last Friday. This development follows a preceding decision on 16 […]
In a significant development, state-run oil companies in India are reportedly considering a reduction in the prices of petrol and diesel next month, following their anticipated record-breaking net profits in the third quarter. Reports indicate that the combined net profits of the three oil marketing companies (OMCs) could surpass a staggering Rs 75,000 crore, prompting […]
India cut the windfall tax on diesel and crude oil on Thursday, according to a government notification. The government cut the windfall tax on crude oil to Rs 6,300 a tonne from 9,800 rupees a tonne while cutting the diesel windfall tax to 1 rupee per litre from Rs 2 per litre, the notification said. […]
Demand for oil grew by 1.6 per cent month over month in October in India and 4 per cent year over year as mobility remained strong amid festivities, according to S&P Global Commodity Insights. Jet fuel demand rose to 177,00 barrels per pay in October, the highest consumption recorded since March 2020 when the world […]
Despite rising raw material costs, increase in the prices of petrol and diesel are improbable, due to the forthcoming general elections, according to Moody’s Investors Service. The price of petrol and diesel has been frozen for a record-breaking 18 months thanks to three state-owned gasoline retailers: Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and […]
Indian state retailers’ gasoline and diesel sales fell in the first half of August from the previous month and a year ago, preliminary sales data showed on Wednesday, as industrial activity and mobility were hit due to monsoon rains. Fuel demand in India, the world’s third-biggest oil importer and consumer, typically falls during the four-month […]
Oil marketing companies (OMC) are likely to reduce prices of petrol and diesel, according to government sources. The companies have almost recovered their losses and are nearing normalcy as evident by their positive quarterly results. As a result, the expectation is for the companies to lower the prices of petrol and diesel since they no […]
