Latest News Today – Petrol, Diesel Prices Remain Unchanged For 14th

[ad_1]

Petrol And Diesel Prices Remain Unchanged For 14th Consecutive Day

Petrol, diesel prices remain unchanged for 14th consecutive day

Petrol, Diesel Price Today: Petrol and diesel prices remained unchanged across the four metro cities for the 14th consecutive day on Sunday, August 1. In the national capital, petrol prices were steady at Rs 101.84 per litre and diesel rates were unchanged at Rs 89.87 per litre, according to data by Indian Oil Corporation. In Mumbai, petrol prices stood at Rs 107.83 per litre and diesel is retailed at Rs 97.45 per litre. (Also Read:How To Check Latest Petrol And Diesel Rates In Your City). 

Currently, among the four metro cities, petrol and diesel prices are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise fuel rates on a daily basis, considering crude oil prices in the international markets and the rupee-dollar exchange rates. Any changes in petrol, diesel prices are implemented with effect from 6 am every day.  

Here are the petrol and diesel price across the metro cities:

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / / / / / / / /

Latest News Today – Excise Duty On Petrol, Diesel Hiked By 43% And 68% In 11

[ad_1]

Excise Duty On Petrol, Diesel Hiked By 43% And 68% In 11 Months

Excise duty on petrol and diesel was hiked 43 per cent and 68 per cent in 11 months

Excise duty on petrol and diesel went up by 43 per cent and 68.8 per cent respectively between March 2020 and February 2021, even as fuel prices have sky rocketed over the past few weeks to cross the Rs 100 per litre mark in all the four metros as well as in many cities across the country. 

The Centre collected Rs 1,01,598 crore through excise duty on petrol and Rs 2,33,296 crore through excise duty levy on diesel during 2020-21. 

The excise duty on petrol was Rs 22.98 per litre on March 14, 2020, just 10 days before the national lockdown was imposed due to the Coronavirus pandemic. It was raised by 43 per cent to Rs 32.90 per litre on February 2, 2021, when the infection was on a downward slide.

Similarly the excise duty on diesel was at Rs 18.83 per litre on March 14, 2020 while it was raised to Rs 31.80 per litre on February 2, 2021, a hike of 68.8 per cent.

The excise duty on petrol which is currently Rs 32.90 per litre, includes basic excise duty of Rs 1.40, road and infrastructure development cess of Rs 18, agriculture and infrastructure cess of Rs 2.50 and special additional excise duty of Rs 11 is included in it.

The current excise duty on diesel is Rs 31.80 per litre, which includes basic excise duty of Rs.1.80, road and infrastructure development cess of Rs18, agriculture and infrastructure development cess of Rs 4 and special additional excise duty of Rs 8.

The total excise duty incidence as percentage of retail selling on petrol and diesel is 32.4 per cent and 35.4 per cent respectively, as on July 16, 2021, according to official estimates. 

These details were provided by Petroleum Minister Hardeep Singh Puri in response to a question asked in Lok Sabha regarding the impact of the rising fuel prices on country’s economic recovery from Coronavirus pandemic.

The minister said that the revenue collected by levying these taxes is used in various developmental schemes of the Centre.

He said that over the last seven years, length of national highways have gone up by 50 per cent from 91,287 km (as on April 2014) to 1,37,625 km (as on 20 March 2021). Highway construction per day in India increased almost three times from 12 km per day in 2014-15 to 33.7 km per day in 2020-21.

The cess is used for infrastructure development and also generates employment, the minister claimed in his reply.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / /

Latest News Today – Excise Duty On Petrol And Diesel Hiked By 88% And 209%

[ad_1]

Excise Duty On Petrol And Diesel Hiked By 88% And 209% In Six Years

Excise duty on petrol and diesel have gone up considerably in the last six years

Central excise duty on petrol has almost doubled and gone up by 88 per cent in the last six years while excise duty on diesel has gone up by three times and witnessed a 209 per cent hike during the same period, as fuel prices across the country have crossed Rs 100 per litre.

As on July 1, 2021, central excise duty on petrol is Rs 32.90 per litre inclusive of cess, whereas on July 1, 2015 it was Rs 17.46 per litre on petrol including cess, according to official data. This shows that excise duty has almost doubled on petrol in six years between July 2015 and July 2021 and witnessed 88 per cent increase.

Excise duty on diesel has gone up by a humungous 209 per cent during the same period, as it is Rs 31.80 per litre including cess as on July 1, 2021 while it was Rs 10.26 per litre including cess as on July 1, 2015.

Petrol prices in the four metro cities of Delhi, Mumbai, Chennai and Kolkata have crossed more than Rs 100 per litre while diesel prices in the four metros are in the vicinity of Rs 90 to Rs 98 per litre.

In several cities across the country, especially in Rajasthan and Madhya Pradesh, petrol prices have crossed the Rs 100 per litre mark.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / / / / / / / / /

Latest News Today – Fuel Prices Remain Unchanged Across Metros

[ad_1]

No Change In Petrol, Diesel Rates For 8th Consecutive Day

Petrol and Diesel Rates today in Delhi, Kolkata, Chennai, Mumbai: Fuel rates remained steady

Petrol, Diesel Price Today: Petrol and diesel prices remained unchanged across the four metro cities for the eighth consecutive day on Sunday, July 25. In the national capital, petrol prices were steady at Rs 101.84 per litre and diesel rates were unchanged at Rs 89.87 per litre, according to Indian Oil Corporation. In Mumbai, petrol prices stood at Rs 107.83 per litre, and diesel is retailed at Rs 97.45 per litre. (Also Read:How To Check Latest Petrol And Diesel Rates In Your City). 

Currently, among the four metro cities, petrol and diesel prices are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax.

Here are the petrol and diesel price across the metro cities:

Petrol and diesel rates are revised by state-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum on a daily basis, considering crude oil prices in the international markets and rupee-dollar exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day. 

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / / / / /

Latest News Today – India’s Fuel Demand Hits 9-Month Low In May 2021 Amid

[ad_1]

India's Fuel Demand Hits 9-Month Low In May 2021 Amid COVID-19 Restrictions

State refiners’ daily petrol and diesel sales declined by about a fifth in May from a month earlier

The country’s fuel demand slumped in May to its lowest since August last year with a second COVID-19 wave stalling mobility and muting economic activity in the world’s third largest oil consumer. Oil demand fell 11.3 per cent to 15.11 million tonnes compared to the previous month and was down 1.5 per cent from a year earlier, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed on Wednesday.

“It’s primarily because of the lockdowns, but it’s very difficult to isolate the impact on demand as even high oil prices could sort of pinch a little bit in terms of demand recovering more slowly,” said Prashant Vashist, Vice President and Co-Group head at ICRA.

Indian state refiners’ daily petrol and diesel sales declined by about a fifth in May from a month earlier due to the pandemic, but higher fuel prices have also sapped consumption. The country’s total coronavirus infections crossed 27 million and hit record daily levels last month, putting the government “on a war footing” to contain the spread.

However, as cases decline, parts of the country are expected to ease movement restrictions, which could boost demand. “Everybody is expecting the recovery will be faster this time… so in another quarter or so probably we should be somewhere close to pre-pandemic levels,” Vashist added.

Diesel consumption, a key parameter linked to economic growth and which accounts for about 40 per cent of overall refined fuel sales in India, rose 0.7 per cent year-on-year, but dipped 17 per cent from the previous month to 5.53 million tonnes. Sales of petrol, increased by 12.4 per cent from a year earlier, but fell about 17 per cent month-on-month to 1.99 million tonnes.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / /

Latest News Today – Petrol, Diesel Prices At Record High, Petrol Crosses Rs

[ad_1]

Petrol, Diesel Prices At Record High, Petrol Crosses Rs 100 Mark In Mumbai

Petrol and Diesel Rate today in Delhi, Bangalore, Chennai, Mumbai: Fuel prices increased in all metros

Petrol, diesel prices today: Petrol and diesel prices were hiked across the four metros on Saturday, May 29. In the national capital, petrol prices were raised by 26 paise from Rs 93.68 per litre to Rs 93.94 per litre, while diesel prices were increased by 28 paise from Rs 84.61 per litre to Rs 84.89 per litre, according to Indian Oil Corporation. This is the 15th increase in fuel prices since May 4, when state-run oil refiners ended an 18-day hiatus in rate revision observed during assembly elections in states such as Tamil Nadu, West Bengal. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Petrol crossed the Rs 100 mark in Mumbai and the new petrol prices in the financial capital stand at Rs 100.19 per litre. Diesel is retailed at Rs 92.17 per litre in Mumbai. Moreover, the petrol rates had already crossed the Rs 100-mark in several cities of Madhya Pradesh and Rajasthan. Fuel rates vary across the states in the country due to value-added tax or VAT. 

Below are the latest petrol and diesel prices across four metro cities:

The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel with that of global crude oil prices by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.

Meanwhile, on Friday, May 28, Brent crude futures, the global oil benchmark, advanced 0.30 per cent to $ 69.67 per barrel. The rupee continued its three-day winning streak to gain 15 paise at 72.45 against the US dollar on Friday.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / / / / / / /

Latest News Today – Petrol, Diesel Prices Kept Unchanged On Friday

[ad_1]

Petrol, Diesel Prices Kept Unchanged On Friday

In Mumbai, the petrol and diesel prices stood at Rs 96.98 per litre and Rs 87.96 per litre

Petrol, Diesel Prices Today: Petrol and diesel prices were kept unchanged across the four metros on Friday, April 2. In Delhi, petrol rates were steady at Rs 90.56 per litre and diesel was untouched at Rs 80.87 per litre, according to Indian Oil Corporation. In Mumbai, the petrol and diesel prices stood at Rs 96.98 per litre and Rs 87.96 per litre, according to the state-run oil refiner. The fuel rates in Mumbai are currently the highest among all the four metros.

Here are the latest petrol and diesel prices across the four metros:

State-run oil marketing companies – Bharat Petroleum, Indian Oil Corporation and Hindustan Petroleum – align the prices of domestic fuel with global crude rates by taking into account any alterations in the foreign exchange rates. Any changes in fuel rates are implemented with effect from 6 am each day.

Meanwhile, oil prices rose about 1 per cent on Thursday after preliminary news that OPEC+ reached a deal to gradually ease production cuts from May.

Brent crude rose 42 cents, or 0.7 per cent, to $63.16 a barrel. US oil was up 59 cents, or 1 per cent, at $59.75 a barrel.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries, Russia and other allied producers, is considering increasing output by 350,000 barrels per day in May, 350,000 bpd in June and 400,000 bpd in July, two sources told Reuters.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / /

VAT’s burning a hole in your pocket: Telangana 2nd in | Hyderabad News

[ad_1]

HYDERABAD: A close scan of VAT (value-added tax) levied by states in the country shows that Telangana has the second-highest VAT for both petrol and diesel in the country.

With petrol price hovering at Rs 94.18 and diesel at Rs 88. 31 per litre, experts said the high VAT will lead to additional cost for consumers each time there is a change in base price by oil companies. Currently, the state is charging 35.2% as VAT for petrol per litre and 27% for diesel per litre.
Rajasthan leads in the country with the highest tax across the country at 36% VAT on petrol and Rs 1,500 per kilo litre as road development cess.
Odisha is the top state in having the highest VAT on diesel with 28% followed by Telangana with 27%.
Karnataka closely follows Telangana with 35% tax on petrol, while Andhra Pradesh, Assam, Delhi, Kerala and Madhya Pradesh are other states which have more than 30% VAT on petrol per litre.
In case of diesel, Rajasthan and Chhattisgarh are the only states having more than 25% VAT along with Telangana.
Earlier, Telangana used to levy about 33% tax on petrol and additional Rs 4 as additional tax. But some time back the state adjusted the tax to only 35% without additional tax.
Applying the present rate and VAT% of diesel and petrol, consumers are paying Rs 17.79 and Rs 23.06 per litre respectively to the state government directly. Though excise duty levied by the central government on per litre petrol is constant at Rs 32.90 and Rs 31.80 for diesel, the VAT levied by state governments goes up each time there is a base price change and consumers are forced to shell out extra.
Industry sources say the small change in the price in the last one week helped Telangana earn Rs 100 crore.
But there is a flip side to it also.
“Because of the high VAT on diesel, states will lose the volume of sales to other states. For example, Karnataka has high VAT on petrol but due to less VAT on diesel, it is able to attract diesel buyers (mostly transport vehicles) from other states. This will dent the state’s income as well as petrol bunk sales,” a source privy to the development said.

[ad_2]

Source link

Tagged : / / / / / / / / / / / /