Worst hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales The price of diesel sold to bulk users has been hiked by about ₹25 per litre in line with a near 40% rise in international oil prices, but retail rates … Read more
The surge in oil prices in the wake of Russia-Ukraine conflict has the potential to upset the government math, which will inhibit its ability to pump-prime economic recovery, and raise the cost of living for people. Global benchmark Brent crude spiked to $105 a barrel — breaching the $100-mark for the first time since August … Read more
Indian oil marketing companies are unlikely to provide immediate relief to consumers from high petrol and diesel prices. This, as the companies turned cautious about the recent developments that have pulled down crude oil prices and are waiting a bit longer to lower pump prices of auto fuels. Petrol was sold at Rs 103.97 a … Read more
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax … Read more
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 … Read more
With this, the total incidence of excise duty on petrol rose to ₹ 32.98 per litre and that on diesel to ₹ 31.83 a litre. While the pandemic pummelled tax collection across the board, excise duty mop-up jumped 48% in the current fiscal on the back of a record increase in taxes on petrol and … Read more