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Tag: diesel

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF
30Sep By adminNo Comments
Business

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30. The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees. On Sept. 16, the government had raised the windfall tax on petroleum crude to 10,000 rupees per ton from 6,700 rupees. India imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gai...
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Domestic Crude: Govt hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF
29Sep By adminNo Comments
Business

Domestic Crude: Govt hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF

NEW DELHI: The government on Friday hiked special additional excise duty (SAED) on crude petroleum to Rs 12,100 per tonne with effect from September 30.In the last fortnightly review on September 15, windfall tax on domestically produced crude oil was set at Rs 10,000 per tonne.Besides, the SAED or duty on export of diesel will be cut to Rs 5 per litre, from Rs 5.50 per litre currently.The duty on jet fuel or Aviation Turbine Fuel (ATF) will be reduced to Rs 2.5 per litre effective Saturday, from Rs 3.5 per litre currently.The SAED on petrol will continue at nil.India first imposed windfall profit taxes on July 1, 2022. !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t...
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World’s oil refiners are struggling to make enough diesel: Here’s why
17Sep By adminNo Comments
Business

World’s oil refiners are struggling to make enough diesel: Here’s why

By Jack Wittels, Rachel Graham, Chunzi Xu and Alex Longley The world’s oil refiners are proving powerless to make enough diesel, opening a new inflationary front and depriving economies of a fuel that powers industry and transport alike.   While oil futures are rocketing — on Friday they were just below $95 a barrel in London — the rally pales in comparison with the surge in diesel. US prices jumped above $140 to the highest ever for this time of year on Thursday. Europe’s equivalent soared 60% since summer. And it could get worse. Saudi Arabia and Russia have turned down the taps on production of crudes that are richer in diesel. On Sept. 5, both nations — leaders in the OPEC+ alliance — announced they would prolong those curbs through year-end...
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India Faring Better Than the West on Fuel Prices, Says Hardeep Puri at News18 Delhi Town Hall
17Jul By adminNo Comments
Business

India Faring Better Than the West on Fuel Prices, Says Hardeep Puri at News18 Delhi Town Hall

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri at CNN-News18’s Delhi Town Hall on July 17, 2023.Speaking at CNN-News18’s Delhi Town Hall, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri took a veiled dig at the opposition parties for spreading “false narrative” on inflationUnion Minister for Petroleum and Natural Gas Hardeep Singh Puri on Monday denied that the government is facing criticism over rising fuel prices and took a veiled dig at the opposition parties for spreading “false narrative” on inflation. Speaking at CNN-News18’s Delhi Town Hall, Puri added that India was “faring better” than the Western world and immediate neighbours on fuel prices.“There is a false narrative being propagated on inflation. We have to see what is happening globally. Indi...
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