A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year.
The Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective September 18. Previously set at Rs 1,850 per metric ton, the cut comes amid a drop in global oil prices and could lead to lower petrol and diesel costs.
As Karnataka faces backlash over rising fuel prices, CM Siddaramaiah highlights that the state's taxes are still lower than many others. We compare fuel prices in Indian states to provide a comprehensive view.
Oil companies have refrained from adjusting petrol, diesel, and cooking gas prices for nearly two years, leading to losses when input costs were higher and profits when raw material prices were lower.
The companies may make a decision on slashing fuel rates by Rs 5 to Rs 10 a litre after assessing their financial results and considering the potential for future spikes in global oil prices.
The total consumption rose 6.2 per cent from 18.89 million metric tonnes in November compared to a growth of about 2.6 per cent in the same period a year earlier.
Pakistan's Finance Ministry on Friday announced a price hike of petrol by Rs 26.02 and diesel by Rs 17.34 per litre following clearance from the interim PM.
Oil marketing companies (OMCs) may cut petrol and diesel price by Rs 4-5 a litre from August onwards given the key state elections likely from November-December onwards.
Petrol Price Today 2 August 2022: CNG price has now reached close to petrol in Uttar Pradesh capital Lucknow. Petrol is selling at Rs 96.57 per litre in Lucknow, while diesel costs Rs 89.76 per litre. CNG now costs Rs 96.10 per kg.
Recently, hundreds of two and four-wheelers were witnessed at most of the petrol pumps around midnight in Gujarat's Ahmedabad following a rumour on social media about a possible strike of petrol pump owners.
Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the government's decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high.
In the national capital, the excise duty cut will result in a reduction of Rs 9.5 a litre on petrol in Delhi and Rs 7 a litre in diesel after taking into account its impact on other levies.
The Indian government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battered under high fuel prices that have also pushed inflation to a record high.
The government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battered by high fuel prices that have also pushed inflation to a multi-year high.
Petrol and diesel prices have constantly headed north over the past few days but it seems to have settled for now as fuel charges remain unchanged for three straight days.
The pump has explained reasons behind the decision saying the machine consumes a lot of electricity, and it is not viable to use it for a small quantity of petrol.
Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
Petrol and diesel prices in Delhi were on Tuesday hiked by 80 paise a litre each, taking the total increase in rates in the last two weeks to Rs 9.20 per litre.
This is the 13th increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.
Petrol and diesel prices were on Monday hiked by 40 paise a litre each, taking the total increase in rates in the last two weeks to Rs 8.40 per litre.
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