The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically.
Many are hopeful that this time apart from petrol and diesel, a decision should be taken on bringing liquor under GST. However, there is no official word on these developments.
Petrol, Diesel shortage: Rumours about fuel shortage started doing the rounds after long queues over the weekend were spotted at petrol pumps in Rajasthan, Uttarakhand and Gujarat.
According to Pakistan's finance minister, the hike in petrol price has been aimed at ensuring the revial of the International Monetary Fund (IMF) programme.
Reports said that the loss to the exchequer post the reduction of excise duty on petrol and diesel will be borne through additional borrowings.
Amid the blame-game between the Centre and Opposition over the intention of reducing the fuel prices, Finance Minister Nirmala Sitharaman put some facts before the people saying criticism/appraisal can benefit from having them before us.
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.
LPG cylinder price cut: After cutting down on petrol and diesel prices, the government also reduced the price of LPG cylinders by Rs 200.
The Union Cabinet has approved advancing the target of blending 20 per cent ethanol in petrol by 5 years to 2025-26 as well as allowing more feedstocks for the production of biofuels in a bid to cut reliance on imported oil for meeting the country's energy needs.
As per the sources, ahead of Pakistan's talks with the International Monetary Fund (IMF) for the revival of the USD 6 billion loan programme, the Shehbaz government will abandon the fuel subsidy on Sunday, as per Geo TV.
Hardeep Singh Puri said that the BJP-ruled states levy less VAT on petrol and diesel than the opposition ruled states.
PM Modi has urged states which have not reduced VAT on fuel to do so as he flagged higher rates in states like Maharashtra, West Bengal and Telangana.
A shopkeeper in Varanasi is offering free lemons on the purchase of mobile accessories.
In November last year, the government reduced the excise duty on petrol and diesel. Petrol had become cheaper by Rs 5 per liter while diesel cost reduced by Rs 10 per liter. Some states had also reduced VAT that further helped reducing petrol, diesel prices.
Diesel consumption was higher due to strong demand from agriculture sector as well as stocking up by consumers and petrol pumps in anticipation of a price hike.
The Union Minister told the Congress leader that she doesn't appreaciate this as passengers were trying to deboard the plane but the Congress leader was blocking the way.
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.
Fuel prices are on a significant rise in metro cities including Delhi, Mumbai, and Kolkata. On Saturday, the national capital saw a rise of more than 80 paise as petrol stood at Rs 102.61 per litre and diesel at Rs 93.87 per litre. In Mumbai, the petrol and diesel prices per litre stood at Rs 117.57 and Rs 101.79, respectively (increased by 85 paise).
Rahul Gandhi said that common people are suffering due to rising petrol, diesel prices and demanded an immediate roll back.
A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates and similar proportion hikes have followed in subsequent days.
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