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Tag: diesel

  • Petrol, Diesel Prices May Become Cheaper? Petroleum Secretary Hints At Good News, But There’s A Catch | Economy News

    New Delhi: Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas has hinted that the prices of petrol and diesel may be reduced if the price of crude oil remains persistently low across the world for a little longer. Oil companies may consider reducing the rates of petrol and diesel if the crude oil remains low for an extended period, hinted Jain.

    The Petroleum Secretary also said that government is mulling removal of windfall tax, stating that India’s oil ministry is in talks with the finance ministry regarding the same.

    Global oil benchmark Brent crude futures settled at their lowest level since December 2021 on Tuesday, after OPEC+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine, reported Reuters.

    Brent crude futures settled down $2.65, or 3.69%, at $69.19 a barrel. U.S. West Texas Intermediate (WTI) crude settled down $2.96, or 4.31%, to $65.75 a barrel.

    Both benchmarks dropped by more than $3 during the session, after each rose by about 1% on Monday. WTI crude futures fell more than 5% on Tuesday, hitting their lowest levels since May 2023.

    On Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) in a monthly report said world oil demand would rise by 2.03 million barrels per day (bpd) in 2024, down from last month’s forecast for growth of 2.11 million bpd.

    Until last month, OPEC had kept the forecast unchanged since it was first made in July 2023.

    OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd. Prices slid on the weakening global demand prospects and expectations of oil oversupply.

    With Reuters Inputs

  • Being between ‘satan and deep sea’: Chidambaram on states’ state of affairs after govt’s excise minimize on gas

    Via PTI

    NEW DELHI: Senior Congress chief P Chidambaram on Sunday puzzled whether or not the states can find the money for to surrender income from VAT on petrol and diesel except the Centre devolves extra price range or provides them extra grants, likening their state of affairs to being between “the satan and the deep sea”.

    The previous finance minister’s remarks come an afternoon after the federal government introduced Rs 8 consistent with litre minimize in excise accountability on petrol and Rs 6 aid on diesel.

    “The notification on aid of accountability on Petrol and Diesel is now to be had. FM used the phrases ‘Excise Responsibility’, however the aid is in Further Excise Responsibility which isn’t shared with the states. Therefore, opposite to what I mentioned the previous day, all the burden of the aid falls at the Centre. To that extent, I stand corrected,” Chidambaram mentioned.

    The states are getting little or no by the use of proportion of tasks on petrol and diesel, he mentioned, noting that their income is from VAT on petrol and diesel.

    “I wonder whether they are able to find the money for to surrender that income except the Centre devolved extra price range or gave them extra grants,” Chidambaram mentioned. The location is like being between “the satan and the deep sea”, he mentioned in a chain of tweets.

    Petrol worth on Sunday was once slashed via Rs 8.69 a litre and that of diesel via Rs 7.05 consistent with litre following the federal government’s choice to chop excise accountability on auto fuels, giving reduction to shoppers battered via top gas costs that had driven inflation to a report top.

  • Justin Lin drops out of Speedy & Livid 10

    By way of Categorical Information Provider

    Speedy & Livid director Justin Lin introduced that he’s going to now not direct the franchise’s subsequent installment Speedy X, which went on flooring remaining week. The filmmaker, who co-wrote the film’s script with Dan Mazeau, will stay concerned with the mission as a manufacturer, in keeping with Selection.

    Lin wrote on social media, “With the make stronger of Common, I’ve made the tricky determination to step again as director of Speedy X, whilst ultimate with the mission as a manufacturer.” Over 10 years and 5 motion pictures, we’ve got been ready to shoot the most productive actors, the most productive stunts, and the most productive rattling automotive chases,” the filmmaker’s observation persisted. 

    “On a private word, as the kid of Asian immigrants, I’m happy with serving to to construct essentially the most various franchise in film historical past. I can perpetually be thankful to the superb forged, staff and studio for his or her make stronger and for welcoming me into the FAST circle of relatives.”

    Manufacturing on Speedy X began on April 20, with franchise stars Vin Diesel, Jordana Brewster, Michelle Rodriguez, Tyrese Gibson, Chris Ludacris Bridges, Nathalie Emmanuel, Sung Kang and Charlize Theron returning. New forged participants come with Michael Rooker, Jason Momoa, Daniela Melchior and Brie Larson. On the finish of the primary week of filming, Diesel posted a video to Instagram with Lin, teasing that the film felt like “the start of an epic finishing.”

    Whilst selling F9, Lin opened as much as Selection concerning the course of the deliberate 10th and 11th installments of the franchise, pronouncing he and Diesel started charting the street map just about a decade in the past.Resources say that manufacturing at the primary unit has in short paused whilst Common locks in a substitute director, whilst the second one unit continues filming.Speedy X is deliberate for a Might 19, 2023 theatrical unlock. Lin directed 5 Speedy and Livid motion pictures since 2006.

  • Diesel to price Rs 2 extra from Oct 1, North East to peer petrol worth pass up

    By way of PTI

    NEW DELHI: Diesel in maximum portions of the rustic would possibly price Rs 2 according to litre extra from October 1 whilst petrol in a couple of puts equivalent to North East would possibly see a value hike after Finance Minister Nirmala Sitharaman levied further excise accountability on gasoline bought with out mixing it with ethanol or biodiesel.

    At this time, 10 according to cent ethanol, extracted from sugarcane or surplus foodgrain, is mixed or jumbled in petrol (that means 10 according to cent of ethanol combined with 90 according to cent of petrol) with the intention to slicing oil import dependence and supply farmers with an extra supply of source of revenue.

    Ethanol-blended petrol is provided in 75-80 according to cent of the rustic as availability of ethanol and logistics bog down provide in last spaces.

    Then again, there’s most effective an experimental mixing of biodiesel, extracted from non-edible oilseeds, in diesel – probably the most used gasoline within the nation.

    “Mixing of gasoline is a concern of this Executive. To inspire the efforts for mixing of gasoline, unblended gasoline shall draw in an extra differential excise accountability of Rs 2 according to litre from the first day of October 2022,” Sitharaman mentioned in her Finances speech within the Lok Sabha.

    Whilst the extra accountability will push oil corporations to obtain extra ethanol for blending in petrol and organize for logistics for transporting to poor spaces, it’s not going that the rustic will be capable of construct infrastructure to fabricate biodiesel to the dimensions wanted for mixing in diesel in subsequent 8 months, trade officers mentioned.

    At a post-Finances press convention, Income Secretary Tarun Bajaj mentioned the combined gasoline has been mentioned with the petroleum ministry.

    “We’ve got additionally accumulated knowledge on what isn’t being combined and that is one thing to push the petroleum corporations to make sure that they do the mixing. Our want isn’t to assemble the tax as a result of it might be very minimum. The will is the mixing occurs and to an extent, it advantages the rustic,” he mentioned.

    The finances proposal would imply that spaces that shouldn’t have a provide of combined gasoline will see upper charges than the spaces the place the combined gasoline is bought.

    At this time, portions of North East and Jammu & Kashmir and a few far-flung spaces within the South in addition to in Rajasthan shouldn’t have a provide of ethanol-blended petrol.

    Business officers mentioned it was once imaginable to boost the provision of ethanol-blended petrol in Rajasthan and unserviced portions of the South however the provide to North East will likely be constrained Diesel however is in large part bought with none mixing within the nation.

    ALSO READ: Karnataka to have ethanol coverage: Minister Munenakoppa

    “So as to advertise the mixing of Motor Spirit (repeatedly referred to as Petrol) with ethanol/methanol and mixing of Top-Pace Diesel with biodiesel, an extra elementary excise accountability of Rs 2 according to litre on petrol and diesel, supposed to be bought to retail shoppers with out mixing, could be levied with impact from the first day of October 2022,” the memorandum explaining the provisions of the Finance Invoice mentioned.

    Remaining 12 months, the federal government introduced ahead the objective to succeed in 20 according to cent ethanol-blending with petrol to 2025, 5 years forward of its earlier goal, to assist cut back its dependence on expensive oil imports.

    10 according to cent ethanol mixing is to be accomplished in 2022. India is the sector’s third-biggest oil importer, depending on overseas providers to fulfill greater than 85 according to cent of its oil call for.

    Officers mentioned recently the typical ethanol mixing is 8.5 according to cent. A ten according to cent mix will require 4 billion litres of ethanol by way of 2021-2022 sugar 12 months (November 2021 to October 2022).

    To reach 20 according to cent mixing by way of 2025, and to fulfill the requirement of the chemical and different sectors, about 12 billion litres of alcohol/ethanol could be required. The sugar trade will divert 6 million tonne of surplus sugar to provide 7 billion litres of the ethanol wanted whilst the opposite 5 billion litres of ethanol will likely be made out of extra grain.

    Remaining 12 months, the federal government had additionally allowed the blending of ethanol extracted from surplus grains. In other places within the Finances, a provision of Rs 4,000 crore has been made for subsidy on cooking gasoline.

    This can be insufficient in case global costs of crude oil proceed to upward push and there’s resistance from shoppers to additional worth hikes.

  • Congress to release booklet highlighting emerging costs underneath BJP government

    Through PTI

    NEW DELHI: The Congress on Monday will spotlight the problem of emerging costs and can release a ‘BJP introduced inflation’ booklet in poll-bound states.

    The Congress will organise a sequence of press meetings underlining the issues confronted by means of the folk because of inflation and cling the central executive chargeable for it.

    Congress’ leader spokesperson Randeep Singh Surjewala will cling a press convention in Lucknow, Chhattisgarh Leader Minister Bhupesh Baghel in Chandigarh, and previous Maharashtra leader minister Prithviraj Chavan in Goa.

    Former Madhya Pradesh Leader Minister Digvijay Singh will cope with a press convention in Jalandhar, Sachin Pilot in Dehradun, Hardik Patel in Meerut, and Ranjit Ranjan and Supriya Srinate in Varanasi.

    “The folk of the rustic are affected by inflation and BJP is playing. The double whammy of emerging costs and falling source of revenue has made existence tricky for folks,” AICC Secretary Pranav Jha stated.

    ALSO READ: Congress to release booklet highlighting how BJP ‘compromised’ with pursuits of defense force

    “The back-breaking costs have spoiled the finances of households. Modi ji, BJP took votes by means of serving lies of ‘acche din’ and served the poison of inflation in folks’s lives,” he stated.

    The birthday party will spotlight that the wholesale worth index has reached a 12-year top underneath BJP rule and the top excise accountability on petrol and diesel, a observation stated.

    It’ll additionally spotlight that the BJP larger rail passenger fare by means of 205 consistent with cent since January 1, 2022 and the way it has made garments, sneakers, kids’s books, chickening out cash from ATM, auto reserving from app and ordering meals, amongst different issues, dearer, the observation stated.

    ALSO READ: Congress releases booklet titled ‘Kisne Bigada Uttar Pradesh’ to sensitise employees in UP

    This would be the 3rd booklet that Congress releases in poll-bound states. Ultimate week, Congress had introduced a booklet to focus on how the BJP executive “compromised” with the pursuits of defense force and held press meetings on it.

    Prior to that, the birthday party had introduced a booklet to focus on the farmers’ plight underneath the Modi executive and held press meetings in more than a few towns.