The World Opinion

Tag: Diesel price

  • 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

  • Petrol, Diesel Price Hike: Karnataka Government Raises Fuel Rates By Rs 3 Per Litre | Economy News

    New Delhi: After the Lok Sabha elections, the Karnataka government has raised the prices of petrol and diesel. Starting today, petrol is now Rs 3 per litre more expensive and diesel has gone up by Rs 3.05 per litre. These new prices are effective immediately.

    Petrol and Diesel Price Hike in Karnataka

    Starting today, petrol and diesel prices have increased in Karnataka. The state government has revised the sales tax, raising it from 25.92 per cent to 29.84 per cent for petrol and from 14.3 per cent to 18.4 per cent for diesel. These new rates are now in effect and have resulted in higher fuel prices across the state. (Also Read: SBI Customers, ALERT! Your Home Loan, Personal Loan EMIs To Go Up As Bank Raises Lending Rates By 10 Basis Points)

    Sales Tax Increase in Karnataka

    The Karnataka government has revised the sales tax rates. According to the official notification, the Karnataka Sales Tax (KST) on petrol is now 29.84 per cent, and on diesel, it is 18.4 per cent. This increase in sales tax directly leads to higher retail prices for petrol and diesel. (Also Read: Several Employees Of THIS Bank Fired Over Fake Keyboard Activity And Mouse Jiggling: Details Here)

    Following the tax increase, petrol and diesel prices in Karnataka have surged by Rs 3 per litre. Prior to the hike, petrol was selling at Rs 99.84 per litre and diesel at Rs 85.93 per litre in Bangalore. However, fuel is now more expensive in Bangalore compared to Delhi where petrol is priced at Rs 94.72 per litre and diesel at Rs 87.62 per litre. This increase has further widened the price gap.

    Petrol-Diesel Prices in Bangalore 

    After an increase in sales tax by the Karnataka government, petrol prices in Bangalore have risen from Rs 99.84 per litre to Rs 102.84 per litre. Meanwhile, diesel prices have increased from Rs 85.93 per litre to Rs 88.95 per litre. This hike of Rs 3 per litre comes as a surprise as it was expected that prices would decrease after the Lok Sabha elections. 

    Petrol and diesel prices are likely to go up in Karnataka as the state govt revises sales tax by 29.84% and 18.44%.

    According to the Petroleum Dealers Association, petrol and diesel prices are likely to go up by Rs 3 and Rs 3.05 approximately in Karnataka pic.twitter.com/rJDinVT6SK
    — ANI (@ANI) June 15, 2024

  • Excise responsibility minimize on Gasoline value: Trinamool says BJP seeking to idiot plenty

    By means of PTI

    KOLKATA: TMC on Saturday mentioned the Centre’s choice to slash gas costs is an try to “idiot the folk” because it had higher the costs through leaps and boundaries in the previous couple of months and mentioned West Bengal will practice swimsuit as soon as it lifts the “financial blockade” and releases the price range because of the state.

    TMC nationwide spokesperson Sukhendu Sekhar Ray mentioned the Centre has raised the costs of petrol and diesel no less than 14 instances up to now few months and through leaps and boundaries up to now three hundred and sixty five days.

    “Now it’s reducing the costs through Rs 8 and Rs 6 according to litre respectively. That is not anything however an try to idiot the overall humans. This minimize isn’t sufficient to convey down inflation”.

    To queries, he mentioned West Bengal will slash gas costs as soon as the Centre cleared its dues amounting to Rs 97,000 crore.

    TMC state basic secretary Kunal Ghosh mentioned BJP will have to prevent seeking to take credit score for reducing gas costs.

    “The gas costs had been cur because of immense opposition and public power,” he asserted.

    The Centre on Saturday minimize excise responsibility on petrol through a file Rs 8 according to litre and that on diesel through Rs 6 according to litre to present aid to customers battered through top gas costs which has driven up inflation to a multi-year top.

    It additionally introduced subsidy of Rs 200 according to cylinder to Ujjwala Yojana beneficiaries for 12 cylinders in a yr to assist ease one of the vital burden bobbing up from cooking fuel charges emerging to file ranges.

    Ghosh mentioned, “The BJP has been pronouncing for a very long time that it has no function to play in gas value hike. If it may possibly slash the costs lately, it will have accomplished it lengthy again. However it did not. So it will have to prevent seeking to take the credit score of it”.

    Ray mentioned the Centre is the use of financial blockade in opposition to West Bengal “out of vengeance to stifle the state”.

    “It (the Centre) will have to first raise this financial blockade,” he mentioned.

    Ultimate month, West Bengal Leader Minister Mamata Banerjee had mentioned that she is going to scale back the tax on petroleum merchandise within the state as soon as the central executive cleared all of the pending dues it owed to the state.

    State BJP president Sukanta Majumdar mentioned if the TMC executive is pro-people it will have to scale back gas costs within the state.

    “Ultimate time the Centre slashed costs gas costs, different BJP dominated states additionally adopted swimsuit through lowering taxes. The Mamata Banerjee executive did not anything with the exception of abuse the Centre,” Majumdar mentioned.

  • Minimize on gas excise accountability: Prevent befooling other folks, says Congress; Nadda seeks VAT reduce by means of opposition-ruled states

    By way of PTI

    NEW DELHI: The Congress on Saturday accused Finance Minister Nirmala Sitharaman of “befooling” other folks after she introduced an excise accountability reduce on petrol and diesel and mentioned other folks wanted aid as a substitute of jugglery of figures.

    Congress leader spokesperson Randeep Surjewala mentioned the federal government had higher the excise accountability on petrol by means of Rs 10 in 60 days and is now “duping” other folks by means of lowering it by means of Rs 9.50.

    The opposition celebration demanded that the finance minister display braveness and roll again excise on petrol and diesel to the extent it used to be below the UPA in Might 2014.

    “Expensive FM. in 60 days, you higher the cost of petrol by means of Rs 10/litre and now decreased it by means of Rs 9.50/litre. U higher the cost of Diesel by means of Rs 10/litre and now decreased it by means of Rs 7/litre.

    Prevent befooling other folks! “Country does not want jugglery of figures to dupe the folk, Country does not want Jumlas, Country wishes rollback of excise on petrol and diesel to Might 2014 ranges of Rs 9.48/litre on petrol and Rs 3.56/litre on diesel. Prevent deceiving, Display the braveness to present aid,” Surjewala mentioned in a chain of tweets.

    The Congress chief mentioned in Might 2014, excise accountability on petrol used to be Rs 9.48/litre.

    “It’s nonetheless Rs 19.90 as opposed to Rs 9.48 all through the Congress,” he mentioned.

    On excise accountability on diesel, he mentioned, “It’s nonetheless Rs 15.80 as opposed to Rs 3.56 all through Congress.”

    Rajasthan Leader Minister Ashok Gehlot claimed the Centre needed to scale back the excise accountability below the force of the Congress celebration’s public consciousness marketing campaign made up our minds within the not too long ago held Chintan Shivir.

    He demanded that the central govt must decrease the petrol and diesel costs to the extent all through the UPA rule if the federal government desires to present aid to other folks in the real sense.

    “Because of the continual protests by means of the Congress towards inflation around the nation and the force of public consciousness marketing campaign towards the inflation made up our minds in Navsankalp Shivir, Udaipur, the central govt lately needed to make a decision to cut back the excise accountability on petrol and diesel,” Gehlot tweeted.

    Congress whip in Lok Sabha Manickam Tagore additionally attacked the finance minister, accusing her of being “boastful” and supporting the wealthy however now not the center elegance.

    The federal government on Saturday reduce excise accountability on petrol by means of a document Rs 8 consistent with litre and that on diesel by means of Rs 6 consistent with litre to present aid to customers battered by means of prime gas costs that experience additionally driven inflation to a multi-year prime.

    The excise accountability reduce will translate into a discount of Rs 9.5 a litre on petrol and Rs 7 a litre on diesel after bearing in mind its have an effect on on different levies.

    Pronouncing the obligation reduce, Sitharaman additionally mentioned the federal government will give Rs 200 consistent with cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a yr to lend a hand ease one of the vital burden coming up from cooking gasoline charges emerging to document ranges.

    BJP president J P Nadda on Saturday lauded as “ancient” the federal government’s choice to chop excise accountability on petrol and diesel to present aid to other folks, and demanded that opposition-ruled states additionally slash taxes for larger public get advantages.

    In a commentary, Nadda mentioned BJP-ruled states had reduce Price Added Tax (VAT) on petrol and diesel when the Centre decreased excise accountability on petrol by means of Rs 10 and diesel by means of Rs 5 in November final yr however opposition events had now not carried out so of their states, one thing Modi had highlighted in his assembly with leader ministers final month.

    Modi had cited gas costs in numerous states to focus on the numerous hole between the ones governed by means of the BJP and the ones by means of non-BJP events.

    The Modi govt’s choice on Saturday presentations as to how delicate it’s to the pursuits of the average guy, Nadda mentioned.

    It additionally presentations how it’s running to make other folks’s existence more uncomplicated with its proactive and responsive measures, he added.

    The BJP president additionally lauded the federal government’s choice to present a Rs 200 subsidy on each and every gasoline cylinder to beneficiaries of the Ujjwala scheme.

    The federal government reduce excise accountability on petrol by means of a steep Rs 8 consistent with litre and that on diesel by means of Rs 6 consistent with litre to present aid to customers from prime gas costs that experience additionally driven inflation.

  • Centre hiked taxes on petrol, diesel through 250 consistent with cent between 2014-15 and 2020-21: Priyanka Gandhi

    By way of PTI

    NEW DELHI: Congress chief Priyanka Gandhi Vadra attacked the federal government on Friday over emerging gas costs, pronouncing the Centre hiked taxes on petrol and diesel through 250 consistent with cent between 2014-15 and 2020-21.

    Her assault at the BJP-led executive got here amid a political slugfest over Top Minister Narendra Modi flagging upper gas costs in lots of Opposition-ruled states.

    The opposition leader ministers have introduced an offensive towards the top minister at the factor of tax cuts on petroleum merchandise.

    In a tweet in Hindi, Priyanka Gandhi mentioned the central executive larger the tax assortment on petrol and diesel through 250 consistent with cent between 2014-15 and 2020-21.

    In 2014, excise accountability charged used to be simplest Rs 9.48 on petrol and simplest Rs 3.56 on diesel, the Congress common secretary mentioned.

    Priyanka Gandhi additionally tagged a media document which mentioned the central executive larger excise accountability on gas through 250 consistent with cent in six years.

  • Congress, NCP accuse Centre of ‘looting’ not unusual guy by means of mountaineering costs of gas

    By way of PTI

    MUMBAI: The Congress and the NCP on Wednesday accused the Narendra Modi executive of looting the deficient as the costs of petrol and diesel have been hiked once more.

    Petrol and diesel costs have been raised by means of 80 paise a litre each and every on Wednesday, taking the full build up in charges in 16 days to Rs 10 consistent with litre.

    “The Modi executive continues to loot the deficient thru gas worth hikes! Petrol-diesel costs have been greater by means of any other 80 paise lately with the costs going up by means of Rs 10 in two weeks,” Maharashtra Congress leader Nana Patole tweeted. Patole termed the BJP executive a “pickpocket”.

    NCP spokesperson Clyde Crasto additionally took to Twitter to hit out on the BJP, terming the saffron birthday party “lootjeevi” (one that flourishes at the loot).

    ALSO READ: 14th worth hike in 16 days makes petrol, diesel more expensive by means of Rs 10/litre 

    Taking a swipe on the BJP, Crasto shared a caricature, wherein he likened the birthday party to a cowboy preserving gas pump nozzles in each palms as though weapons and coaching them in opposition to a not unusual guy who has raised his palms out of worry.

    The cowboy depicted within the caricature has the BJP’s ballot image, the lotus, within the position of his face. “Sufficient of petrol-diesel worth upward thrust,” Crasto tweeted. NCP and Congress are constituents of the MVA executive led by means of Shiv Sena.

  • Rahul calls for rollback in costs of gasoline, leads protest towards hike

    Via PTI

    NEW DELHI: Stepping up the assault towards the federal government over steep hike in gasoline costs, Congress chief Rahul Gandhi on Thursday stated the upward thrust in petrol and diesel costs has been exceptional and demanded its roll again.

    Main a protest through Congress MPs at the factor at Vijay Chowk right here, he stated costs of petrol and diesel have risen 9 instances within the ultimate 10 days, and the typical guy is probably the most affected because of this.

    Congress MPs from each the Lok Sabha and the Rajya Sabha sporting placards raised slogans towards the federal government and sat on a dharna towards the gasoline worth hike.

    Amongst the ones provide integrated Chief of Opposition within the Rajya Sabha Mallikarjun Kharge and Congress chief within the Lok Sabha Adhir Ranjan Chowdhury.

    “Our call for is that the federal government must keep an eye on costs and forestall elevating petrol and diesel costs,” Gandhi stated whilst noting that the deficient and heart magnificence were worst hit through the hike.

    “We will be able to see that petrol and diesel costs are hiking hastily. The federal government is making hundreds of crores from this. The Congress is protesting around the nation in contrast worth upward push of petrol and diesel. The federal government has to forestall doing this. It has to make certain that costs don’t upward push,” he advised journalists.

    “I had stated that after elections shall be over, the costs of petrol and diesel shall be emerging and had requested other people to replenish their tanks,” he stated.

    Gandhi shared on Twitter petrol charges in nations within the Indian sub continent. “Petrol Price in Indian Rupees (Rs) Afghanistan: 66.99. Pakistan: 62.38. Sri Lanka: 72.96. Bangladesh: 78.53. Bhutan: 86.28. Nepal: 97.05. India: 101.81.

    “Do not ask inquiries to the ‘Fakir’, who stocks wisdom at the digicam. Loots India whilst sporting a bag filled with ‘jumlas’ (rhetoric),” Gandhi stated in a tweet in Hindi, the usage of hashtag “MehangaiMuktBharat”.

    Gandhi stated this stage of worth upward push in petrol and diesel has been exceptional, whilst accusing the federal government of stealing the cash from the deficient and handing it over to industrialists.

    The Congress may be launching a week-long countrywide protest “Mehngai Mukt Bharat’ towards inflation and upward push in gasoline costs, below which it’ll release a social media marketing campaign in addition to beat plates and drums.

    It’ll additionally garland LPG cylinders around the nation in any respect state and district headquarters to spotlight top inflation and upward push in gasoline costs.

    Petrol and diesel costs have been on Thursday hiked through 80 paise a litre every, taking the entire building up in charges within the ultimate 10 days to Rs 6.40 consistent with litre.

    Charges were greater around the nation and range from state to state relying upon native taxation.

    That is the 9th building up in costs for the reason that finishing of a four-and-half-month lengthy hiatus in fee revision on March 22.

  • Petrol Diesel Value UP: Petrol was dear by means of Rs 3.20 in 5 days, know what’s the cost of petrol and diesel in Lucknow and Noida nowadays

    Lucknow: As quickly because the Uttar Pradesh meeting elections are over, the costs of petrol and diesel are expanding regularly. On Saturday additionally, the costs of petrol and diesel have been greater by means of about 80 paise. Right through the UP Election 2022, the rise within the costs of petrol and diesel used to be stalled for approximately 137 days. It went away closing Tuesday. On Tuesday, for the primary time within the 12 months 2022, the costs of petrol and diesel have been greater by means of 80 paise and because then for the fourth time in 5 days, the oil firms have repeated this 80 paise tally.

    Accordingly, an building up of Rs 3.20 consistent with liter has been carried out within the costs of petrol and diesel thus far. In view of the variation of VAT, the cost of petrol has greater accordingly within the closing 5 days in Lucknow, the capital of UP. Because of the rise within the costs of petrol and diesel, now the impact of inflation may be visual. The issues of commonplace individuals are expanding because of the have an effect on on the entirety from freight.

    Petrol worth greater by means of Rs 3.2 in Lucknow
    Petrol and diesel costs within the capital Lucknow have additionally greater on Saturday. On Saturday, an building up of 79 paise used to be recorded in the cost of petrol within the capital Lucknow. On the similar time, an building up of 79 paise has been registered within the costs of diesel. Thus the cost of petrol has greater by means of Rs 3.2 within the closing 5 days. On the similar time, the cost of diesel has greater by means of Rs 3.21.

    New fee of petrol and diesel in Lucknow
    Petrol worth in Lucknow stood at Rs 98.46 consistent with liter on Saturday. Until Monday, petrol within the capital used to be solid at Rs 95.26 consistent with liter. On the similar time, diesel within the capital reached the speed of Rs 90.01 consistent with liter on Saturday. On Monday, the speed of diesel within the capital used to be Rs 86.8 a liter.

    Petrol worth in Noida greater by means of Rs 3.17
    Petrol costs in Noida have greater by means of Rs 3.17 within the closing 5 days. Petrol costs greater as soon as once more within the town on Saturday. An building up of about 92 paise has been registered in the cost of petrol on Saturday. On Saturday additionally, the cost of diesel within the town has additionally greater by means of 92 paise consistent with liter. Thus diesel has transform more expensive by means of Rs 3.2 in 5 days.

    new worth of petrol and diesel in noida
    Petrol is being to be had in Noida on the fee of Rs 98.68 consistent with liter on Saturday. 5 days in the past i.e. on Monday, the cost of petrol within the town used to be Rs 95.51 consistent with liter. In a similar fashion, the speed of diesel within the town has long gone as much as Rs 90.21 consistent with liter on Saturday. On the similar time, 5 days in the past i.e. on Monday, diesel used to be to be had on the fee of Rs 87.01 consistent with liter.

    That is how the cost of petrol and diesel greater in Lucknow (in rupees consistent with liter)

    DatePetrolDiesel26 March 98.4690.0125 March97.6789.2224 March96.8788.4223 March96.8788.4222 March96.0887.6121 March95.2686.8 That is how the cost of petrol and diesel in Noida greater (in Rs.consistent with litre)
    Date Petrol Diesel 26 March 98.6890.2125 March 97.9689.2924 March 97.1088.6323 March 97.1088.6322 March 96.3087.8221 March95.5187.01 Subsequent articleYogi holds first assembly with the contributors of the newly shaped cupboard

  • Oil worth tops USD 87 according to barrel however petrol, diesel costs keep unchanged

    Via PTI

    NEW DELHI: World oil costs jumped to the best stage since 2014, topping USD 87 a barrel however home petrol and diesel costs remained unchanged for the 74th day in a row – a freeze that can be related to resulting meeting elections in states like Uttar Pradesh and Punjab.

    Brent – the important thing world oil benchmark – soared to USD 87.7 according to barrel most commonly because of emerging geopolitical tensions and supply-side disturbances because of Yemen’s Houthi team’s assault on oil amenities within the United Arab Emirates.

    Additionally, world inventories are waning. The assault, some analysts consider, would possibly result in extra opposed behaviour between the 2 energy centres within the Center East – Iran and Saudi Arabia.

    However home gasoline costs – which might be immediately related to global oil costs – have no longer been revised for over two months now. Petrol prices Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67.

    This worth is after accounting for the excise responsibility minimize and a discount in VAT charge through the state executive. Prior to those tax discounts, petrol worth had touched an all-time prime of Rs 110.04 a litre and diesel got here for Rs 98.42.

    Those charges corresponded to Brent hovering to a height of USD 86.40 according to barrel on October 26, 2021.

    Brent was once USD 82.74 on November 5, 2021, sooner than it began to fall and touched USD 68.87 a barrel in December. Costs, on the other hand, began to upward push thereafter and on Tuesday soared to USD 87.7 according to barrel – the best since 2014.

    Petrol and diesel costs had been up to now frozen sooner than an important elections. There was once a 19-day worth freeze on petrol and diesel forward of Karnataka polls in Might 2018, in spite of global gasoline costs going up through just about USD 5 according to barrel.

    Then again, no faster have been the elections over, oil corporations swiftly handed directly to consumers the specified build up — over 16-straight days post-Might 14, 2018. Petrol worth climbed through Rs 3.8 according to litre and diesel through Rs 3.38 according to litre after the hike.

    In a similar fashion, that they had stopped revising gasoline costs for just about 14 days forward of the meeting elections in Gujarat in December 2017.

    Those corporations had additionally imposed a freeze on petrol and diesel costs between January 16, 2017, and April 1, 2017, when meeting elections in 5 states — Punjab, Goa, Uttarakhand, Uttar Pradesh and Manipur, have been held.

    Throughout the 2019 basic elections, they moderated the revision through no longer passing on all the desired build up in charges to shoppers, business assets mentioned.

    The charges started to upward push an afternoon after the general section of polling for the Lok Sabha elections ended. The present 74-day hiatus is the second one longest since day by day gasoline worth revision was once followed in June 2017. Previous to this, there was once a 82-day hiatus in charge revision between March 17, 2020 and June 6, 2020.

    The 82-day hiatus in charge revision in 2020 adopted the federal government elevating excise responsibility on petrol and diesel through Rs 3 according to litre every to mop up good points coming up from falling global charges.

    The federal government on Might 6, 2020, once more raised excise tasks through Rs 10 according to litre on petrol and Rs 13 according to litre on diesel.