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Tag: Petrol

  • Petrol And LPG Demand Soars In India This October, Reflecting Growing Economic Trends | Economy News

    New Delhi: India’s petrol, aviation turbine fuel, and LPG consumption shot up in October this year compared to the same month last year, reflecting the rising demand for these fuels in a growing economy. 

    Petrol, LPG, And Jet Fuel Show Strong Growth

    While petrol sales have gone up by 7.3 per cent, LPG consumption surged by 7.5 per cent and jet fuel demand increased 2.5 per cent year-on-year during the festive season, according to data released by the public sector oil companies on Friday. However, diesel sales declined by 3.3 per cent as the extended monsoon which led to the delay in the sowing season, impacted demand for the fuel in the farm sector.

    Major Oil Companies Report Higher Petrol Sales

    Petrol sales of Indian Oil, Bharat Petroleum, and Hindustan Petroleum, which account for over 90 per cent of the total market, increased 3.1 million tonnes during October from 2.87 million tonnes in the same month last year. This comes against the backdrop of rising sales of cars, SUVs and two-wheelers in both urban and rural areas of the country.

    Rising Air Travel Drives Jet Fuel Demand

    The increase in air travel, which comes on the back of a surging middle class that is benefiting from higher economic growth, drove up the consumption of jet fuel to 6,47,700 tonnes during October 2024. Domestic airlines flew 1.30 crore passengers in September, which is 6.38 per cent higher compared to the year-ago period, according to the latest data.

    LPG Consumption Continues Upward Trend

    Cooking gas LPG sales were up 7.5 per cent year-on-year at 2.82 million tonnes in October 2024. LPG consumption is now 13.1 per cent higher than in October 2022. 

    Pradhan Mantri Ujjwala Yojana (PMUY) Boosts LPG Usage

    LPG consumption has been on the rise with as many as 10.33 crore deposit-free LPG connections being issued under the Pradhan Mantri Ujjwala Yojana (PMUY) to women from poor households across the country as of August 1, 2024, Minister of State for Petroleum and Natural Gas Suresh Gopi informed the Lok Sabha recently.

    The target to release 8 crore connections was achieved in September 2019. To cover the remaining poor households, the second phase of the scheme Ujjwala 2.0 was launched in August 2021 and by January 2023, 1.60 crore connections had been released. Further, in view of fresh requests, in September 2023, the government approved the release of an additional 75 lakh PMUY connections.

    The public sector oil marketing companies have completed the release of these 75 lakh PMUY connections as of July 8, 2024, the minister said.

    Efforts to Promote LPG and Enhance Safety 

    Besides, other steps have been taken to popularize LPG such as spreading awareness about the advantages of using LPG over other conventional fuels and the safe usage of cooking gas through LPG Panchayats and awareness camps. 

    As a result of these efforts, the per capita consumption for PMUY beneficiaries has improved to 3.95 refills in FY 2023-24, the minister added.

  • 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 tax slashed, however you aren’t getting complete aid

    Categorical Information Carrier

    NEW DELHI:  Customers had been in for a surprise on Sunday because the relief in petrol costs due to the excise accountability lower used to be not up to that they had concept. Car customers in Delhi had been anticipating Rs 9.50 lower in petrol costs however the relief used to be most effective Rs 8.69. Customers in different towns additionally needed to shell out greater than anticipated. Explanation why: the state-owned oil advertising firms (OMCs) raised the bottom worth of petrol in a single day, which jacked up the online retail worth.

    OMCs replace the bottom worth as and when backend crude and refining costs alternate. Consistent with the cost notification of OMCs, the oil firms larger the bottom worth on petrol by means of 58 paise, making petrol nearly Rs 1 more expensive. Following the hike in base worth, the petrol prices Rs 96.72 consistent with litre in Delhi, as a substitute of Rs 95.91 consistent with litre. It way other folks in Delhi had been paying 81 paise consistent with litre extra at petrol pumps. 

    Finance Minister Nirmala Sitharaman had on Saturday introduced slashing the Central excise accountability on petrol by means of Rs 8 consistent with litre and Rs 6 consistent with litre on diesel. She claimed it could cut back the cost of petrol by means of Rs 9.5 consistent with litre and of diesel by means of Rs 7 consistent with litre in Delhi. 

    After confusion prevailed amongst customers in Kerala on the true affect of the excise accountability lower on gasoline costs, the state’s finance minister Ok N Balagopal clarified that buyers within the state must have were given a value relief of Rs 10.41 following the 8 lower in excise accountability and the Rs 2.41 relief in state tax however the sudden base worth shrank the ease to Rs 9.40. 

    Base worth is also modified each day or much less incessantly because the OMCs desire, mentioned Gaurav Moda, India Power Chief, EY. The general worth contains base worth, central excise, sellers’ fee and state VAT. Some taxes are absolute (like Central excise), some are levied as a share of the bottom worth. So, the precise worth relief might range from state to state.

    There’s no such factor in terms of diesel.

    ‘Worth advantages might be burnt up in a month’ 
    The advantages of the excise accountability lower could be misplaced in a month if the Centre lets in gasoline costs to be hiked like this, warned Kerala finance minister Ok N Balagopal

  • 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.

  • Opposition calls for dialogue on gas value hike, Speaker says most effective right through 0 Hour

    By means of PTI

    NEW DELHI: Lok Sabha Speaker Om Birla on Monday declined the opposition’s call for for a dialogue at the factor of gas value hike after postponing the Query Hour, pronouncing he would give them “sufficient time and alternatives” to boost the subject right through the 0 Hour.

    As quickly because the Space assembled at 11 am after the weekend ruin, Congress chief Adhir Ranjan Chowdhury, Trinamool Congress’ Sudip Bandyopadhyay and DMK’s T R Baalu demanded that the Space will have to talk about the gas value hike, which the federal government effected for the 6th time in per week.

    The opposition events, together with the Left, insisted that they will have to be allowed to speak about the problem and got here to the neatly of the Space.

    The opposition individuals shouted slogans towards the Modi executive tough withdrawal of the hike in gas costs.

    Then again, the Speaker stated the primary hour, which is reserved as Query Hour, will have to be allowed to serve as with out interruption and he would permit them to boost the problem right through the 0 Hour, which starts at 12 midday.

    “I will be able to come up with sufficient time and alternatives to boost the problem after the Query Hour. Query Hour is essential. So, let the Query Hour proceed,” he stated.

    Because the opposition individuals pressed for his or her call for, Birla stated he listens to all opposition individuals and all the time offers them sufficient alternatives to boost their problems.

    “I will be able to now not permit compelled adjournment of the Space. The Query Hour is necessary to boost folks’s problems. Please take a seat down. I will be able to provide the alternatives right through 0 Hour. I give alternatives to you all. I all the time give alternatives to Adhir ji, Sudip ji and Baalu ji,” he stated.

    Following the Speaker’s attraction, the opposition individuals returned to their seats. Petrol value on Monday used to be hiked via 30 paise a litre and diesel via 35 paise, taking the overall building up in charges within the ultimate one week to Rs 4-4.10 according to litre.

    Petrol in Delhi will now price Rs 99.41 according to litre as towards Rs 99.11 prior to now whilst diesel charges have long past up from Rs 90.42 according to litre to Rs 90.77, in accordance to a cost notification of state gas outlets.

    Charges had been larger around the nation and range from state to state relying upon the prevalence of native taxation.

    That is the 6th building up in costs for the reason that finishing of a four-and-half-month lengthy hiatus in fee revision on March 22.

    Within the first 4 events, costs had been larger via 80 paise a litre, the steepest single-day upward push for the reason that day by day value revision used to be offered in June 2017. On Sunday, petrol value went up via 50 paise a litre and diesel via 55 paise.

    In all, petrol costs have long past up via Rs 4 according to litre and diesel via Rs 4.10.

    Costs were on a freeze since November 4 ultimate yr forward of the meeting elections in states like Uttar Pradesh and Punjab — a length right through which the price of uncooked subject material (crude oil) soared via about USD 30 according to barrel.

  • Rajya Sabha witnesses two adjournments over gas worth hike

    Via PTI

    NEW DELHI: The Rajya Sabha complaints within the pre-lunch consultation had been washed out on Tuesday as opposition events, together with the Congress and the TMC, pressured two adjournments over a hike within the costs of petrol, diesel and LPG cylinders.

    Opposition MPs trooped into the smartly of the Area shouting slogans, no longer permitting the indexed pieces to be taken up. The complaints had been first adjourned until 12 midday after which until 2 pm.

    The petrol and diesel costs had been hiked via 80 paise a litre on Tuesday, whilst the home cooking gasoline (LPG) charges had been larger via Rs 50 in keeping with cylinder because the state-run oil companies ended the over-a-four-and-a-half-month-long election-related hiatus in price revision, fanning inflation fears.

    This was once the primary pressured adjournment because of disruptions after 12 consecutive complete sittings of the Rajya Sabha.

    All 8 sittings of the primary a part of the Finances consultation of Parliament and the primary 4 sittings of the continuing 2nd section had been with none pressured adjournments.

    The former document of 13 complete sittings of the Area with out pressured adjournments was once set within the Monsoon consultation in 2019.

    The Rajya Sabha ignored the potential of surroundings a brand new document after 3 years on Tuesday, a senior professional stated.

    The disruption-free run was once interrupted when the Area was once adjourned via Chairman M Venkaiah Naidu throughout the 0 Hour as Trinamool Congress (TMC) individuals insisted that their realize on worth upward push beneath Rule 267 be admitted.

    No quicker had the indexed papers had been laid at the desk of the Area, Opposition MPs had been on their toes, elevating the problem of worth upward push.

    Naidu stated he had no longer authorised the notices given via Shaktisinh Gohil (Congress), Dola Sen (TMC), V Sivadasan, Elamaram Kareem and John Brittas (CPI-M) beneath Rule 267, requiring surroundings apart of the indexed time table to absorb a dialogue. He stated the problem may also be mentioned throughout calls for for grants of the ministries involved.

    Now not glad, the TMC individuals stormed into the smartly of the Area sporting placards.

    The Congress, Left, Samajwadi Birthday party and Shiv Sena individuals had been additionally on their toes, a few of them shouting slogans.

    Amid the slogan-shouting, Naidu requested the protesting MPs to go back to their seats. He ordered that not anything that the protesting MPs stated would cross at the document. With the opposition MPs unrelenting, the chairman stated this may increasingly result in the foregoing of the 0-Hour submissions of nineteen individuals.

    “Names of the folk, whoever is sporting placards, their names are to be famous and installed bulletin,” he stated, prior to adjourning the complaints until 12 midday.

    Identical scenes had been witnessed when the Area met after the adjournment, with some Congress MPs becoming a member of the TMC individuals within the smartly. Different opposition MPs, together with the ones from the Left events, stood within the aisles.

    Deputy Chairman Harivansh known as for the Query Hour to be taken up and requested the opposition events to not disrupt the complaints.

    The opposition individuals saved shouting slogans, drowning the voice of Minister of State for Chemical substances and Fertiliser Bhagwanth Khuba, who was once replying to the primary indexed query.

    Harivansh requested TMC chief Derek O’Brien to name his birthday celebration colleagues again to their seats and make allowance the Query Hour to continue, announcing treasured nationwide assets were spent.

    Because the opposition individuals endured with their vociferous protest, he then adjourned the complaints until 2 pm. The Area resumed commonplace functioning within the post-lunch consultation.

  • 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.

  • CM Hemant Soren launches “Petrol Subsidy Scheme” for BPL households

    Specific Information Provider

    RANCHI: Leader Minister Hemant Soren at the instance of Republic Day, introduced the a lot mentioned petrol subsidy scheme from Dumka, beneath which a subsidy of Rs 25 in keeping with litre of petrol can be credited to the financial institution accounts of the beneficiaries.

    Soren, on the second one anniversary of his executive, had introduced {that a} subsidy of Rs 25 in keeping with litre of petrol for a most of as much as 10 litres in a month can be given to the ration card holders. To avail the subsidy, one should check in himself with the CM-SUPPORTS App, which has already been introduced.

    In line with Soren, just about 1.4 lakh folks have registered themselves for the scheme and the appliance of round 73,000 folks has already been admitted.

    “I’m glad to announce that from lately onwards, a subsidy of Rs 250, with the velocity of Rs 25 in keeping with litre for 10 litres of petrol, is being despatched to the financial institution accounts of the deficient and needy thru CM-SUPPORT App. Up to now, just about 1.4 lakh folks have registered themselves beneath the scheme, and alertness of round 73000 folks has already been admitted,” stated the Leader Minister. 

    The subsidy can be credited to the account of 40,000 beneficiaries in an instant after is scheme is introduced, he added.

    To mark the instance, Soren symbolically passed over a cheque of Rs 250 to 5 beneficiaries. With the release of this scheme, the subsidy quantity of Rs 250 can be deposited within the account of 58 thousand beneficiaries around the state lately itself.

    Talking at the instance, Soren stated the federal government has made efforts to supply employment and make sure the participation of not unusual folks in management and construction. Greater than 80 lakh employees of the unorganised sector have registered themselves at the executive’s e-shram portal within the state.

    Stressing at the want to generate employment, he stated that motion has been taken to hurry up the method of appointment to vacant posts within the state executive that have been pending for years. To offer most alternatives to the adolescence from Jharkhand in executive jobs, it’s been made obligatory to move Categories 10 and 12 from a recognised establishment within the state, but even so realizing native language and customs, he stated.

    Speaking about training, the CM stated that 80 style colleges, 325 block-level chief colleges and 4091 village-level style colleges are being evolved within the state. Round 72 crore has been licensed for the development of 20 style colleges in Santhal Parganas. To be sure that training in COVID isn’t affected, the federal government has organized for on-line training during the DG program.