The World Opinion

Tag: Petrol 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

  • Maharashtra Executive cuts VAT on petrol, diesel by way of Rs 5 and Rs 3 in keeping with litre respectively: CM Shinde

    Shinde knowledgeable newshounds after a cupboard assembly at Mantralaya that the verdict would entail a burden of Rs 6,000 crore at the state exchequer.

  • Mayawati: State to cut back VAT … Mayawati’s enchantment after the Middle decreased excise tax on petrol and diesel

    Lucknow: Bahujan Samaj Celebration leader Mayawati has justified the aid within the costs of petrol and diesel by means of the central executive. On Saturday, the Central Govt issued an order to chop the excise responsibility of petrol and diesel. After this, petrol in UP has change into less expensive by means of about Rs 9 and diesel by means of Rs 7 and a part. Inflation used to be changing into unbridled because of the continual build up in the cost of petrol. Efforts were made by means of the central executive to rein on this. Terming the verdict of the central executive as a reduction, BSP supremo Mayawati has now appealed to the states to take choices on this route.

    ‘States to cut back VAT in an instant’
    Mayawati has given her reaction at the factor of aid in the cost of petrol and diesel by means of tweeting. Mayawati stated that when a very long time, the Middle has given some reduction to the people who find themselves forced to guide a depressing existence because of emerging inflation, poverty and tension and so on. He stated that now it’s the accountability of Uttar Pradesh and different states to cut back VAT on petroleum merchandise in an instant following the recommendation of the Middle.

    Enchantment to surrender political passion
    Mayawati has appealed to the entire governments to surrender political selfishness within the problems with the average folks. The BSP leader stated that now the time has come, the central and state governments will have to forestall speaking of political selfishness and mutual benefit and loss. In combination, the Middle and the states will have to pay correct consideration to those nationwide issues, which can be changing into severe day-to-day, in order that not unusual existence can change into commonplace.

    Mayawati’s commentary is being thought to be essential right now. She is noticed status by means of the verdict of the central executive. On the similar time, she may be noticed supporting the enchantment of Union Finance Minister Nirmala Sitharaman to cut back VAT from the states. Mayawati has given beginning to another dialogue by means of speaking about giving up political passion from the states.

  • UP Petrol Diesel Worth These days: Petrol in UP is inexpensive by means of Rs 9 and diesel by means of Rs 7.30… know as of late’s fee in Lucknow

    Lucknow: Amidst the folk’s displeasure because of emerging inflation and protests by means of the opposition, the central govt on Saturday gave a large aid by means of decreasing the excise responsibility on oil costs. Costs additionally got here down in Uttar Pradesh after Finance Minister Nirmala Sitharaman introduced aid of excise responsibility by means of Rs 8 in keeping with liter on petrol and Rs 6 in keeping with liter on diesel. After this lower, petrol in UP turned into inexpensive by means of Rs 9 and diesel by means of about Rs 7.50 in keeping with liter. The brand new charges got here into impact from nighttime on Saturday-Sunday. After the aid, petrol in Lucknow has reached the velocity of Rs 95.57 in keeping with liter and diesel at Rs 89.76 in keeping with liter.

    Previous on November 4, 2021, the central govt had lower excise responsibility on petrol by means of Rs 5 in keeping with liter and on diesel by means of Rs 10 in keeping with liter. On the other hand, from 23 March 2022, the costs of petrol and diesel began expanding once more. The upward thrust in global crude oil costs was once attributed to the Russo-Ukraine conflict. On the other hand, after the most recent lower in excise responsibility, the central tax on petrol has come all the way down to Rs 19.9 in keeping with liter whilst in case of diesel it’s Rs 15.8 in keeping with litre.

    This shortfall is being observed as a measure to cut back inflation. After the aid of excise responsibility within the charges of petrol and diesel in UP, CM Yogi Adityanath mentioned that each and every segment of the society will receive advantages similarly from this choice devoted to public welfare. The federal government has introduced a subsidy of Rs 200 in keeping with fuel cylinder to greater than 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. This subsidy shall be to be had as much as 12 cylinders handiest. The Finance Minister mentioned that this may increasingly assist our moms and sisters. Beneficiaries of Ujjwala Yojana of UP may even get its receive advantages.

    Ujjwala beneficiaries will take pleasure in subsidy
    Girls taking fuel cylinders beneath the Ujjwala scheme within the capital will now be capable to do away with the range. The central govt has introduced a subsidy of Rs 200 at the cylinders of the Ujjwala scheme. Because of this, now the cylinder will price Rs 840.50 to ladies. Alternatively, customary other folks should pay Rs 1040.50 for the cylinder. The emerging costs of LPG cylinders had pressured ladies to gentle the range once more. Now it’s believed that there shall be aid by means of decreasing the cost of cylinders of Ujjwala Yojana by means of Rs 200. Within the remaining 5 years, BPCL has allotted 68,656 cylinders, HP 68,496 and IOCL 75,020 beneath the Ujjwala scheme within the state.

    New charges of petrol and diesel in towns of UP (worth in keeping with liter)

    citypetrol worth lower in diesel priceLucknow95.578.5489.766.94noida 97.008.6890.147.01Ghaziabad 96.269.0089.457.37Varanasi97.398.0090.566.41Kanpur city96.2686.6889.457.07Gorakhpur96.928.5590.096.94barabanki.96.7968.7296.8598.990.096.94Barbanki. Kanpur Rural96.68.8689.847.24Kannauj97.228.4190.396.80Jhansi96.708.6289.877.01Rae Bareilly96.888.8090.067.18Lakhimpur97.718.5890.876.98Mathura96.438.2789.586.689.7Prath96.318.5989.496.99moradabad.97.18.196.58788.89.19moradabad.97.188.196.5878890.18 Lakhimpur97.718.5890.876.98Mathura 006.93 Rampur97.128.6690.297.05

  • 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.

  • Hike in gas costs once more: Petrol up via Rs 9.20 after 13 revisions in 15 days

    Via ANI

    NEW DELHI: With the 13th revision within the gas costs in fifteen days, petrol and diesel charges have long gone up via 80 paise every on Tuesday. With this, the entire building up in gas charges is now Rs 9.20 in step with litre.

    Petrol and diesel in Delhi now price Rs 104.61 and Rs 95.87 in step with litre respectively. Whilst in Mumbai, petrol price Rs 119.67 in step with litre after an building up of 84 paise and diesel at Rs 103.92, greater via 85 paise.

    Significantly, the cost of CNG was once greater via Rs 2.5 in step with kg the day past. With the brand new worth, CNG prices Rs 64.11 in step with Kg within the nationwide capital.

    The rise in costs has additionally created a political uproar because the Opposition has been staging protests and critical a lower in gas costs.

    The Rajya Sabha was once on Monday adjourned for the day following repeated disruptions over emerging costs of petroleum merchandise and crucial commodities with the Opposition protesting at the factor as their call for to carry a dialogue at the subject was once rejected.

    DMK member Tiruchi Siva had raised some degree of order, asking “why the notices given via us beneath Rule 267 to the Secretary-Normal to droop all industry of the Space and habits a dialogue on mountaineering oil costs and plenty of different notices had been rejected”.

    There were a pause within the revision of gas costs since November 4 closing 12 months, which ended on March 22, following the crude oil costs going upwards within the wake of the Russian army operations in Ukraine.

    Costs are set to be raised additional given the pointy bounce in crude oil costs within the global markets. It’ll have a cascading affect at the costs of alternative pieces and result in inflationary force and harm enlargement whilst additionally impacting the costs of alternative pieces.

    In the meantime, Congress is retaining a national protest marketing campaign ‘Mehngai Mukt Bharat Abhiyan’ in opposition to worth rises beneath which it’s establishing rallies and marches around the nation from March 31 to April 7.

    Significantly, on November 3 closing 12 months, the Centre had minimize excise responsibility via Rs 5 in step with litre on petrol and Rs 10 in step with litre on diesel to deliver down the retail costs around the nation.

    Following this, a number of state governments had lowered Price-Added Tax (VAT) on petrol and diesel to supply reduction to folks. (ANI)