India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which are set to take effect on October 18, come after previous increases in these taxes.&nbsp;

According to a Reuters report, the windfall tax on petroleum crude will be lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. Simultaneously, the government will decrease the windfall tax on ATF from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre and reduce the tax on diesel from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve.&nbsp;

The government originally introduced windfall taxes on the sale of locally produced crude oil on July 1, 2022, in response to the significant profits garnered by oil exploration and production companies amid multi-year high crude oil prices, particularly following Russia's invasion of Ukraine, a report from Mint stated. &nbsp;

The report also mentioned that while these changes are expected to provide relief to consumers and alleviate financial pressures, it is important to note that international oil prices remain dynamic. On October 17, global oil prices saw an increase. Brent futures rose by $0.74 to reach $90.39 a barrel, while US West Texas Intermediate (WTI) crude increased by $0.69 to $87.35. The oil market's fluctuations are influenced by various global factors, including political developments.&nbsp;

In the domestic market, crude oil futures with an expiry date of October 19 were trading lower by 0.7 per cent at 7,188 rupees ($86.3) per barrel on the Multi Commodity Exchange (MCX). During the trading session, the price fluctuated between 7,132 ($85.6) and 7,528 ($90.4) rupees per barrel, compared to the previous close at 7,239 rupees per barrel. &nbsp;

(With inputs from Reuters)&nbsp;

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India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry.

India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which are set to take effect on October 18, come after previous increases in these taxes. According to a Reuters report, the windfall tax on petroleum crude will be lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. Simultaneously, the government will decrease the windfall tax on ATF from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre and reduce the tax on diesel from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve. The government originally introduced windfall taxes on the sale of locally produced crude oil on July 1, 2022, in response to the significant profits garnered by oil exploration and production companies amid multi-year high crude oil prices, particularly following Russia's invasion of Ukraine, a report from Mint stated. The report also mentioned that while these changes are expected to provide relief to consumers and alleviate financial pressures, it is important to note that international oil prices remain dynamic. On October 17, global oil prices saw an increase. Brent futures rose by $0.74 to reach $90.39 a barrel, while US West Texas Intermediate (WTI) crude increased by $0.69 to $87.35. The oil market's fluctuations are influenced by various global factors, including political developments. In the domestic market, crude oil futures with an expiry date of October 19 were trading lower by 0.7 per cent at 7,188 rupees ($86.3) per barrel on the Multi Commodity Exchange (MCX). During the trading session, the price fluctuated between 7,132 ($85.6) and 7,528 ($90.4) rupees per barrel, compared to the previous close at 7,239 rupees per barrel. (With inputs from Reuters) WATCH WION LIVE HERE

India slashes windfall tax on petroleum crude, ATF, and diesel 

As tensions with Pakistan escalated, Indian oil companies have put in motion a "very strong plan" including moving a convoy of 500 trucks to ensure uninterrupted fuel supplies to all defence and strategic assets, top officials said Wednesday.

Tanks feeding defence establishment in forwarding areas along the border with Pakistan are all "topped up" and have enough fuel to meet any eventuality, they said.

Oil companies had topped up all storages in Jammu and Kashmir and other forward areas before the Tuesday's pounding of a terrorist camp inside Pakistan as retaliation to Jaish-e-Mohammed operative killing 40 paramilitary personnel in a suicide car bombing in Kashmir on February 14.

And now, as many as 500 oil tankers are being moved to the state and other forward locations to stock up jet fuel (ATF), diesel and other petroleum products for ensuring fuel supplies beyond the 10-day stock firms generally maintain, they said. 
Indian and Pakistani fighter jets shot down war planes of each other on Wednesday in the most serious military confrontation between the two nations in decades.

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) supply jet fuel for the fighter jets of

Indian Air Force as well as diesel and other fuel for tanks, trucks and other automobiles used by defence and paramilitary forces.

"We have a very strong plan in place (to ensure uninterrupted supplies)," an official said.

The requirement of defence services as a percentage of over 190 million tonnes of fuel consumed in the country is "very small" but the task is ensuring its uninterrupted availability especially in forward posts in Jammu and Kashmir, another official said.

Oil companies, they said, carry out winter stocking in Jammu and Kashmir ahead of the onset of winter every year and they had moved enough quantities of fuel to the state to meet fuel requirement of the civilians as well as defence establishment.

A separate official said Indian oil companies had ensured fuel uninterrupted fuel supplies to defence forces even during the Kargil war in 1999. 
"One is reminded of a picture in the newspapers during the height of Kargil war of a burning Indian Oil tanker alongside Bofors gun. We ensured fuel reached forces at all times," he said.

Officials refused to discuss specifics of the plan of ensuring uninterrupted fuel supplies because of "strategic reasons." 
"Please leave that to us," one of them said.

Officials said the plan is in place not just for ensuring fuel supplies but also for protecting oil assets like tankages storing fuel and refineries.

Some oil refineries on the west coast are provided air cover by the Indian Air Force and other installations are also being provided security, they said.

Oil companies to advance winter stocking to meet requirements of the Leh and Ladakh region in Jammu and Kashmir and forward areas of Himachal Pradesh which are cut off from the rest of the country due to snowfall.

Total fuels supplied this year was about 102,850 tonne (121,000 kilolitres). Ambala, Jalandhar, Sangrur and Bhatinda were the supply points that moved fuel to storage depots about 900 km away.

As tensions with Pakistan escalated, Indian oil companies have put in motion a "very strong plan" including moving a convoy of 500 trucks to ensure uninterrupted fuel supplies to all defence and strategic assets, top officials said Wednesday.

As tensions with Pakistan escalated, Indian oil companies have put in motion a "very strong plan" including moving a convoy of 500 trucks to ensure uninterrupted fuel supplies to all defence and strategic assets, top officials said Wednesday. Tanks feeding defence establishment in forwarding areas along the border with Pakistan are all "topped up" and have enough fuel to meet any eventuality, they said. Oil companies had topped up all storages in Jammu and Kashmir and other forward areas before the Tuesday's pounding of a terrorist camp inside Pakistan as retaliation to Jaish-e-Mohammed operative killing 40 paramilitary personnel in a suicide car bombing in Kashmir on February 14. And now, as many as 500 oil tankers are being moved to the state and other forward locations to stock up jet fuel (ATF), diesel and other petroleum products for ensuring fuel supplies beyond the 10-day stock firms generally maintain, they said. Indian and Pakistani fighter jets shot down war planes of each other on Wednesday in the most serious military confrontation between the two nations in decades. State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) supply jet fuel for the fighter jets of Indian Air Force as well as diesel and other fuel for tanks, trucks and other automobiles used by defence and paramilitary forces. "We have a very strong plan in place (to ensure uninterrupted supplies)," an official said. The requirement of defence services as a percentage of over 190 million tonnes of fuel consumed in the country is "very small" but the task is ensuring its uninterrupted availability especially in forward posts in Jammu and Kashmir, another official said. Oil companies, they said, carry out winter stocking in Jammu and Kashmir ahead of the onset of winter every year and they had moved enough quantities of fuel to the state to meet fuel requirement of the civilians as well as defence establishment. A separate official said Indian oil companies had ensured fuel uninterrupted fuel supplies to defence forces even during the Kargil war in 1999. "One is reminded of a picture in the newspapers during the height of Kargil war of a burning Indian Oil tanker alongside Bofors gun. We ensured fuel reached forces at all times," he said. Officials refused to discuss specifics of the plan of ensuring uninterrupted fuel supplies because of "strategic reasons." "Please leave that to us," one of them said. Officials said the plan is in place not just for ensuring fuel supplies but also for protecting oil assets like tankages storing fuel and refineries. Some oil refineries on the west coast are provided air cover by the Indian Air Force and other installations are also being provided security, they said. Oil companies to advance winter stocking to meet requirements of the Leh and Ladakh region in Jammu and Kashmir and forward areas of Himachal Pradesh which are cut off from the rest of the country due to snowfall. Total fuels supplied this year was about 102,850 tonne (121,000 kilolitres). Ambala, Jalandhar, Sangrur and Bhatinda were the supply points that moved fuel to storage depots about 900 km away.

'Very strong plan' to ensure fuel supplies to defence in place; 500 trucks move to refill depots

Jet fuel price Tuesday was cut by a record 14.7 per cent on the back of decline in international rates, making it cheaper than both petrol and diesel.

The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.7 per cent, to Rs 58,060.97 per kl, according to price notification issued by state-owned oil firms.

This is the second straight monthly reduction in rates and the biggest single cut ever. Prices were slashed by Rs 8,327.83 per kl, or 10.9 per cent, on December 1.

The two consecutive price reduction has brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines.

Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai.

A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF. A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66.

ATF costs just a shade higher than the price charged for kerosene sold through non-PDS (public distribution system) outlets in Delhi. Non-PDS in Delhi is priced at Rs 56.59 per litre.

ATF in Mumbai, home to one of the busiest airport in the country, costs Rs 58,017.33 per kl or Rs 58.01 per litre. A litre of petrol in the city costs Rs 74.30 and diesel is priced at Rs 65.56 per litre. It costs less than even non-PDS kerosene in the city which is sold at Rs 59.53 a litre.

Rates vary from city to city depending on local taxes.

Continuing its downward march, petrol price Tuesday was cut by 19 paise a litre and diesel rates were reduced by 20 paise.

Petrol now costs Rs 68.65 a litre in Delhi and diesel is priced at Rs 62.66. 
Rates have been on the decline since October 18 and cumulatively prices have been cut by Rs 14.18 per litre in case of petrol and Rs 13.03 a litre for diesel.

State-owned fuel retailers revise rates of ATF on 1st of every month based on average international oil rate and rupee-US dollar exchange rate in the preceding month. Petrol and diesel prices are revised on a daily basis.&nbsp;

Jet fuel price Tuesday was cut by a record 14.7 per cent on the back of decline in international rates, making it cheaper than both petrol and diesel. The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.

Jet fuel price Tuesday was cut by a record 14.7 per cent on the back of decline in international rates, making it cheaper than both petrol and diesel. The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.7 per cent, to Rs 58,060.97 per kl, according to price notification issued by state-owned oil firms. This is the second straight monthly reduction in rates and the biggest single cut ever. Prices were slashed by Rs 8,327.83 per kl, or 10.9 per cent, on December 1. The two consecutive price reduction has brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines. Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai. A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF. A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66. ATF costs just a shade higher than the price charged for kerosene sold through non-PDS (public distribution system) outlets in Delhi. Non-PDS in Delhi is priced at Rs 56.59 per litre. ATF in Mumbai, home to one of the busiest airport in the country, costs Rs 58,017.33 per kl or Rs 58.01 per litre. A litre of petrol in the city costs Rs 74.30 and diesel is priced at Rs 65.56 per litre. It costs less than even non-PDS kerosene in the city which is sold at Rs 59.53 a litre. Rates vary from city to city depending on local taxes. Continuing its downward march, petrol price Tuesday was cut by 19 paise a litre and diesel rates were reduced by 20 paise. Petrol now costs Rs 68.65 a litre in Delhi and diesel is priced at Rs 62.66. Rates have been on the decline since October 18 and cumulatively prices have been cut by Rs 14.18 per litre in case of petrol and Rs 13.03 a litre for diesel. State-owned fuel retailers revise rates of ATF on 1st of every month based on average international oil rate and rupee-US dollar exchange rate in the preceding month. Petrol and diesel prices are revised on a daily basis.

ATF price cut by 14.7%; costs less than petrol, diesel

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atf price-cut

India slashes windfall tax on petroleum crude, ATF, and diesel

'Very strong plan' to ensure fuel supplies to defence in place; 500 trucks move to refill depots

ATF price cut by 14.7%; costs less than petrol, diesel