Petrol price Sunday hit Rs 74.40 a litre - the highest level under the BJP-led government, while diesel rates touched a record high of Rs 65.65, renewing calls for a cut in excise duty to ease the burden on consumers.

State-owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates by 19 paise per litre each in Delhi, according to a price notification.

The hike necessitated due to firming international oil prices, comes on back of a 13 paise increase in rates of petrol effected Saturday and a 15 paise hike in diesel, it said.

Petrol in the national capital now costs Rs 74.40 a litre, the highest since September 14, 2013, when rates had hit Rs 76.06. Diesel price at Rs 65.65 are the highest ever.

Oil ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley, in his Budget presented on February 1, ignored those calls.

India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT, but just four of them - Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh - reduced rates while others including BJP-ruled ones ignored the call.

The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre.&nbsp

However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.&nbsp

In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month. Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then prices are revised on a daily basis.&nbsp

State-owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates by 19 paise per litre each in Delhi, according to a price notification

Petrol price Sunday hit Rs 74.40 a litre - the highest level under the BJP-led government, while diesel rates touched a record high of Rs 65.65, renewing calls for a cut in excise duty to ease the burden on consumers. State-owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates by 19 paise per litre each in Delhi, according to a price notification. The hike necessitated due to firming international oil prices, comes on back of a 13 paise increase in rates of petrol effected Saturday and a 15 paise hike in diesel, it said. Petrol in the national capital now costs Rs 74.40 a litre, the highest since September 14, 2013, when rates had hit Rs 76.06. Diesel price at Rs 65.65 are the highest ever. Oil ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley, in his Budget presented on February 1, ignored those calls. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates. Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT, but just four of them - Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh - reduced rates while others including BJP-ruled ones ignored the call. The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels. The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. State-owned oil companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month. Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then prices are revised on a daily basis.

Petrol price hit highest level under BJP govt, diesel at record peak

Petrol prices rose to 55-month high while diesel became costliest ever. On Friday, petrol increased marginally by 1 paisa and diesel by 4 paise.

Petrol in the national capital, Delhi now costs Rs 74.08 a litre, the highest since September 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.31 is the highest ever.

The rise in petrol and diesel prices is due to rise in the rate of crude oil. India imports more than 80% of its crude oil requirement from the international market. This makes our petrol and diesel price directly proportional to international crude oil prices.

The Oil Ministry had earlier sought a reduction in excise duty on both petrol and diesel to cushion the impact of rising international oil prices. This was however turned down by Finance Minister Arun Jaitley in the budget presented on 1st February.

India imports more than 80% of its crude oil requirement from the international market.

Petrol prices rose to 55-month high while diesel became costliest ever. On Friday, petrol increased marginally by 1 paisa and diesel by 4 paise. Petrol in the national capital, Delhi now costs Rs 74.08 a litre, the highest since September 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.31 is the highest ever. The rise in petrol and diesel prices is due to rise in the rate of crude oil. India imports more than 80% of its crude oil requirement from the international market. This makes our petrol and diesel price directly proportional to international crude oil prices. The Oil Ministry had earlier sought a reduction in excise duty on both petrol and diesel to cushion the impact of rising international oil prices. This was however turned down by Finance Minister Arun Jaitley in the budget presented on 1st February.

Petrol rises to 55-month high, diesel costliest ever

As petrol prices shot to a new high, <a href="http://www.wionews.com/india-news/petrol-rises-to-55-month-high-diesel-costliest-ever-131582">petroleum minister Dharmendra Pradhan</a> said it was due to the situation in Syria and US threat of imposing sanctions on Iran.

Petrol prices touched 74.08 per litre in Delhi on Friday at a 5-year high. It rose similarly in other metros - Kolkata, Mumbai and Chennai.

In Kolkata oil prices rose to Rs 76.78 a litre, Mumbai it was Rs 81.93 and in Chennai it surged&nbsp;to Rs 76.85 a litre.

Former finance minister P Chidambaram attacked the central government in a series of tweets saying it was due to 'tax the consumer' policy of the government.

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BJP boasts that it is ruling 22 States. 
Then, why does the BJP government refuse to bring petroleum and petroleum products under GST?
— P. Chidambaram (@PChidambaram_IN) <a href="https://twitter.com/PChidambaram_IN/status/987153561678036992?ref_src=twsrc%5Etfw">April 20, 2018</a></blockquote>
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The Congress leader said: "For the last four years, the BJP government has lived off an oil bonanza. Minus the oil bonanza, the BJP government is clueless and floundering."

"Crude oil price at $ 74 per barrel is still lower than $ 105 four years ago. So, why are petrol/diesel prices higher today than they were in May 2014," he asked in his tweet.

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For the last four years, the BJP government has lived off an oil bonanza. Minus the oil bonanza, the BJP government is clueless and floundering .
— P. Chidambaram (@PChidambaram_IN) <a href="https://twitter.com/PChidambaram_IN/status/987153423828004864?ref_src=twsrc%5Etfw">April 20, 2018</a></blockquote>
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"Then, why does the BJP government refuse to bring petroleum and petroleum products under GST?"

Petroleum minister Dharmendra Pradhan had said earlier that the GST Council should in the "interest of energy security and consumers" include petroleum products in GST.

Petrol, diesel, natural gas, crude oil and jet fuel (ATF) are currently not included in the GST.

Petroleum minister Dharmendra Pradhan had said earlier that the GST Council should in the "interest of energy security and consumers" include petroleum products in GST.

As petrol prices shot to a new high, petroleum minister Dharmendra Pradhan said it was due to the situation in Syria and US threat of imposing sanctions on Iran. Petrol prices touched 74.08 per litre in Delhi on Friday at a 5-year high. It rose similarly in other metros - Kolkata, Mumbai and Chennai. In Kolkata oil prices rose to Rs 76.78 a litre, Mumbai it was Rs 81.93 and in Chennai it surged to Rs 76.85 a litre. Former finance minister P Chidambaram attacked the central government in a series of tweets saying it was due to 'tax the consumer' policy of the government. BJP boasts that it is ruling 22 States. Then, why does the BJP government refuse to bring petroleum and petroleum products under GST? — P. Chidambaram (@PChidambaram_IN) April 20, 2018 × The Congress leader said: "For the last four years, the BJP government has lived off an oil bonanza. Minus the oil bonanza, the BJP government is clueless and floundering." "Crude oil price at $ 74 per barrel is still lower than $ 105 four years ago. So, why are petrol/diesel prices higher today than they were in May 2014," he asked in his tweet. For the last four years, the BJP government has lived off an oil bonanza. Minus the oil bonanza, the BJP government is clueless and floundering . — P. Chidambaram (@PChidambaram_IN) April 20, 2018 × "Then, why does the BJP government refuse to bring petroleum and petroleum products under GST?" Petroleum minister Dharmendra Pradhan had said earlier that the GST Council should in the "interest of energy security and consumers" include petroleum products in GST. Petrol, diesel, natural gas, crude oil and jet fuel (ATF) are currently not included in the GST.

High oil prices due to situation in Syria & US sanctions threat on Iran: Petroleum minister

With the soaring petrol and diesel prices, Congress president Rahul Gandhi is leaving no chance to criticise PM Modi, holding him accountable for being ignorant about higher fuel prices.&nbsp;

Gandhi took to Twitter and wrote: "The poor & the middle class bear the brunt of rising fuel prices. In this video, our PM is quite obviously talking about some other country," while also attaching a video.&nbsp;

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The poor & the middle class bear the brunt of rising fuel prices. In this video, our PM is quite obviously talking about some other country. <a href="https://twitter.com/hashtag/PeTrolled?src=hash&ref_src=twsrc%5Etfw">#PeTrolled</a> <a href="https://t.co/J6PHC7UsJZ">pic.twitter.com/J6PHC7UsJZ</a>
— Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/981465487539400709?ref_src=twsrc%5Etfw">April 4, 2018</a></blockquote>
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&nbsp;

Petrol and diesel prices are on an uptrend amid firming global crude prices. The rates of the two fuels have been so far increased 14 times since March 18, 2018.

At current level, petrol prices are up Rs 3.98 per litre in Delhi, Rs 3.94 per litre in Kolkata, Rs 3.93 per litre in Mumbai and Rs 4.19 per litre in Chennai so far this year. Diesel rates are up Rs. 5.18 per litre, Rs 5.21 per litre, Rs 5.75 per litre and Rs 5.55 per litre respectively.

The OMCs while deciding the prices of fuel, take into consideration the performance of international crude oil, adding government’s excise duty and various state’s value added tax (VAT), however, currently the state-owned OMCs face a difficult time in regards to trimming down fuel prices as they have limited room for it, which results in consumers ending up paying higher petrol and diesel prices.&nbsp;

The reason for the hike in fuel prices are due to the surge in international crude oil prices and the reluctance of government in cutting excise duty and state’s VAT.&nbsp;

On Wednesday, Finance minister Dr TM Thomas Isaac refused to cut sales tax on petroleum saying that even the smallest change tax on petroleum products will decimate the states impoverished economy.&nbsp;

Presently, the state is facing a deficit in tax revenue. Hence the state cannot afford to lose this revenue and an appropriate decision will be taken ...

Gandhi previously attacked Modi saying that when UPA was in power, the oil price was $140 per barrel and today it is half in the international market.

"When in the international market petrol price was coming down, you are paying high. In whose pocket is the money going? Your money is being looted from you and is being given to 10/12 rich people," he said.

Petrol and diesel prices are on an uptrend amid firming global crude prices. The rates of the two fuels have been so far increased 14 times since March 18, 2018

With the soaring petrol and diesel prices, Congress president Rahul Gandhi is leaving no chance to criticise PM Modi, holding him accountable for being ignorant about higher fuel prices. Gandhi took to Twitter and wrote: "The poor & the middle class bear the brunt of rising fuel prices. In this video, our PM is quite obviously talking about some other country," while also attaching a video. The poor & the middle class bear the brunt of rising fuel prices. In this video, our PM is quite obviously talking about some other country. #PeTrolled pic.twitter.com/J6PHC7UsJZ — Rahul Gandhi (@RahulGandhi) April 4, 2018 × Petrol and diesel prices are on an uptrend amid firming global crude prices. The rates of the two fuels have been so far increased 14 times since March 18, 2018. At current level, petrol prices are up Rs 3.98 per litre in Delhi, Rs 3.94 per litre in Kolkata, Rs 3.93 per litre in Mumbai and Rs 4.19 per litre in Chennai so far this year. Diesel rates are up Rs. 5.18 per litre, Rs 5.21 per litre, Rs 5.75 per litre and Rs 5.55 per litre respectively. The OMCs while deciding the prices of fuel, take into consideration the performance of international crude oil, adding government’s excise duty and various state’s value added tax (VAT), however, currently the state-owned OMCs face a difficult time in regards to trimming down fuel prices as they have limited room for it, which results in consumers ending up paying higher petrol and diesel prices. The reason for the hike in fuel prices are due to the surge in international crude oil prices and the reluctance of government in cutting excise duty and state’s VAT. On Wednesday, Finance minister Dr TM Thomas Isaac refused to cut sales tax on petroleum saying that even the smallest change tax on petroleum products will decimate the states impoverished economy. Presently, the state is facing a deficit in tax revenue. Hence the state cannot afford to lose this revenue and an appropriate decision will be taken ... Gandhi previously attacked Modi saying that when UPA was in power, the oil price was $140 per barrel and today it is half in the international market. "When in the international market petrol price was coming down, you are paying high. In whose pocket is the money going? Your money is being looted from you and is being given to 10/12 rich people," he said.

Rising fuel prices: Rahul calls Modi 'king of misinformation'

Petrol price today hit a four-year high of Rs 73.73 a litre while diesel rates touched an all-time high of Rs 64.58 in the national capital, renewing calls for the government to cut excise tax rates.

State-owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates by 18 paise per litre each in Delhi, according to a price notification.

Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014 when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with previous high of Rs 64.22 being on February 7, 2018.

The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls.

India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT but just four of them -- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh -- reduced rates while others including BJP-ruled ones ignored the call.

The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017 come down to Rs

56.89 per litre and petrol to Rs 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month . Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then, prices are revised on a daily basis.&nbsp

Petrol was selling at Rs 73.73 and diesel at Rs 64.58 a litre in Delhi, renewing calls for the government to cut excise tax rates

Petrol price today hit a four-year high of Rs 73.73 a litre while diesel rates touched an all-time high of Rs 64.58 in the national capital, renewing calls for the government to cut excise tax rates. State-owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates by 18 paise per litre each in Delhi, according to a price notification. Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014 when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with previous high of Rs 64.22 being on February 7, 2018. The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates. Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT but just four of them -- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh -- reduced rates while others including BJP-ruled ones ignored the call. The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017 come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels. The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. State-owned oil companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month . Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then, prices are revised on a daily basis.

Petrol prices hit 4-year high, diesel at all-time high

In a bid to control air pollution a German court is now considering banning diesel cars in its cities. Experts believe that the move, if materialises, may hamper the country&#39;s powerful auto industry.

Germany&#39;s Federal Administrative Court in Leipzig will announce its decision later today after hearing an appeal by two German states.

Some of the preliminary court cases were initiated by the group &#39;Environmental Action Germany&#39;. The group has often blamed the government for putting automakers&#39; interests before public health.

Germany, among other countries, has long been pressurised by the European Union to tackle increasing air pollution.

The country has recently been working on a series of measures to reduce harmful emissions such as promoting the use of electric vehicles and public transport, et cetera.&nbsp;

On the other hand, the ban is also believed to wreak havoc on industries and services that are heavily diesel reliant.&nbsp;

Germany, among other countries, has long been pressurised by the European Union to tackle increasing air pollution

In a bid to control air pollution a German court is now considering banning diesel cars in its cities. Experts believe that the move, if materialises, may hamper the country's powerful auto industry. Germany's Federal Administrative Court in Leipzig will announce its decision later today after hearing an appeal by two German states. Some of the preliminary court cases were initiated by the group 'Environmental Action Germany'. The group has often blamed the government for putting automakers' interests before public health. Germany, among other countries, has long been pressurised by the European Union to tackle increasing air pollution. The country has recently been working on a series of measures to reduce harmful emissions such as promoting the use of electric vehicles and public transport, et cetera. On the other hand, the ban is also believed to wreak havoc on industries and services that are heavily diesel reliant.

German court considers banning diesel cars to tackle pollution

Petrol prices on Tuesday hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty.

Petrol price rose to Rs 72.38 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms.

Rates have risen by Rs 3.31 per litre since mid-December. In Mumbai, prices have crossed Rs 80-mark - costliest in the country.

Diesel is being sold at Rs 67.30 in Mumbai, where the local sales tax or VAT rates are higher.

Since mid-December, diesel rates have jumped Rs 4.86 a litre, according to oil companies.

The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.

The reduction sought is part of the pre-Budget memorandum submitted by the ministry for the consideration of Finance Minister Arun Jaitley, officials said.

Oil Secretary K D Tripathi had yesterday stated that the ministry has forwarded a set of recommendation it had received from the industry. He, however, refused to give details.

The central government levies Rs 19.48 per litre excise duty on petrol and Rs 15.33 on diesel.

VAT on petrol in Delhi is Rs 15.39 per litre while on diesel it is Rs 9.32.

Brent and US West Texas Intermediate crude - two of the most-traded benchmark, today rose to $ 69.41 per barrel and $ 63.99 respectively. Brent is not far off the January 15 three-year high of $ 70.37 a barrel. WTI had hit its highest since December 2014, on January 16 at $ 64.89 a barrel.

The rally in oil prices has renewed calls to the government to cut excise duty to cushion the burden on common man, the officials said.

The BJP-led NDA government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but cut the tax only once in October last year by Rs 2 per litre.

The excise duty in October 2017 was cut when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14.

Because of the excise duty cut, diesel prices had on October 4, 2017, come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months which helped the government&#39;s excise mop-up to more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4.

Since then prices are revised on daily basis. Today, the price of petrol went up by 15 paise per litre and that of diesel by 19 paise.&nbsp;

Petrol prices on Tuesday hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty

Petrol prices on Tuesday hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty. Petrol price rose to Rs 72.38 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. Rates have risen by Rs 3.31 per litre since mid-December. In Mumbai, prices have crossed Rs 80-mark - costliest in the country. Diesel is being sold at Rs 67.30 in Mumbai, where the local sales tax or VAT rates are higher. Since mid-December, diesel rates have jumped Rs 4.86 a litre, according to oil companies. The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week. The reduction sought is part of the pre-Budget memorandum submitted by the ministry for the consideration of Finance Minister Arun Jaitley, officials said. Oil Secretary K D Tripathi had yesterday stated that the ministry has forwarded a set of recommendation it had received from the industry. He, however, refused to give details. The central government levies Rs 19.48 per litre excise duty on petrol and Rs 15.33 on diesel. VAT on petrol in Delhi is Rs 15.39 per litre while on diesel it is Rs 9.32. Brent and US West Texas Intermediate crude - two of the most-traded benchmark, today rose to $ 69.41 per barrel and $ 63.99 respectively. Brent is not far off the January 15 three-year high of $ 70.37 a barrel. WTI had hit its highest since December 2014, on January 16 at $ 64.89 a barrel. The rally in oil prices has renewed calls to the government to cut excise duty to cushion the burden on common man, the officials said. The BJP-led NDA government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but cut the tax only once in October last year by Rs 2 per litre. The excise duty in October 2017 was cut when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14. Because of the excise duty cut, diesel prices had on October 4, 2017, come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs. The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months which helped the government's excise mop-up to more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4. Since then prices are revised on daily basis. Today, the price of petrol went up by 15 paise per litre and that of diesel by 19 paise.

Petrol, diesel prices jump; Oil ministry seeks excise duty cuts

Petrol and diesel prices in India are to a &quot;large extent&quot; aligned to international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said today, responding to the charges of government meddling in fixing of fuel prices. 
 
The prices are revised daily based on 15-day rolling average rate of their international benchmark, he said. 
 
&quot;To a large extent, our prices are aligned to international product prices,&quot; he said. 
 
He was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company&#39;s third quarter earnings. 
 
Prices in international markets have been fluctuating and are being reflected in domestic rates, he said. 
 
&quot;Kindly don&#39;t look at international spot (or current market) prices. And also please do not relate product prices with (international) crude oil rates,&quot; Singh said. 
 
&quot;Domestic prices of petrol and diesel are revised based on changes in the benchmark international product prices. Many a times, crude oil prices rises but there is hardly any change in product prices, which form the basis fixing domestic rates,&quot; he added. 
 
It was alleged in some quarters that the government informally directed state-owned fuel retailers not to raise petrol and diesel prices in the run up to the December 2017 elections in Gujarat. 
 
By some accounts, as much as 45 paisa increase warranted in petrol and diesel rates was not passed on. 
 
The prices at petrol pumps of state-owned fuel retailers like IOC were cut by 1-3 paisa every day in the first fortnight of December. They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold on to the prices. 
 
State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. 
 
Petrol prices today hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 64 a litre. 
 
Petrol price rose to Rs 72.92 per litre in&nbsp;Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. 
 
Rates have risen by Rs 3.85 per litre since mid-December. In Mumbai, prices have nearing Rs 81-mark - costliest in the country. 
 
Diesel is being sold at Rs 68.15 in Mumbai, where the local sales tax or VAT rates are higher. 
 
Since mid-December, diesel rates have jumped Rs 5.66 a litre, according to oil companies.

IOC Chairman Sanjiv Singh was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company's third quarter earnings

Petrol and diesel prices in India are to a "large extent" aligned to international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said today, responding to the charges of government meddling in fixing of fuel prices. The prices are revised daily based on 15-day rolling average rate of their international benchmark, he said. "To a large extent, our prices are aligned to international product prices," he said. He was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company's third quarter earnings. Prices in international markets have been fluctuating and are being reflected in domestic rates, he said. "Kindly don't look at international spot (or current market) prices. And also please do not relate product prices with (international) crude oil rates," Singh said. "Domestic prices of petrol and diesel are revised based on changes in the benchmark international product prices. Many a times, crude oil prices rises but there is hardly any change in product prices, which form the basis fixing domestic rates," he added. It was alleged in some quarters that the government informally directed state-owned fuel retailers not to raise petrol and diesel prices in the run up to the December 2017 elections in Gujarat. By some accounts, as much as 45 paisa increase warranted in petrol and diesel rates was not passed on. The prices at petrol pumps of state-owned fuel retailers like IOC were cut by 1-3 paisa every day in the first fortnight of December. They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold on to the prices. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Petrol prices today hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 64 a litre. Petrol price rose to Rs 72.92 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. Rates have risen by Rs 3.85 per litre since mid-December. In Mumbai, prices have nearing Rs 81-mark - costliest in the country. Diesel is being sold at Rs 68.15 in Mumbai, where the local sales tax or VAT rates are higher. Since mid-December, diesel rates have jumped Rs 5.66 a litre, according to oil companies.

Petrol, diesel prices aligned to international rates to large extent, says IOC

Diesel prices have touched a record high of Rs 61.74 per litre and petrol prices have crossed Rs 71 as international oil rates continue to rally.

Petrol price rose to Rs 71.18 per litre in Delhi today, the highest since August 2014, according to daily fuel price list of state-owned oil firms.

Diesel prices soared to their highest level of Rs 61.74 per litre in Delhi. It is being sold at Rs 65.74 in Mumbai, where the local sales tax or VAT rates are higher.

Prices have been on the rise since December 12, 2017. Diesel in Delhi on that day was priced at Rs 58.34, and in past one month has risen by Rs 3.4. Petrol price has during the period risen by Rs 2.09, according to oil companies.

Two the most traded benchmark crude globally have risen the most since December 2014 - Brent touched USD 70.05 a barrel last week and WTI reached USD 64.77.

The rally in oil prices has renewed calls to the government to cut excise duty to cushion burden on common man.

The BJP-led NDA government has during its tenure cut excise duty only once - by Rs 2 per litre in October 2017 when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14.

Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs.

Last week, Oil Minister Dharmendra Pradhan had responded to questions on whether the Centre would cut excise duty on the two fuel, by asking states to first cut VAT.

&quot;Why dont you ask state governments to reduce first,&quot; he said on January 1 responding to reporters question on excise duty cuts. &quot;Government of India reduced excise duty (in October last year). We are appealing to states to reduce VAT.&quot;

Some state governments had followed that excise duty cut with reduction in VAT. &quot;Why Delhi government has not reduced VAT,&quot; he asked.

Price of petrol and diesel in Delhi is the lowest in all metros.

Pradhan had said that Finance Minister Arun Jaitley has already written to the states seeking reduction in VAT.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government&#39;s excise mop-up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4.

Since then prices are revised on daily basis. Today, price of petrol went up by 12 paisa per liter and that of diesel by 18 paisa.&nbsp;

Petrol was selling at Rs 71.18 per litre in Delhi

Diesel prices have touched a record high of Rs 61.74 per litre and petrol prices have crossed Rs 71 as international oil rates continue to rally. Petrol price rose to Rs 71.18 per litre in Delhi today, the highest since August 2014, according to daily fuel price list of state-owned oil firms. Diesel prices soared to their highest level of Rs 61.74 per litre in Delhi. It is being sold at Rs 65.74 in Mumbai, where the local sales tax or VAT rates are higher. Prices have been on the rise since December 12, 2017. Diesel in Delhi on that day was priced at Rs 58.34, and in past one month has risen by Rs 3.4. Petrol price has during the period risen by Rs 2.09, according to oil companies. Two the most traded benchmark crude globally have risen the most since December 2014 - Brent touched USD 70.05 a barrel last week and WTI reached USD 64.77. The rally in oil prices has renewed calls to the government to cut excise duty to cushion burden on common man. The BJP-led NDA government has during its tenure cut excise duty only once - by Rs 2 per litre in October 2017 when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14. Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs. Last week, Oil Minister Dharmendra Pradhan had responded to questions on whether the Centre would cut excise duty on the two fuel, by asking states to first cut VAT. "Why dont you ask state governments to reduce first," he said on January 1 responding to reporters question on excise duty cuts. "Government of India reduced excise duty (in October last year). We are appealing to states to reduce VAT." Some state governments had followed that excise duty cut with reduction in VAT. "Why Delhi government has not reduced VAT," he asked. Price of petrol and diesel in Delhi is the lowest in all metros. Pradhan had said that Finance Minister Arun Jaitley has already written to the states seeking reduction in VAT. The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop-up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4. Since then prices are revised on daily basis. Today, price of petrol went up by 12 paisa per liter and that of diesel by 18 paisa.

Diesel prices hit record high of Rs 61.74 per litre, petrol crosses Rs 71

The Euro-VI grade petrol and diesel will be supplied to the national capital by three oil PSUs from their refineries at Mathura, Bina and Bhatinda from April to help it fight the alarming levels of air pollution.

&quot;We will be able to meet the requirement of Delhi from April 1,&quot; IOC Chairman Sanjiv Singh said here today.

&quot;We will have to tweak the fuel production slate to produce BS-VI (equivalent to fuel meeting Euro-VI emission norm), he added.

The nation&#39;s biggest oil firm, IOC will source the fuel from its Mathura refinery, while Hindustan Petroleum Corp Ltd (HPCL) will do so from its joint venture refinery at Bhatinda. Bharat Petroleum Corp Ltd (BPCL) supply the fuel from its Bina refinery.

&quot;Meeting Delhi&#39;s requirement of BS-VI grade petrol and diesel will not be a problem,&quot; Singh said.

He added however that meeting the requirement of the National Capital Region (NCR) will be a challenge as it consumes about 10 per cent of the nation&#39;s fuel.

India had in 2015 decided to leapfrog to Euro-VI emission norm compliant petrol and diesel from April 2020, from the Euro-IV grade at present.

While the deadline for the rest of the country stands, for Delhi, which is choking on thick toxic smog, the deadline for introduction of BS-VI - equivalent to Euro-VI grade, was last week preponed to April 2018.

Euro-VI grade fuel contains 10 parts per million (ppm) of sulphur as against 50 ppm in Euro-IV fuels.

Delhi consumed 906,000 tonne petrol and 1.26 million tonne diesel in 2016-17, Singh said.

Oil firms have been asked to examine the possibility of the introduction of BS-VI auto fuels in the entire NCR, which includes adjoining cities of Ghaziabad, Noida, Gurugram and Faridabad, from April 1, 2019.

In all likelihood, according to some industry players, supplies in the NCR may not begin by 2019.

The BS-IV emission norm was introduced across the country from April 1, 2017.

Oil refineries will need to invest Rs 28,000 crore in upgrading petrol and diesel quality to meet cleaner fuel specifications by 2020.

According to IOC, for petrol engines, one of the most critical specification is Research Octane No. (RON), which has improved from 88 in BS-II to 91. It is at par with regular 91 octane gasoline (petrol) required for Euro-VI emission norms.

Sulphur specification for petrol and diesel will be reduced 50 times for a level of 500 ppm for BS-II fuel to 10 ppm in BS-VI.

Previously, the fuels meeting Euro-IV or Bharat Stage BS-IV specifications were to be supplied throughout the country by April 2017 and BS-V or Euro-V grade fuel by April 1, 2020.

But now the government plans to switch over directly from BS-IV to BS-VI auto fuels.

Oil refineries had previously upgraded technology and invested over Rs 55,000 crore for production and supply of BS.

India had in 2015 decided to leapfrog to Euro-VI emission norm compliant petrol and diesel from April 2020, from the Euro-IV grade at present

The Euro-VI grade petrol and diesel will be supplied to the national capital by three oil PSUs from their refineries at Mathura, Bina and Bhatinda from April to help it fight the alarming levels of air pollution. "We will be able to meet the requirement of Delhi from April 1," IOC Chairman Sanjiv Singh said here today. "We will have to tweak the fuel production slate to produce BS-VI (equivalent to fuel meeting Euro-VI emission norm), he added. The nation's biggest oil firm, IOC will source the fuel from its Mathura refinery, while Hindustan Petroleum Corp Ltd (HPCL) will do so from its joint venture refinery at Bhatinda. Bharat Petroleum Corp Ltd (BPCL) supply the fuel from its Bina refinery. "Meeting Delhi's requirement of BS-VI grade petrol and diesel will not be a problem," Singh said. He added however that meeting the requirement of the National Capital Region (NCR) will be a challenge as it consumes about 10 per cent of the nation's fuel. India had in 2015 decided to leapfrog to Euro-VI emission norm compliant petrol and diesel from April 2020, from the Euro-IV grade at present. While the deadline for the rest of the country stands, for Delhi, which is choking on thick toxic smog, the deadline for introduction of BS-VI - equivalent to Euro-VI grade, was last week preponed to April 2018. Euro-VI grade fuel contains 10 parts per million (ppm) of sulphur as against 50 ppm in Euro-IV fuels. Delhi consumed 906,000 tonne petrol and 1.26 million tonne diesel in 2016-17, Singh said. Oil firms have been asked to examine the possibility of the introduction of BS-VI auto fuels in the entire NCR, which includes adjoining cities of Ghaziabad, Noida, Gurugram and Faridabad, from April 1, 2019. In all likelihood, according to some industry players, supplies in the NCR may not begin by 2019. The BS-IV emission norm was introduced across the country from April 1, 2017. Oil refineries will need to invest Rs 28,000 crore in upgrading petrol and diesel quality to meet cleaner fuel specifications by 2020. According to IOC, for petrol engines, one of the most critical specification is Research Octane No. (RON), which has improved from 88 in BS-II to 91. It is at par with regular 91 octane gasoline (petrol) required for Euro-VI emission norms. Sulphur specification for petrol and diesel will be reduced 50 times for a level of 500 ppm for BS-II fuel to 10 ppm in BS-VI. Previously, the fuels meeting Euro-IV or Bharat Stage BS-IV specifications were to be supplied throughout the country by April 2017 and BS-V or Euro-V grade fuel by April 1, 2020. But now the government plans to switch over directly from BS-IV to BS-VI auto fuels. Oil refineries had previously upgraded technology and invested over Rs 55,000 crore for production and supply of BS.

Ready to supply Euro-VI fuel to Delhi from April, says IOC

After Gujarat, Maharashtra and Himachal Pradesh governments slashed VAT prices on petrol and diesel, Uttarakhand has become the fourth state in the country to cut VAT on fuel.

Uttarakhand finance minister Prakash Pant said his government has reduced cess on petrol and diesel by two per cent and slashed VAT by almost two per cent.

On Tuesday, BJP-led governments in Gujarat and Maharashtra had slashed value added tax (VAT) prices on petrol and diesel.

The Gujarat government had reduced VAT on petrol and diesel by 4 per cent.&nbsp;

Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel.&nbsp;

Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively.

The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre.

Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

Uttarakhand finance minister Prakash Pant said his government has reduced cess on petrol and diesel by two per cent

After Gujarat, Maharashtra and Himachal Pradesh governments slashed VAT prices on petrol and diesel, Uttarakhand has become the fourth state in the country to cut VAT on fuel. Uttarakhand finance minister Prakash Pant said his government has reduced cess on petrol and diesel by two per cent and slashed VAT by almost two per cent. On Tuesday, BJP-led governments in Gujarat and Maharashtra had slashed value added tax (VAT) prices on petrol and diesel. The Gujarat government had reduced VAT on petrol and diesel by 4 per cent. Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel. Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively. The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre. Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

Now, Uttarakhand cuts VAT on petrol, diesel

BJP-led governments in <a href="http://www.wionews.com/business-economy/government-cuts-excise-duty-on-petrol-and-diesel-by-two-rupees-20969">Gujarat and Maharashtra today slashed value added tax</a> (VAT) prices on petrol and diesel.

The Gujarat <a href="http://www.wionews.com/south-asia/india-petrol-price-hiked-by-rs-139-per-litre-diesel-up-by-rs-104-14552">government decided to reduce VAT on petrol </a>and diesel by 4 per cent.

&quot;After the central government&#39;s instructions, Gujarat has decided to reduce VAT on petrol and diesel by 4 per cent from today mid-night,&quot; chief minister Rupani told reporters at a press meet.

After the reduction in VAT, the price of petrol is set to come down by Rs 2.93 and diesel by Rs 2.72 in the state.

&quot;We have taken this decision in the interest of people,&quot; chief minister Rupani said.

Gujarat will be going to polls in December.

Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel.&nbsp;

Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively, effective midnight tonight.&nbsp;

After the new rates come into effect, petrol will cost Rs 75.58 per litre and diesel will cost Rs 59.55 in the state.&nbsp;

The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre.

Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

The Gujarat government decided to reduce VAT on petrol and diesel by 4 per cent.

BJP-led governments in Gujarat and Maharashtra today slashed value added tax (VAT) prices on petrol and diesel. The Gujarat government decided to reduce VAT on petrol and diesel by 4 per cent. "After the central government's instructions, Gujarat has decided to reduce VAT on petrol and diesel by 4 per cent from today mid-night," chief minister Rupani told reporters at a press meet. After the reduction in VAT, the price of petrol is set to come down by Rs 2.93 and diesel by Rs 2.72 in the state. "We have taken this decision in the interest of people," chief minister Rupani said. Gujarat will be going to polls in December. Soon after the announcement by the BJP government in Gujarat, CM Fadnavis-led BJP government in Maharashtra too slashed VAT prices on petrol and diesel. Maharashtra swiftly reduced VAT on prices of petrol and diesel by Rs 2 and Re 1 respectively, effective midnight tonight. After the new rates come into effect, petrol will cost Rs 75.58 per litre and diesel will cost Rs 59.55 in the state. The government had last month brought down excise duty on petrol and diesel by Rs 2 per litre. Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel.

Gujarat, Maharashtra reduce VAT on petrol, diesel

Bowing to public pressure, <a href="http://www.wionews.com/business-economy/government-cuts-excise-duty-on-petrol-and-diesel-by-two-rupees-20969">the government today cut excise duty on petrol and diesel </a>by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months.

Facts on excise duty&nbsp;in the last 3 years:

<ul>
	<li>The government has raised <a href="http://www.wionews.com/india-news/venkaiah-naidu-wades-into-debate-on-economy-says-no-gain-without-pain-20841">excise duty on petrol and diesel on nine occasions&nbsp;between</a> November 2014 and January 2016 to take away gains arising from plummeting global oil prices, has been criticised for not cutting excise duty despite a sustained rise in fuel prices since early July.</li>
</ul>

&nbsp;

<ul>
	<li>In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government&#39;s excise mop-up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.</li>
</ul>

&nbsp;

<ul>
	<li>Retail fuel prices have been on the upswing since July 4. Oil Minister Dharmendra Pradhan&#39;s predictions of a drop were short-lived as rates fell for just three days and reverted to their upward trajectory.</li>
</ul>

&nbsp;

<ul>
	<li>While petrol prices have increased by Rs 7.8 to reach Rs 70.88 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 5.7 to touch an all-time high of Rs 59.14.</li>
</ul>

&nbsp;

<ul>
	<li>While the costliest petrol was sold in September 2013 when it was priced at Rs 76.06 a litre in Delhi, the previous highest rate for diesel was also during the BJP rule in September 2014 when it was priced at Rs 58.97 per litre.</li>
</ul>

&nbsp;

<ul>
	<li>Previously, the rates were changed every fortnight but since June 16 they are revised daily to immediately pass on any movement in international oil prices to consumers and avoid sharp spikes by spreading them in small doses.&nbsp;The windfall from the excise duty hikes helped the government bridge its budgetary deficit.</li>
</ul>

&nbsp;

<ul>
	<li>Normal or unbranded petrol currently commands a basic excise duty of Rs 8.48 per litre, special additional excise duty of Rs 7 a litre and additional excise duty of Rs 6. The total excise incidence on branded petrol is Rs 22.66 per litre with basic excise duty is charged at higher rate of Rs 9.66.</li>
</ul>

&nbsp;

<ul>
	<li>Unbranded diesel attracts basic excise duty of Rs 10.33 per litre, special additional excise duty of Re 1 and additional excise duty of Rs 6 per litre. Branded diesel attracts Rs 12.69 per litre basic excise duty, Re 1 a lire additional excise duty and Rs 6 special additional excise duty.</li>
</ul>

&nbsp;

<ul>
	<li>State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4. 
	&nbsp;</li>
</ul>

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months

Bowing to public pressure, the government today cut excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months. Facts on excise duty in the last 3 years: The government has raised excise duty on petrol and diesel on nine occasions between November 2014 and January 2016 to take away gains arising from plummeting global oil prices, has been criticised for not cutting excise duty despite a sustained rise in fuel prices since early July. In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop-up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. Retail fuel prices have been on the upswing since July 4. Oil Minister Dharmendra Pradhan's predictions of a drop were short-lived as rates fell for just three days and reverted to their upward trajectory. While petrol prices have increased by Rs 7.8 to reach Rs 70.88 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 5.7 to touch an all-time high of Rs 59.14. While the costliest petrol was sold in September 2013 when it was priced at Rs 76.06 a litre in Delhi, the previous highest rate for diesel was also during the BJP rule in September 2014 when it was priced at Rs 58.97 per litre. Previously, the rates were changed every fortnight but since June 16 they are revised daily to immediately pass on any movement in international oil prices to consumers and avoid sharp spikes by spreading them in small doses. The windfall from the excise duty hikes helped the government bridge its budgetary deficit. Normal or unbranded petrol currently commands a basic excise duty of Rs 8.48 per litre, special additional excise duty of Rs 7 a litre and additional excise duty of Rs 6. The total excise incidence on branded petrol is Rs 22.66 per litre with basic excise duty is charged at higher rate of Rs 9.66. Unbranded diesel attracts basic excise duty of Rs 10.33 per litre, special additional excise duty of Re 1 and additional excise duty of Rs 6 per litre. Branded diesel attracts Rs 12.69 per litre basic excise duty, Re 1 a lire additional excise duty and Rs 6 special additional excise duty. State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4.

Modi government's excise duty formula on petrol, diesel

Last week, China became the <a href="http://www.cctvplus.com/news/20170518/8050794.shtml#!language=1">first country</a> to stably and continuously produce gas from methane hydrate.

Methane hydrate is one of the world&#39;s largest untapped sources of energy, with reserves <a href="http://www.cctvplus.com/news/20170518/8050794.shtml#!language=1">twice</a> that of coal, oil and natural gas combined. It is usually found under the ocean bed, but because of difficulties involved in recovering it, it has not been exploited so far.

Countries such as China and Japan are increasingly making attempts to tap these reserves in their waters. Could India take a leaf out of their book and make use of this resource?

The motivation for China&nbsp;and Japan

China <a href="http://www.cctvplus.com/news/20170518/8050794.shtml#!language=1">produced</a> at least 10,000 cubic metres of methane for eight days in a row at&nbsp;their mining project in the South China sea. Japan is trying to better this by producing gas for <a href="https://www.ft.com/content/84abdc56-30b0-11e7-9555-23ef563ecf9a">four weeks</a> in a test well off the coast of central Japan.

Japan was actually the first to extract methane with an offshore platform <a href="http://uk.reuters.com/article/japan-methane-hydrate-idUKL3N1HI1KA">back in 2013</a>, but the flow lasted less than a week before problems crept in.

<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/WCnXp_c9stg" width="560"></iframe>

China is especially motivated to&nbsp;develop&nbsp;this technology because it is the <a href="http://www.reuters.com/article/us-china-economy-trade-crude-idUSKBN1570VJ">second-largest</a> importer of crude oil in the world. Japan is in a similar predicament, as it is presently the world&#39;s <a href="http://uk.reuters.com/article/japan-methane-hydrate-idUKL3N1HI1KA">biggest importer</a> of liquefied natural gas.

Right now extracting methane is not technically viable, let alone being commercially viable. But the progress made by China and Japan shows that day is not far away. In fact, Japan is hoping to produce methane on a commercial scale 10 years from now, <a href="http://uk.reuters.com/article/japan-methane-hydrate-idUKL3N1HI1KA">by 2027</a>.

Why methane hydrate matters for India

Global reserves of gas stored in methane hydrate are <a href="https://www.ft.com/content/8925cbb4-7157-11e3-8f92-00144feabdc0">estimated</a> to be in the range of 3,000 - 140,000 trillion cubic metres. Around 1,900 trillion cubic metres of methane are present in the seas around India, according to one <a href="http://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/tapping-massive-deposits-of-fire-ice-methane-hydrate-can-change-indias-energy-landscape/articleshow/19014438.cms">report</a>.

<div class="ui-state-default" contenteditable="false"><img alt="" draggable="false" src="http://s.wionews.com/photos/india_reserves-20170523030645.png" />
<div class="media-description">
There are potential reserves of methane hydrate in these basins (WION)
</div>
<a class="close-mark close-div" href="javascript:void(0)" id="jqclosemark">&times;</a></div>

In fact, a gas reserve was <a href="http://timesofindia.indiatimes.com/business/india-business/ONGC-hydrates-discovery-may-be-4-times-bigger-than-RILs-gas-find/articleshow/50505577.cms">discovered two years ago</a> in 2015 in the Krishna-Godavari basin off the eastern coast of India. The reserve is said to have a potential four trillion cubic metres of gas and there are said to be <a href="http://dghindia.gov.in/index.php/page?pageId=39">more reserves</a> in the Mahanadi and Andaman basins in the Bay of Bengal.

Given how India could be the world&#39;s third-biggest consumer of energy <a href="http://www.business-standard.com/article/economy-policy/india-to-be-world-s-3rd-largest-energy-user-by-2020-shinde-112042103005_1.html">by 2020</a>, it would do well to meet growing demand by tapping this huge resource just off its shores.

East Asian powers are trying to tap methane hydrate as a potential source of energy. Is India even in the conversation?

Last week, China became the first country to stably and continuously produce gas from methane hydrate. Methane hydrate is one of the world's largest untapped sources of energy, with reserves twice that of coal, oil and natural gas combined. It is usually found under the ocean bed, but because of difficulties involved in recovering it, it has not been exploited so far. Countries such as China and Japan are increasingly making attempts to tap these reserves in their waters. Could India take a leaf out of their book and make use of this resource? The motivation for China and Japan China produced at least 10,000 cubic metres of methane for eight days in a row at their mining project in the South China sea. Japan is trying to better this by producing gas for four weeks in a test well off the coast of central Japan. Japan was actually the first to extract methane with an offshore platform back in 2013, but the flow lasted less than a week before problems crept in. China is especially motivated to develop this technology because it is the second-largest importer of crude oil in the world. Japan is in a similar predicament, as it is presently the world's biggest importer of liquefied natural gas. Right now extracting methane is not technically viable, let alone being commercially viable. But the progress made by China and Japan shows that day is not far away. In fact, Japan is hoping to produce methane on a commercial scale 10 years from now, by 2027. Why methane hydrate matters for India Global reserves of gas stored in methane hydrate are estimated to be in the range of 3,000 - 140,000 trillion cubic metres. Around 1,900 trillion cubic metres of methane are present in the seas around India, according to one report. There are potential reserves of methane hydrate in these basins (WION) × In fact, a gas reserve was discovered two years ago in 2015 in the Krishna-Godavari basin off the eastern coast of India. The reserve is said to have a potential four trillion cubic metres of gas and there are said to be more reserves in the Mahanadi and Andaman basins in the Bay of Bengal. Given how India could be the world's third-biggest consumer of energy by 2020, it would do well to meet growing demand by tapping this huge resource just off its shores.

China, Japan way ahead of India in new gas race

The price of petrol has been cut by Rs 3.77 per litre and that of diesel by Rs 2.91 a litre, the first change in rates in two-and-a-half months.

State-owned oil firms cut rates with effect from midnight tonight. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre.

Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corp (IOC). Actual decrease will be larger after taking into account the local levies.

Similarly, diesel rate was cut by Rs 2.91, excluding state levies.

Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre.

&quot;The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,&quot; IOC said in a statement.

IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.&nbsp;

But petrol price goes up in Goa

The petrol price in Goa will go up by almost Rs 5 per litre from midnight tonight.

The hike will be on account of an increase in value added tax (VAT) on the fuel announced in the budget presented in the assembly last week by the new BJP-led government.

The oil companies, which are selling petrol in Goa at an average price of Rs 60 per litre, will have to hike the rate by Rs 5 per due to an 8 per cent increase in VAT notified by the government.

The VAT on petrol has been raised from 7 per cent to 15 per cent from April 1.

&quot;The price of petrol in the state would be around Rs 65 per litre,&quot; Paresh Joshi, President, All Goa Petrol Pump Dealers Association, told PTI.

There are a total of 110 petrol pumps run by oil PSUs in the coastal state. PTI&nbsp;

(PTI)

The cuts went into effect from midnight last night

The price of petrol has been cut by Rs 3.77 per litre and that of diesel by Rs 2.91 a litre, the first change in rates in two-and-a-half months. State-owned oil firms cut rates with effect from midnight tonight. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre. Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corp (IOC). Actual decrease will be larger after taking into account the local levies. Similarly, diesel rate was cut by Rs 2.91, excluding state levies. Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre. "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement. IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes. But petrol price goes up in Goa The petrol price in Goa will go up by almost Rs 5 per litre from midnight tonight. The hike will be on account of an increase in value added tax (VAT) on the fuel announced in the budget presented in the assembly last week by the new BJP-led government. The oil companies, which are selling petrol in Goa at an average price of Rs 60 per litre, will have to hike the rate by Rs 5 per due to an 8 per cent increase in VAT notified by the government. The VAT on petrol has been raised from 7 per cent to 15 per cent from April 1. "The price of petrol in the state would be around Rs 65 per litre," Paresh Joshi, President, All Goa Petrol Pump Dealers Association, told PTI. There are a total of 110 petrol pumps run by oil PSUs in the coastal state. PTI (PTI)

India: Petrol prices slashed by Rs 3.77, diesel by Rs 2.91

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. 
The company also faced plummeting sales in Russia and Brazil due to those countries&#39; troubled economies. 
Profits for the January-March period fell to 2.37 billion euros from 2.93 billion euros a year earlier, the company said today. Revenue fell 3.4 per cent to 50.96 billion euros due in part to exchange rate effects. 
The net profit figure fell short of the 2.44 billion euros expected by analysts surveyed by financial information provider FactSet. 
Earnings and profit margins slipped at luxury brand Audi, one of the company&#39;s major money-makers. Operating profit eased to 1.3 billion euros from 1.4 billion euros a year earlier. The profit margin fell to 9.0 per cent from 9.7 per cent in the first quarter of 2015. Things went better at the company&#39;s Porsche brand. 
Operating profits, which exclude financial items such as interest and taxes, rose 14 per cent to 895 million euros. The sportscar and luxury SUV division turned in a fat profit margin of 16.6 per cent, up from 15.1 per cent. 
Sales fell 35 per cent in Russia, which has seen its currency plummet along with the price of oil, and 17 per cent in Brazil, which is in a deep recession. 
Volkswagen, based in Wolfsburg, Germany, faces heavy costs recalling and fixing cars that are equipped with engine-control software that could detect when a car was on a test stand and turned off the emissions controls during everyday driving. 
CEO Matthias Mueller said in a statement that the company &quot;managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions.&quot; The company set aside 16.2 billion euros from its earnings last year to deal with recalls and other costs. 
The company has reached a tentative agreement in federal court in San Francisco with US authorities, who first uncovered the cheating, to buy back or repair some 500,000 vehicles. 
Volkswagen, the US Department of Justice and attorneys for Volkswagen owners have until June 21 to file a final settlement with the court. 
The company reaffirmed its forecast for the full year, saying that it expects sales revenue to fall 5 per cent for all of this year compared to 2015 and an operating return on sales of 5.0 to 6.0 per cent.(AP)

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests.

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. The company also faced plummeting sales in Russia and Brazil due to those countries' troubled economies. Profits for the January-March period fell to 2.37 billion euros from 2.93 billion euros a year earlier, the company said today. Revenue fell 3.4 per cent to 50.96 billion euros due in part to exchange rate effects. The net profit figure fell short of the 2.44 billion euros expected by analysts surveyed by financial information provider FactSet. Earnings and profit margins slipped at luxury brand Audi, one of the company's major money-makers. Operating profit eased to 1.3 billion euros from 1.4 billion euros a year earlier. The profit margin fell to 9.0 per cent from 9.7 per cent in the first quarter of 2015. Things went better at the company's Porsche brand. Operating profits, which exclude financial items such as interest and taxes, rose 14 per cent to 895 million euros. The sportscar and luxury SUV division turned in a fat profit margin of 16.6 per cent, up from 15.1 per cent. Sales fell 35 per cent in Russia, which has seen its currency plummet along with the price of oil, and 17 per cent in Brazil, which is in a deep recession. Volkswagen, based in Wolfsburg, Germany, faces heavy costs recalling and fixing cars that are equipped with engine-control software that could detect when a car was on a test stand and turned off the emissions controls during everyday driving. CEO Matthias Mueller said in a statement that the company "managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions." The company set aside 16.2 billion euros from its earnings last year to deal with recalls and other costs. The company has reached a tentative agreement in federal court in San Francisco with US authorities, who first uncovered the cheating, to buy back or repair some 500,000 vehicles. Volkswagen, the US Department of Justice and attorneys for Volkswagen owners have until June 21 to file a final settlement with the court. The company reaffirmed its forecast for the full year, saying that it expects sales revenue to fall 5 per cent for all of this year compared to 2015 and an operating return on sales of 5.0 to 6.0 per cent.(AP)

Scandal-hit Volkswagen sees profits fall in 1st quarter

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