Fuel Prices

Plunging cracks may erode OMCs' supernormal profits, delay fuel price cuts

But low cracks, or net earnings from processing crude into petrol and diesel, have contributed to abysmal refining margins, prompting a rethink on lowering pump prices

India may cut petrol, diesel prices as global oil prices reach 2024 lows

The government last cut petrol and diesel prices by Rs 2 per litre, ahead of the general elections in March 2024

Punjab govt raises fuel VAT, ends power subsidy to tackle fiscal crisis

The Punjab government increased VAT increase on petrol and diesel, raising the tax by 61 paise per litre for petrol and 92 paise per litre for diesel

Pak Prime Minister slashes petrol prices by Rs 8.47, diesel by Rs 6.7

The price of petrol is now Rs 260.96 per litre, while HSD stands at Rs 266.07 per litre. The reduction came ahead of Pakistan's Independence Day celebrations

KSRTC bus fare hike inevitable due to rise in oil prices: Chairman Srinivas

Srinivas also mentioned that a proposal for 40 new Volvo buses has been submitted to the government

BJP holds state-wide protest in K'taka over hike in fuel prices

Karnataka BJP on Thursday held "Cycle Jatha" here, as part of its state-wide protest against the Congress government's decision to hike petrol and diesel prices. BJP workers and leaders led by its state President B Y Vijayendra sought to mark their protest by riding bicycles from the party's state office 'Jagannath Bhavan' to 'Vidhana Soudha'. However, the police stopped the protesters mid-way, detained Vijayendra and others and whisked them away in a bus. Former Deputy Chief Minister C N Ashwathnarayan and MLC C T Ravi were among the leaders who participated in the protest shouting slogans against the state government, which last week hiked sales tax on fuel making petrol and diesel costlier by Rs 3 and Rs 3.5 per litre, respectively. Speaking to reporters, Vijayendra said BJP is holding protests across the state in all the district and talk centres by blocking roads, against the government's decision to increase the prices, and urged the Chief Minister Siddaramaiah to roll it ..

Karnataka BJP stages statewide demonstration against fuel price hike

The opposition BJP in Karnataka on Monday staged a statewide demonstration against the hike in petrol and diesel prices. The Karnataka government on Saturday hiked sales tax on fuel, which will make petrol and diesel costlier. Petrol prices have gone up by Rs 3 per litre and diesel by Rs 3.5 per litre. The agitation took place at all the district headquarters of the state. In Bengaluru, BJP state president B Y Vijayendra led the agitation. He said the protest has been organised against the anti-people stand of the Congress government in Karnataka. He charged that the hike in petrol and diesel prices will have a direct impact on all the sectors. Due to the five guarantees, the state government was in a big financial burden. As a result, lot of development work had come to a halt, he said. "The government realised that stopping the guarantees would result in public outrage. To continue these guarantees, the government did not have money, so it hiked the petrol and diesel prices,"

Hike in fuel prices will ensure funding essential services: CM Siddaramaiah

Karnataka Chief Minister Siddaramaiah on Sunday defended the hike in petrol and diesel prices saying that it will ensure funding essential public services and development projects. With the opposition BJP and its ally JD(S) coming down heavily on the Congress government for increasing the petrol and diesel prices by Rs 3 and Rs 3.5 per litre respectively, Siddaramaiah said even after the hike, taxes on fuel remains low compared to most southern states. "The Government of Karnataka has increased VAT on petrol to 29.84 per cent and on diesel to 18.44 per cent. Even after this hike, our state's taxes on fuel remain lower than most South Indian states and similar economy-sized states like Maharashtra," the Chief Minister said in a statement. According to him, the VAT on petrol is 25 per cent plus Rs 5.12 additional tax, and on diesel in Maharashtra it is 21 per cent. Karnataka's revised rates are still more affordable, he pointed out. "Karnataka's VAT adjustment ensures we can fund ...

BJP set to organise protests across Karnataka against fuel price hike

The BJP will stage protests across Karnataka against the hike in petrol and diesel prices on June 17, the party's state unit president B Y Vijayendra said on Sunday. The Karnataka government on Saturday hiked sales tax on fuel which will make petrol and diesel costlier. Petrol prices have gone up by Rs 3 per litre and diesel by Rs 3.5 per litre. "We urge the Chief Minister to withdraw this decision immediately. Tomorrow we have organised protests across the state and we are not going to keep quiet till the hike is revoked," Vijayendra told PTI here in the district headquarters town of Hassan. He said the protests will take place in all the district headquarters of the state. Vijayendra charged that the 'desperate Chief Minister' hiked the petrol and diesel prices since he is unable to start any new programmes due to the five guarantees. "After the Lok Sabha elections, they (Congress government) have increased fuel prices. This will cost all sections of people in the entire state

Shifting sands: How India's fuel pricing policy evolved over the years

India's progress with decontrol of fuel prices derailed in May 2022-after 12 years, three governments and two reform-driven Prime Ministers-when petrol and diesel rates surged

Spike in food & fuel prices push WPI inflation to 13-month high in April

Data released by govt on Tuesday showed that uptick in factory gate inflation during April was driven primarily by the spike in the prices of food articles and fuel, among other things

Tripura facing fuel crisis as goods train services not yet normalised

Tripura is facing a fuel crisis as goods train services to the northeastern state have not yet been restored, an official of the Food and Civil Supplies department said on Saturday. The goods train service to the state stopped on April 26 after derailment of a goods train in Assam's Jatinga area but the passenger train service remains unaffected. "The fuel crisis remains as it was earlier. The petrol crisis is severe as goods trains are not coming to the state since April 26. We don't know when the track will be ready for resumption of goods train service fully," Director of Food and Civil Supplies department, Nirmal Adhikari said. The state government started rationing petrol and diesel for two-wheelers, cars and commercial vehicles from April 30. A notification issued by the state government said two-wheelers and three-wheelers would get petrol amounting to Rs 200 per day, while for four-wheelers it is Rs 500 per day. For buses and minibuses, it is 60 litres and 40 litres per day

Sleight of hand: Chidambaram takes dig at govt over cut in fuel prices

Congress leader P Chidambaram on Thursday took a swipe at the government after petrol and diesel prices were cut by Rs 2 per litre, saying this was the same kind of "sleight of hand" witnessed in increasing the LPG price and then reducing it before elections. Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision. The revised price will be applicable from 6 am on Friday, March 15, the oil ministry said on Thursday evening. Reacting to the development, Chidambaram said, "I had said at a media briefing last week that prices of petrol and diesel will be reduced. It was done today. "Will the government say that the prices will not be increased after the elections (if the BJP comes to power again)?" the former finance minister asked. Price of LPG cylinder was increased by Rs 700 by the BJP government and then reduced by Rs 100 on the eve of elections, he said. "The same kind of sleight of hand has been

IndiGo waives fuel surcharge on domestic, and international flights

IndiGo's fuel charges ranged from Rs 300 to Rs 1,000 per ticket based on distance travelled

ATF price cut by 4%; commercial LPG rate down Rs 1.5 per cylinder

Jet fuel or ATF price on Monday was cut by 4 per cent, the third straight monthly reduction, and commercial cooking gas (LPG) rates were marginally lowered by Rs 1.50 per 19-kg cylinder in line with international benchmarks. However, the price of domestic LPG -- used in household kitchens for cooking purposes -- remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was cut by Rs 4,162.5, or 3.9 per cent, in the national capital to Rs 101,993.17 per kl, according to price notifications of state-owned fuel retailers. This is the third straight monthly reduction in jet fuel prices. ATF price was cut by almost 6 per cent (Rs 6,854.25 per kl) in November and by Rs 5,189.25, or 4.6 per cent, in December. The three rounds of reduction have wiped away almost 45 per cent of the Rs 29,391.08 per kl increase in rates effected in four monthly tranches starting July 1. The reduction in the price of jet fuel, which makes up for 40 per cent of an airline's operatin

UK inflation falls by more than anticipated to 2-year low of 3.9% in Nov

Inflation in the UK as measured by the consumer prices index eased back to its lowest level in more than two years, official figures showed Wednesday, in a development that is likely to bolster speculation that the Bank of England may start cutting interest rates sooner than expected. The Office for National Statistics said inflation dropped to 3.9 per cent in the year to November, its lowest level since September 2021, from 4.6 per cent the previous month. That decline was bigger than anticipated in financial markets. The agency said the biggest driver for the fall was a decrease in fuel prices after an increase at the same time last year. Food price inflation also contributed to the decline. Last week, the Bank of England left its main interest rate at a 15-year high of 5.25 per cent, where it has stood since August following the end of nearly two years of hikes. Bank Gov. Andrew Bailey said interest rate policy would likely have to remain restrictive for an extended period of ...

India welcomes return of Venezuelan oil to market: Union Minister Puri

India, the world's third largest oil consuming and importing nation, welcomes the return of Venezuelan oil to the market after sanctions on the Latin American nation were eased, Petroleum Minister Hardeep Singh Puri said. Without saying if India has resumed purchases from Venezuela, he said some refiners in the country have the capability to process heavy crude oil produced in the Latin American nation. India last imported Venezuelan crude in 2020. The US Treasury Department in October partially lifted sanctions on Venezuela's oil and gas sector. The partially lifted sanctions are through a new six-month license authorising transactions in the country's oil and gas sector. The license is to be renewed only if Venezuela can meet commitments leading to fair voting in the next year's presidential election. "We always buy from Venezuela. We have always bought stuff from Venezuela. It's when Venezuela came under sanctions that they were not able to supply," Puri told reporters here. He

Gas firms seek price deregulation as city distribution targets fall behind

International gas prices, typically one-sixth of oil prices, have risen since late 2021, touching $100 per barrel

ATF price cut by 4.6%; commercial LPG rate hiked by Rs 21 per cylinder

Jet fuel or ATF price was on Friday slashed by 4.6 per cent - the second reduction in one month - while commercial cooking gas (LPG) rate was raised by Rs 21 per 19-kg cylinder in line with international benchmarks. However, price of domestic LPG - used in household kitchens for cooking purposes - remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was reduced to Rs 1,06,155.67 per kilolitre in the national capital from Rs 1,11,344.92 per kl, according to a price notification of state-owned fuel retailers. Alongside, price of commercial LPG used by establishments such as hotels and restaurants, was increased to Rs 1,796.50 per 19-kg cylinder from Rs 1,775.50.

Alaska Air cuts full-year profit view as rising labour costs cast shadow

Excluding items, Alaska Air reported quarterly profit of $1.83 per share, missing analysts' average estimate of $1.87, according to LSEG data