India’s three state-owned oil firms which supply 90% of the country’s fuel suffered a record Rs 18,000 crore loss in the first quarter of 2022. The loss was in view of not raising prices till UP election results in March, despite crude rates increasing globally. However, by defying western pressure to import Russian oil at discounted rates since February 2022, India has already saved Rs 35,000 crores.
Courtesy: Press Trust of India
After global oil prices plummeted, government removed three-week-old tax on petrol exports and reduced windfall levies on international shipments of diesel and ATF, and domestically produced crude oil, on July 19. While the export duty on petrol was abolished at Rs 6, the duty on diesel and jet fuel (ATF) was reduced by Rs 2 per litre. The tariff on domestic crude was also reduced to Rs 17,000 per tonne.
Courtesy: Zee news
Petrol and diesel prices in India remained stable on June 12. Despite a recent increase in global crude oil prices, the fuel costs have remained unchanged for over three weeks. On June 12, petrol was priced at Rs 96.72 per litre in Delhi, while diesel was priced at Rs 89.62. In several cities, petrol is presently available for less than Rs 100.
Courtesy: Zee News
A two-day-old baby died in Sri Lanka's Central Highlands area as the country's fuel crisis worsened. Her father couldn't find petrol for his tuk-tuk to drive her to the hospital. Sri Lanka is battling to raise funds to import fuel and other necessities. India has aided Sri Lanka on multiple occasions, most recently providing 40,000 metric tonnes of diesel under a credit line arrangement on May 21.
Courtesy: DNA INDIA
Petroleum and Natural Gas Minister Hardeep Puri has said that the Central Government would be happy to bring petroleum and diesel under GST, but that the states are not willing. Puri insisted that the government is taking responsibility, and suggested that the states should also try, and cut down the value-added taxes on fuel. He also chalked up the oil price hike to the Russia-Ukraine conflict.
Petrol & diesel witnessed another hike in prices by 80 paise, for the 9th consecutive day, on March 30. With the new rise, fuel prices in Delhi: Rs 101.01 petrol, Rs 92.27 diesel, Chennai, petrol is Rs 106.69, diesel is Rs 96.76, in Mumbai petrol & diesel are Rs 115.88 and Rs 100.10, respectively. To protest the fuel price hike, Congress called "Mehngai-Muft-Bharat-Abhiyan, (March 30 to April 7).
In major metropolitan cities, the fuel prices increased once again, taking the prices to over Rs 100, on March 29. This is the 8th time the prices have increased in one week. With the rise of 80 paise in petrol and 70 paise in diesel, Delhi's fuel prices are; Petrol (Rs 100.21), diesel (Rs 91.47), In Mumbai prices are Rs 115.04 & Rs 99.25, respectively. Fuel prices became a concern.
Union Minister Nitin Gadkari blamed the ongoing Russia-Ukraine war for the constant rise in oil prices in India. He stated that 80% of oils are imported to India and that the only way to fight the price hike is to make India self-reliant. He further stated, India will soon have Rs 40,000 crore ethanol, methanol and bio-ethanol production economy, which will bring down India's dependency on other countries for oil.
Courtesy: Press Trust Of India
In Maharashtra's Aurangabad, Shaikh Yusuf uses a horse to commute to work amid rising fuel prices. Furthermore, Yusuf is a lab assistant at YB Chavan College and purchased a horse of Rs 40,000 by selling his bike. He has named his horse "Jigar'. "My expenses had increased because of the old bike and rise in fuel prices. Riding a horse is also good for health," Yusuf said.
State-owned fuel companies have again increased the prices for petrol and diesel by 35 paise per litre in India on October 20. Following the hike, one litre petrol and diesel cost Rs 106.19 and 94.92 in Delhi. While Mumbaikars will pay Rs 112.11 a litre on petrol and Rs 102.89 a litre on diesel. Besides, In Kolkata and Chennai, petrol is priced at Rs 106.78 and 103.31 a litre.
Courtesy: Zee News