The central government refuses to cut the excise duty cut on fuel products for fiscal concerns and a ₹10 cut may lead to a fiscal deficit of 0.58%, while it reduces inflation by just 0.2%. However, on July 20, the Centre explained that the petrol and diesel excise duty are being used for developmental infrastructure. Reportedly, additional expenditure for FY22 is expected during revised estimates.
Courtesy: Money Control
Following Rajasthan and MP, petrol on May 10 reached Rs 100.20/litre in Maharashtra's Parbhani as the prices increased for the fifth time within a week since May. Crossing the century mark second time in 2021, the overall petrol and diesel price has increased by Rs 1.14 and Rs 1.33/litre since May 4. On May 10, the increase was recorded as 26-paise for petrol and 33-paise for diesel.
Courtesy: The Indian Express
Reliance's shares on November 2 fell almost 8.64%, causing Mukesh Ambani to lose over $5 billion from his net worth. Besides, the company's quarterly profit stood at $1.3 billion, registering a 15% decline. The fall can be attributed to the drop in demand in the oil-sector. Currently, the Asia's richest man is planning to reduce the company's dependency on its oil-and-petrochemicals wing and expand technology and digital services division.… read-more
Courtesy: Economic Times