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
The Shinde-Fadnavis administration lowered VAT on petrol by Rs 5 per litre and on diesel by Rs 3 per litre, causing a loss of Rs 6,000 crore annually in the face of growing inflation and falling rupee. The VAT decrease will take effect from midnight on July 14. The Maharashtra government has decreased the VAT on petrol to Rs 14.43 per litre and diesel to Rs 12.54 per litre.
Courtesy: Free Press Journal
Tamil Nadu BJP president K Annamalai has been booked for leading a protest which witnessed a footfall of 5,000, demanding the state government to reduce the petrol and diesel prices, on May 31. Annamalai stated that the central government has reduced the fuel prices and asked the state governments to do the same. He alleged that DMK promised to reduce fuel prices in their manifesto.
Courtesy: Hindustan Times
Auto, taxi, cab drivers' associations after having a one-day strike against the increased fuel prices, called it off on April 19. However, they "warned" the centre that if their demands weren't met in the next 20-25 days, they would cut the food supply of Delhi, which includes trucks, vans and those that transport the essentials into Delhi. The protestors. They also demanded for a subsidised fuel prices for the drivers.
In cities like Delhi, Mumbai, Hyderabad, and Kolkata, the fares of Ola, Uber, and private taxis will be increased. The decision was in view of the rising fuel prices which have crossed the Rs 100 mark in the aforementioned cities. Head of Operations, Uber, Nitish Bhushan said, in Kolkata, Delhi-NCR fares are up by 12%, and in Mumbai, Hyderabad they increased 15%. Besides, Ola also announced hike in prices.
Courtesy: The Economic Times
For the 10th time in 11 days, petrol & diesel prices increased by another 80 paise, in the Indian metro cities. On April 2, the new prices in Delhi are Rs 102.61 per litre (petrol), Rs 93.87 per litre for diesel. In Mumbai, Chennai and Kolkata, petrol rates have crossed Rs 100 mark, due to fluctuation in crude oil prices. With this, petrol's overall price increased by Rs. 7.20/litre.
Courtesy: The Free Press Journal
The Delhi Government reduced VAT from 30% (Rs 23.99) to 19.4 % (Rs 15.25 ), resulting reduction in petrol prices. The step was a relief to Delhi citizens, who will get 1 litre petrol for Rs 95.50 from the previous Rs 103.97, reduced by Rs 8. Reportedly, fuels prices may go down further as the international crude prices have been reduced by over 10% in the last few days.
Courtesy: Times Now News
The price of petrol and diesel remained constant in the four metro cities namely Mumbai, Delhi, Chennai, and Kolkata for the sixth day in a row on August 30. According to the state-run refiner, the prices of petrol and diesel are the highest in Mumbai. In Delhi, petrol price remained at Rs 101.49 per litre whereas in Mumbai it remained at Rs 107.52.
Amid soaring fuel prices, the Centre’s tax collection on petrol and diesel has witnessed a 459% surge in the past seven years. Replying to a question in the Lok Sabha, the Oil minister Dharmendra Pradhan on March 8 stated that the prices of LPG cylinders doubled from Rs 410.5 (2014) to Rs 819 in 2021. Moreover, the prices of kerosene, distributed through the Public Distribution System, also rose from Rs 14.96 to Rs 35.35.
Courtesy: The Tribune