Petrol, diesel prices reduced: Check new rates in your city
India | March 15, 2024 10:18 ISTPetrol and diesel prices have been reduced by Rs 2 across the country. The new rates will be effective from March 15, 6 am onwards.
Petrol and diesel prices have been reduced by Rs 2 across the country. The new rates will be effective from March 15, 6 am onwards.
Rajasthan Chief Minister Bhajan Lal Sharma said that the reduced prices on petrol and diesel will be applicable from 6 am on Friday, March 15. Apart from Rajasthan, the Centre has also reduced petrol, diesel prices by Rs 2 across the country.
India introduced windfall profit taxes on July 1, 2022, aligning with a host of countries that levy taxes on the exceptional profits of energy corporations. These tax rates undergo regular review every two weeks, contingent on the average oil prices observed in the preceding fortnight.
Oil companies have refrained from adjusting petrol, diesel, and cooking gas prices for nearly two years, leading to losses when input costs were higher and profits when raw material prices were lower.
The companies may make a decision on slashing fuel rates by Rs 5 to Rs 10 a litre after assessing their financial results and considering the potential for future spikes in global oil prices.
Amid the softening of the global crude oil price, there were reports that the government may make a price cut in the petrol, diesel prices in the coming days.
Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market, fell 1.4 per cent to 2.72 million tonnes in December 2023 when compared to the year-ago period, while diesel demand dropped 7.8 per cent to 6.73 million tonnes.
Petrol, Diesel Price: The government is in talks with oil companies as it mulls to reduce the price of petrol and diesel in the coming days. Crude oil prices globally have also become cheaper.
Three months ago, India jumped from seventh position to third in the automobile exports sector, surpassing powerhouses like Japan.
Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row.
Consumption of petrol during September was 19.3 per cent more than in the COVID-marred September 2021 and 30 per cent more than in pre-pandemic September 2019.
The duty on jet fuel or Aviation Turbine Fuel will be reduced to Rs 2.5 per litre effective Saturday, from Rs 3.5 per litre currently. The SAED on petrol will continue at nil.
Speaking on the matter, State President of the Rajasthan Petroleum Dealers Association, Rajendra Singh Bhati said that the protest will be held against high VAT on fuel in the state.
All the petrol pumps will remain closed across the state from 10 am to 6 pm Wednesday and Thursday.
The AAP's Rajya Sabha MP Sanjay Singh said that the prices of fuel and medicines have gone up considerably under Modi's rule. He also criticised the Agniveer scheme, saying that it has betrayed youngsters.
According to reports, petrol and diesel will not be provided in bottles or cans at fuel pumps.
Pakistan fuel prices: The debt-ridden country's finance minister Ishaq Dar said that the decision to keep the petroleum products prices unchanged is taken in view of international rates
Diesel at Jio-bp outlets with ACTIVE technology helps reduce the risk of unscheduled maintenance caused by dirt build-up and removes existing dirt from critical engine parts and protects against its build-up with ongoing use.
Tata Motors is currently leading the Indian passenger electric vehicle (EV) market, followed by MG Motor, and Hyundai Motor.
It is worth noting that India is the world’s third-largest oil-consuming and importing nation. It imports 85 per cent of its crude oil needs.
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