CNG rates hiked; Petrol, diesel cost to increase on wait-and-watch mode. Check prices here
Business | March 08, 2022 16:41 ISTApart from Delhi, CNG will be Re 1 per kg more expensive in Noida, Greater Noida, and Ghaziabad.
Apart from Delhi, CNG will be Re 1 per kg more expensive in Noida, Greater Noida, and Ghaziabad.
West Texas Intermediate crude futures, the US oil benchmark, rose to USD 130.50 per barrel on Sunday evening, its highest since July 2008, before retreating.
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose above USD 102 per barrel on March 1, the highest since August 2014. This compares to an average of USD 81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
Russia-Ukraine crisis is going to impact oil and gas prices across the world, which is already at a 7-year high at present, and impact the value of the Indian rupee, therefore, if our value depreciates, then commodities prices are going to get impacted.
The increase in the annual cost of living, as measured by the household living-costs price index, was the highest recorded since the series began in 2008 for seven out of the 13 household groups, said Stats NZ, New Zealand' statistics department.
Presently, 10 per cent ethanol, extracted from sugarcane or surplus foodgrain, is blended or mixed in petrol (meaning 10 per cent of ethanol mixed with 90 per cent of petrol) with a view to cutting oil import dependence and provide farmers with an additional source of income.
The latest decision to keep petrol and diesel prices unchanged is the longest duration of no-change in prices since the daily price revision was introduced in June 2017.
Posters of 'No Mask No Petrol' have been put up at the petrol pump. Petrol pump employees are seen advising people without masks to wear one.
The NGT has issued directions relating to restrictions on registration and plying of diesel vehicles more than 10 years old and petrol vehicles more than 15 years old in the Delhi- NCR.
Fuel prices have fallen in Delhi as it reduced the value added tax (VAT) on the fuel from 30 per cent to 19.40 percent on Wednesday.
The Finance Ministry had said that excise duty on petrol will come down by Rs 5 and that on diesel by Rs 10.
"How do you look at economic development, progress?... There has been record hike in capital expenditure. That is what is economic progress is," Hardeep Singh Puri said responding to the question on Gandhi's tweet of November 1 that cautioned against "pickpockets" as he charged the government of "profiteering" from record-high fuel tax and "fleecing" common man.
Mamata Banerjee said that the Centre slashed excise duty recently on petrol and diesel with an eye on the upcoming Assembly elections in five states.
Chief Minister Charanjit Singh Channi made the announcement while addressing the media after the cabinet meeting. "We are reducing petrol rate by Rs 10 per litre and diesel rate by Rs 5 per litre from midnight," CM Channi said.
The most reduction in the Petrol prices has been in Karnataka, followed by Puducherry and Mizoram. The prices of Petrol in these states have come down by Rs 13.35, Rs 12.85 and Rs 12.62 respectively, the release further added.
In a statement, Sharad Pawar said, "If the Centre disburses the GST compensation to all the states, then it is possible for the state governments to reduce the VAT on petrol and diesel and implement other welfare schemes."
The government on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record-high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the Centre, the total incidence of price reduction is higher. The reduction was larger in states with higher VAT.
Petrol will cost Rs 103. 97 per litre in Delhi against Rs 110. 04 per litre, according to a price notification of state-owned fuel retailers. Diesel rates accordingly will reduce to Rs 86. 67 per litre from Rs 98. 42 per litre
"This decision taken by Modiji will not only lighten the burden on the pocket of the common man but will also prove to be a great help in controlling inflation," Rajnath Singh further said.
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