Diesel Price Archives

Petrol, Diesel To Become Cheaper? Windfall Tax On Crude…

17 September 2024
by admin

In a move that can ease burdern on common man’s pocket in near future, the government on Tuesday slashed windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18. The reduction could make petrol, diesel cheaper.

Last week, Petroleum Secretary Pankaj Jain had said that oil marketing companies would consider reducing fuel prices if crude oil prices remain low for an extended period. Now, with the windfall tax coming to zero, the OMCs may consider reducing the petrol, diesel prices.

The windfall tax, applied as Special Additional Excise Duty (SAED), is revised fortnightly based on average oil prices over the preceding two weeks. The most recent adjustment, effective August 31, set the windfall tax on crude petroleum at ₹1,850 per tonne. The SAED on the export of diesel, petrol, and jet fuel (ATF) remains at ‘nil.’ According to an official notification, the new rates take effect from September 18.

India first introduced windfall profit taxes on July 1, 2022, joining several other nations that tax the extraordinary profits of energy companies.

Science & Environment

Petrol, Diesel Price Hike: Karnataka Government Raises Fuel Rates…

15 June 2024
by admin

New Delhi: After the Lok Sabha elections, the Karnataka government has raised the prices of petrol and diesel. Starting today, petrol is now Rs 3 per litre more expensive and diesel has gone up by Rs 3.05 per litre. These new prices are effective immediately.

Petrol and Diesel Price Hike in Karnataka

Starting today, petrol and diesel prices have increased in Karnataka. The state government has revised the sales tax, raising it from 25.92 per cent to 29.84 per cent for petrol and from 14.3 per cent to 18.4 per cent for diesel. These new rates are now in effect and have resulted in higher fuel prices across the state. (Also Read: SBI Customers, ALERT! Your Home Loan, Personal Loan EMIs To Go Up As Bank Raises Lending Rates By 10 Basis Points)

Sales Tax Increase in Karnataka

The Karnataka government has revised the sales tax rates. According to the official notification, the Karnataka Sales Tax (KST) on petrol is now 29.84 per cent, and on diesel, it is 18.4 per cent. This increase in sales tax directly leads to higher retail prices for petrol and diesel. (Also Read: Several Employees Of THIS Bank Fired Over Fake Keyboard Activity And Mouse Jiggling: Details Here)

Following the tax increase, petrol and diesel prices in Karnataka have surged by Rs 3 per litre. Prior to the hike, petrol was selling at Rs 99.84 per litre and diesel at Rs 85.93 per litre in Bangalore. However, fuel is now more expensive in Bangalore compared to Delhi where petrol is priced at Rs 94.72 per litre and diesel at Rs 87.62 per litre. This increase has further widened the price gap.

Petrol-Diesel Prices in Bangalore

After an increase in sales tax by the Karnataka government, petrol prices in Bangalore have risen from Rs 99.84 per litre to Rs 102.84 per litre. Meanwhile, diesel prices have increased from Rs 85.93 per litre to Rs 88.95 per litre. This hike of Rs 3 per litre comes as a surprise as it was expected that prices would decrease after the Lok Sabha elections.

Petrol and diesel prices are likely to go up in Karnataka as the state govt revises sales tax by 29.84% and 18.44%.

According to the Petroleum Dealers Association, petrol and diesel prices are likely to go up by Rs 3 and Rs 3.05 approximately in Karnataka pic.twitter.com/rJDinVT6SK
— ANI (@ANI) June 15, 2024

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