After petrol and diesel, the government Wednesday cut excise duty on jet fuel to 11% to give relief to the aviation industry that has been in recent weeks hit hard by rising fuel prices and plummeting rupee.
Petrol And Diesel Prices Are Already High, Futures Trading In Them Will Only Be Speculative In Nature
The Securities and Exchange Board of India (SEBI) is reported to be in the final stages to permit futures trading in petrol and diesel—Indian Commodity Exchange Ltd (ICX) has urged SEBI to allow it to trade in futures contracts for petrol and diesel.
In less than a year of Narendra Modi becoming the prime minister in May 2014, the price of the Indian basket of crude oil crashed from $113 per barrel to $50 by January.
Aiming to give a major push to digital drive, the government is planning to put petrol and diesel along with its various products on e-commerce platform.
Setting the stage for inclusion of some of the petroleum products in the Goods and Services Tax (GST) regime
A cut of up to Rs 2.5 per litre in petrol and diesel prices notwithstanding, auto fuel rates in India are about twice the Singapore benchmark with taxes accounting for nearly half the current rates, Moody’s Investors Service said on Friday.
Under attack for the spike in petrol and diesel prices, the Finance Ministry finally relented and reduced the Basic Excise Duty on these fuels by ₹ 2 a litre effective October 4.
China’s fast-growing refining capacity has fueled its crude demand, raising the prospect that the Dragon might soon replace the US as the world’s biggest oil importer.
Britain’s Government is set to ban the sale of petrol and diesel cars from 2040, when all vehicles must be fully electric as part of a plan to clean up air pollution, reports say.
The prices of petrol and diesel are set to come down in Maharashtra as the government has decided to slash the state surcharge levied on petroleum products.