Tag Archives: diesel

Government slashes Excise Duty on Petrol and Diesel on Diwali eve

Newsoom24x7 Network

  • Excise duty on Petrol and Diesel to be reduced by Rs. 5 and Rs. 10 respectively from 4 November
  • Reduction in excise duty on diesel will be double that of petrol and comes as a boost for the farmers during the upcoming Rabi season
  • States urged to reduce VAT on Petrol & Diesel to give relief to consumers


New Delhi: Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from tomorrow. Prices of petrol & diesel will thus come down accordingly.

The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.

In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.

Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity.

To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol.

The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.

States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.

Diesel-Petrol VAT rate slashed in MP: Additional surcharge on diesel abolished

Newsroom24x7 Staff

Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan today (13 October 20`17) announced the decision to reduce the VAT rate on diesel and petrol.

The Chief Minister further announced that the additional surcharge of Rs. 1.50 per litre charged on diesel also has been abolished.

The new rates will come in effect from midnight today. The diesel being sold at the rate of Rs. 63.31 per liter will be sold at Rs. 59.37 per liter after midnight.

Chouhan said that this decision for reduction in diesel and petrol rates has been taken to give relief to the common people and the farmers keeping in view their requirement. He said that the reduced rates of diesel and petrol will reduce the cost of freight and the goods will become cheaper.

The Chief Minister said that VAT on diesel has been reduced by 5 percent and additional surcharge of Rs. 1.50 charged on diesel has also been abolished. Similarly, VAT on petrol has been reduced by 3 percent.

Modi reiterates commitment to transform quality of life, infrastructure and services

Newsroom24x7 Desk

Prime Minister Narendra Modi
Prime Minister Narendra Modi

New Delhi: On the first anniversary of his government, Prime Minister Narendra Modi on Tuesday said our objective is to transform quality of life, infrastructure and services. He also gave the assurance to the people that the goal is to “build the India of your dreams and that of our freedom fighters.”

In a letter to the people to mark his one year in office, the PM has said: “We assumed office at a time when confidence in the India story was waning. Un-abated corruption and indecisiveness had paralyzed the government. People had been left helpless against ever climbing inflation and economic insecurity.”

Stressing that urgent and decisive action was needed, the Prime Minister said runaway prices were immediately brought under control. The languishing economy was rejuvenated, building on stable, policy-driven proactive governance. Discretionary allotment of our precious natural resources to a chosen few was replaced with transparent auctions. Firm steps were taken against Black Money, from setting up an SIT and passing a stringent black money law, to generating international consensus against the same.

Uncompromising adherence to the principle of purity, in action as well as intent, has ensured a corruption-free government Modi has stated in his letter adding significant changes have been brought about in work culture, nurturing a combination of empathy as well as professionalism, systems as well breaking of silos. State governments have been made equal partners in the quest for national development, building the spirit of Team India. Most importantly, we have been able to restore Trust in the government, he has pointed out.

The PM has underscored the achievements of his government by stating that guided by the principle of Antyodaya, his Government is dedicated to the poor, marginalized and those left behind. He has further said in his letter: ‘We are working towards empowering them to become our soldiers in the war against poverty. Numerous measures and schemes have been initiated – from making school toilets to setting up IITs, IIMs and AIIMS; from providing a vaccination cover to our children to initiating a people-driven Swachh Bharat mission; from ensuring a minimum pension to our labourers to providing social security to the common man; from enhancing support to our farmers hit by natural calamities to defending their interests at WTO; from empowering one and all with self attestation to delivering subsidies directly to people’s banks; from universalizing the banking system to funding the unfunded small businesses; from irrigating fields to rejuvenating the Ganga River; from moving towards 24×7 power to connecting the nation through road and rail; from building homes for the homeless to setting up smart cities, and from connecting the North-East to prioritizing development of Eastern India.
In another letter to the people on economic issues, the PM said:

One year ago, you had entrusted me with the task of building a new India and putting a derailed economy back on track. We have achieved a lot. Economic growth has been revived, and is among the fastest in the world. Inflation is substantially down. Fiscal prudence has been restored. Confidence is up. Foreign investments have increased. This positive outlook is endorsed by major rating agencies and international institutions across the world.

Bold reforms pending for decades have been implemented. Diesel prices have been decontrolled. The Goods and Services Tax (GST) is slated to be introduced next year. By facilitating companies to Make in India through a focus on Ease of Doing Business, new jobs are being created. Cooking gas subsidies are being paid directly to beneficiary bank accounts under PAHAL – ensuring the right amount of subsidy, reaches the right people, at the right time. FDI limits in insurance, railways and defence production have been raised. Moreover, we have embraced the states as equal partners in national development, working as Team India in the spirit of cooperative and competitive federalism.

Political interference in public sector banking decisions is a thing of the past. Transparent coal auctions and allotments have mobilized potential revenues of Rs. 3.35 lakh crores to coal-bearing states over the lifespan of mines. And reform in the Mines Act has replaced a discretionary mechanism with a transparent auction process. To combat black money, a Special Investigation Team has been appointed and a new stringent law passed.

Nearly Rs. 1 lakh crores of public investment have been allocated in this year’s budget to improve physical as well as digital connectivity. A comprehensive transformation of the railways into a locomotive of growth has begun. Stalled highway projects are being restructured and revived. Power generation is at an all-time high. A new National Infrastructure Investment Fund has been set up with an annual government funding of Rs. 20,000 crores.

Economic growth benefits all Indians. Growth however, has meaning only if it empowers the poor, farmers, women, as well as middle and neo-middle classes of all communities. To enable us to continue paying remunerative prices to our farmers, we secured a permanent ‘peace clause’ at the WTO. The world’s largest financial inclusion project has brought banking to the doorsteps of the poor, opening a record 15 crore plus bank accounts with deposits of over Rs. 15,800 crores. An affordable social security system including pension, life insurance and accident insurance, has already witnessed 6.75 crore enrolments in its first week. MUDRA has been set up with a corpus of Rs. 20,000 crores to help our small businessmen, who despite being our biggest job creators have historically been starved of credit.

A lot has been achieved. However, this is just the beginning. There is much more to be done and I know your expectations are high. A year ago I gave you my word that while I might perhaps commit errors, I would always act with pure intentions and spend every available moment working for a better India. I have kept my word. I seek your continued support, suggestions and blessings in building the India of our dreams.

Second hike in petrol, diesel prices within a fortnight

Newsroom24x7 Staff

oil price hikeNew Delhi: People across India received a huge shock on Friday evening as Petrol and diesel prices were hiked for the second time within a fortnight. Petrol prices were raised today by 3.13 per litre and diesel prices by Rs 2.71 per litre.

Since taxes and levies differ from state to state, people will have to shell out much more than what has been projected by oil companies in terms of the latest price hike.

A statement by Indian Oil today said:

It has been decided to effect the following price changes with effect from midnight of 15th / 16th May, 2015:

• Increase in Retail Selling Price of Petrol by Rs. 3.13/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Petrol in Delhi will become Rs. 66.29/litre.

• Increase in Retail Selling Price of Diesel (Retail) by Rs. 2.71/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Diesel in Delhi will become Rs. 52.28/litre.

Prices of Petrol and Diesel were last revised w.e.f. May 1, 2015. Since last price change, there has been a steep increase in international prices of both Petrol & Diesel. INR-USD exchange rate has also depreciated quite significantly during this period. Combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.

The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes

In contrast, the Union Ministry of Petroleum and Natural Gas today said in a statement that The international crude oil price of Indian Basket as computed/published today (May 14, 2015) by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 64.88 per barrel (bbl). This was lower than the price of US$ 65.70 per bbl on previous publishing day of May 13, 2015.

In rupee terms, the price of Indian Basket decreased to Rs 4141.94 per bbl on May 14 as compared to Rs 4217.28 per bbl on May 13. Rupee closed stronger at Rs 63.84 per US$ on May 14 as against Rs 64.19 per US$ on May 13. The table below gives details in this regard:

Particulars Unit Price on May 14, 2015(Previous trading day i.e. 13.05.2015) Pricing Fortnight for 01.05.2015

(April 11 to April 28, 2015)

Crude Oil (Indian Basket) ($/bbl) 64.88              (65.70) 60.30
(Rs/bbl 4141.94          (4217.28) 3789.86
Exchange Rate (Rs/$) 63.84              (64.19) 62.85