According to data from energy cargo surveillance company Vortexa, India’s petroleum product exports grew slightly by 1% to 4.9 million barrels per day in the first four months of the current fiscal year 2024–25 from 4.8 million barrels per day in the April–July period of 2023–24. However, compared to 1.22 million barrels per day in…
In contrast to the increase in the tax on diesel and ATF exports, the government has reduced the windfall profit tax on domestically produced crude oil. The special additional excise duty, or SAED, paid on domestically produced crude oil was decreased from Rs 7,100 per tonne to Rs 6,700 per tonne. According to the announcement,…
In addition to raising the windfall profit tax on domestically produced crude oil and diesel exports, the government has also reinstated the tax on international shipments of ATF. An official statement states that the tax on locally produced crude oil, which takes the form of a special supplementary excise charge, has increased from Rs 4,250…
Petrol sales in India recovered in August but diesel continued to show a decline over the last month as rains in several parts nicked away demand in some sectors, mainly industry data showed. Petrol sales, which had declined 5% in July, increased 5.8% to 2.81 million tonnes in August when compared with 2.66 million tonnes of demand in…
The reduction in petrol prices on account of excise duty cut by the Central government is expected to provide a much needed break for the two wheeler segment. While the rural economy is showing signs of improvement, petrol price reduction, along with the opening up of schools and colleges, should forecaster well for two wheeler…
