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New Delhi, India's consumption of <keyword id="118558" type="General" weightage="20" keywordseo="petroleum-products" source="Orion">petroleum products</keyword> rose to a seven-month high in December to about 20.05 million metric tons, according to data compiled by the Petroleum Ministry. Total consumption rose by 6.2 per cent from 18.89 million tons in November and was 2.6 per cent higher than the corresponding figure for December last year. Sales of diesel, mainly used in the transport and farm sectors increased by 0.9 per cent month-on-month to 7.6 million tons. However, <keyword id="3146552" type="General" weightage="20" keywordseo="petrol-sales" source="Orion">petrol sales</keyword> fell by 4.5 per cent in December to 2.99 million tons compared to the previous month. LPG sales rose by 5.6 per cent to 2.63 million tons as more households are shifting to the clean gas from firewood nationwide. Sales of bitumen, used for making roads, jumped by 12.9 per cent from November reflecting the increase in construction in big highway projects that has gathered momentum. Naphtha sales jumped by 27.9 per cent to 1.33 million tons while fuel oil recorded a 9.6 per cent increase in December.

India's petroleum product sales hit seven-month high in December

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

Diesel sales in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> jumped up sharply in the first half of April as agricultural activity pick-up and trucking increased to meet industrial <keyword id="15308237" type="TOPIC" weightage="60" keywordseo="Demand" source="TOPIC" sourcekeytype="economy,investopedia" meta.keywordsubtype="null" meta.msid="92562122" meta.seopath="d/demand" meta.entityname="Demand" meta.hostid="153" meta.entityid="demand">demand</keyword>, preliminary industry data showed on Monday. Demand for diesel, the most consumed fuel in the country <keyword id="15377301" type="TOPIC" weightage="60" keywordseo="Accounting" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92547403" meta.seopath="a/accounting" meta.entityname="Accounting" meta.hostid="153" meta.entityid="accounting">accounting</keyword> for about two-fifths of the demand, soared over 15 per cent to 3.45 million tonnes in the first half of April when compared to a year ago. Month-on-month sales rose 8.4 per cent when compared with 3.19 million tonnes of diesel consumed in the first half of March that had witnessed seasonal slowdown. Petrol sales rose about 2 per cent to 1.14 million tonnes during April 1 to 15 when compared with the same period of last year. Sales however fell 6.6 per cent month-on-month, the data showed. In the first half of March, petrol sales had fallen 1.4 per cent and diesel 10.2 per cent year-on-year. Consumption of petrol in April first half was 14.6 per cent more than COVID-marred April 1-15, 2021 and almost 128 per cent more than in the same period of 2020. Diesel consumption was up 24.3 per cent over April 1-15, 2021 and 127 per cent higher than in the same month of 2020. With the continued opening of the aviation sector, India's overall passenger traffic at airports inched closer to pre-COVID levels. Reflecting the trend, jet fuel (ATF) demand jumped 14 per cent to 2,84,600 tonnes during the first half of April when compared to the same period last year. It was 35 per cent higher than April 1-15, 2021 and 467.6 per cent more than the same period in 2020. Month-on-month sales however fell 3.8 per cent. India is enjoying steady growth, with support from the services sector as well as the industrial side of the economy. The country's oil demand was supported by strong industrial activity, industry officials said. In terms of products, diesel was the main driver of oil demand as there was a pick up in the agriculture sector, as well as requirements for power generation and industry. Use of the fuel in irrigation pumps and trucking supported diesel. Cooking gas <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> sales rose 5.7 per cent year-on-year to 1.1 million tonnes in April 1-15. LPG consumption was 7 per cent higher than in April 1-15, 2021 and 9.2 per cent more than in the first half of April 2020. Month-on-month, the demand dropped 6.37 per cent when compared to 1.18 million tonnes of LPG consumption during March 1-15, the data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-to-bring-inflows-of-up-to-3-billion-all-eyes-now-on-the-merger/articleshow/99557243.cms">HDFC-HDFC Bank merger to bring inflows of up to $3 billion: All eyes now on the merger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/diljit-dosanjh-coachellas-first-punjabi-artist/slidelist/99556453.cms">Diljit Dosanjh, the only Punjabi artist to play at Coachella, is a man of many firsts</a>

Diesel sales jump on agricultural demand

India's <keyword id="252144" type="General" weightage="20" keywordseo="fuel-demand" source="Orion">fuel demand</keyword> fell in the first half of March after posting record growth in the previous month, preliminary industry data showed on Thursday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. March saw the seasonal slowdown kicking in with a rise in temperatures. <keyword id="3146552" type="General" weightage="20" keywordseo="petrol-sales" source="Orion">Petrol sales</keyword> decreased by 1.4 per cent to 1.22 million tonnes in the first half of March when compared with the same period of last year. Sales fell 0.5 per cent month-on-month, the data showed. Diesel, the most consumed fuel in the country, saw demand slip 10.2 per cent to 3.18 million tonnes from March 1 to 15 when compared with 3.54 million tonnes of sales in the same period a year back. Month-on-month the demand was down 4.6 per cent. During the first half of February, petrol consumption had jumped by almost 18 per cent year-on-year while <keyword id="998651" type="General" weightage="20" keywordseo="diesel-sales" source="Orion">diesel sales</keyword> were up nearly 25 per cent. The consumption of petrol in the first half of March was 16.4 per cent more than the Covid-marred first half of March 2021 and almost 23 per cent more than in the same period of 2020. Diesel consumption was up 11.5 per cent over the first half of March 2021 and 20.2 per cent higher than in 2020. While cold conditions slowed truck movements in January, the onset of spring revived demand in February. With the continued opening of the aviation sector, India's overall passenger traffic at airports inched closer to pre-Covid levels. Reflecting the trend, jet fuel (ATF) demand jumped 19.2 per cent to 2,94,900 tonnes during the first half of March when compared to the same period last year. It was 35.6 per cent higher than in March 2021 but 8.2 per cent lower than in March 2020. Month-on-month sales were almost flat. Sources said while domestic air travel is back to pre-Covid levels, international traffic is lagging because of continued restrictions in some countries. India's recovery has continued to gain momentum in recent months but has been accompanied by elevated inflation. This slowed the momentum a bit. The country's oil demand had been rising steadily since the easing of COVID-19 restrictions. Cooking gas LPG sales fell 9.7 per cent year-on-year to 1.18 million tonnes from March 1-15. LPG consumption was 7.1 per cent higher than in March 2021 and 3.6 per cent more than in March 2020. Month-on-month, the demand dropped 15.10 when compared to 1.39 million tonnes of LPG consumption during February 1-15, the data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/once-again-lemon-prices-soar-to-200-per-kilo/articleshow/98691510.cms">Once again, lemon prices soar to ₹200 per kilo</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/retail-tech-platform-dukaan-lays-off-30-of-its-workforce-second-layoff-in-6-months/articleshow/98692209.cms">Retail tech platform Dukaan lays off 30% of its workforce; second layoff in 6 months</a>

Petrol, diesel sales drop in first half of March after hitting record high in February

New Delhi [India], September 16 (ANI): In a bid to maintain equilibrium in the domestic and international fuel markets, the <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">Central Government</keyword> announced changes in the taxation structure for crude oil and petroleum product exports, effective from today. As per the <keyword id="1222399" type="General" weightage="80" keywordseo="gazette-of-india" source="Orion">Gazette of India</keyword>, the <keyword id="156153" type="General" weightage="80" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword>, <keyword id="208415" type="General" weightage="80" keywordseo="department-of-revenue" source="Orion">Department of Revenue</keyword>, issued two notifications, amending previous taxation rates. According to the notifications, the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestic crude oil production has been increased significantly, while levies on the export of aviation turbine fuel (ATF) and diesel have been reduced. A tax levied on an unforeseen or unexpectedly large profit is called windfall tax. The windfall tax on domestic crude oil production has been raised from Rs 6,700 per ton to Rs 10,000 per ton. This move aims to capture a larger portion of profits from the surging crude oil prices, providing additional revenue for the government. The windfall tax on the export of aviation turbine fuel (ATF) has been decreased from Rs 4 per liter to Rs 3.50 per liter. This reduction is expected to make Indian ATF exports more competitive in the international market. The tax on the export of diesel has been reduced from Rs 6 per liter to Rs 5.50 per liter. This adjustment is aimed at boosting the export of diesel, potentially increasing revenue from international sales. These changes come as India navigates the complexities of fluctuating global oil prices and aims to strike a balance between reaping benefits from high crude oil prices and ensuring competitiveness in the international fuel market. The notifications, No. 30/2023-Central Excise and No. 31/2023-Central Excise, issued by the Ministry of Finance, will come into effect on September 16, 2023. The government expects these tax adjustments to have a positive impact on the nation's fiscal health and its position in the global fuel market. These amendments follow a series of recent changes in the taxation structure for petroleum products and are part of the government's efforts to adapt to the evolving economic landscape and maintain stability in the energy sector. (ANI)

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

<ul><li>The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.</li><li>The government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre. </li><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> first imposed windfall profit taxes on July 1. </li></ul> The government on Saturday hiked the windfall profit tax on the export of diesel to ₹ 12 per litre and that on jet fuel exports to ₹ 3.50 a litre with effect from October 16. The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000. After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> has brought about a hike in export taxes on crude, diesel and <keyword id="44833" type="General" weightage="100" keywordseo="atf" source="Orion">ATF</keyword>, in its latest review. At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at ₹ 3.50 per litre, from nil, finance ministry said in a notification. While private refiners <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> and Rosneft-based <keyword id="6594278" type="General" weightage="50" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and Vedanta Ltd. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/us-offer-to-help-india-in-chip-manufacturing-just-lip-service-china/articleshow/94882797.cms">US offer to help India in chip manufacturing just lip service: China</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/rishab-shettys-kantara-becomes-highest-rated-indian-film-beats-kgf-2-rrr/articleshow/94862419.cms">Rishab Shetty's 'Kantara' becomes highest-rated Indian film, beats 'KGF 2', 'RRR'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/byd-atto-3-receives-5-stars-in-ncap-crash-test-ahead-of-india-sale/slidelist/94861839.cms">BYD Atto 3 receives 5 stars in NCAP crash test ahead of India sale</a>

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India's petroleum product sales hit seven-month high in December

IANS

India slashes windfall tax on crude petroleum

ANI

Diesel sales jump on agricultural demand

PTI

Petrol, diesel sales drop in first half of March after hitting record high in February

PTI

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

ANI

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

PTI

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