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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

<ul><li>When the government slashed import duties on palm, sunflower and soyabean oils earlier this month, it left out healthy edible oils such as olive and olive pomace oil.</li><li>These duties cuts have altered the price gap that exists between healthy and unhealthy oil options.</li><li>Healthy oil manufacturers like Modi Naturals and Marico are bearing the brunt of hefty import duties and passing it on to consumers.</li><li>Indians have already been downtrading from brands to unbranded or local items when it comes to packaged foods, now there will be a similar trend in <keyword id="57322" type="General" weightage="20" keywordseo="edible-oil" source="Orion">edible oil</keyword> too.</li></ul>Indian households have been reeling under the stress of hikes in <a href="https://www.businessinsider.in/india/news/after-fuel-government-moves-to-reduce-the-price-of-edible-oil-by-15/litre/articleshow/92793370.cms">edible </a>oil for months – a key element that determines their thalinomics. This heavily imported food product has been hit by supply chain issues, export bans and more but just as a few weeks back, they had started to <a href="https://www.businessinsider.in/india/news/after-fuel-government-moves-to-reduce-the-price-of-edible-oil-by-15/litre/articleshow/92793370.cms">cool </a>off a bit, thanks to global price <a href="https://www.businessinsider.in/india/news/after-fuel-government-moves-to-reduce-the-price-of-edible-oil-by-15/litre/articleshow/92793370.cms">drop. </a> A few companies like Adani Wilmar had reduced the sticker price too. The centre too moved to make it affordable again by <a href="https://www.livemint.com/industry/agriculture/govt-slashes-effective-import-duty-on-crude-palm-oil-to-5-5-to-cool-edible-oil-prices-11644721728342.html">slashing </a>import duties and asked the manufacturers to <a href="https://www.deccanherald.com/business/business-news/centre-asks-edible-oil-industry-to-slash-prices-1125041.html">pass it on to consumers </a>by up to ₹10-12 per litre. These duty cuts will also offset the fall in rupee value that will affect the economics of imported products. India is highly dependent on oilseeds growers outside the country as it is the world's second-largest <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/huge-edible-oil-imports-compromise-indias-interest-imperative-to-become-self-reliant/articleshow/92796952.cms?from=mdr#:~:text=India%20is%20the%20world's%20second,in%20continuous%20dependence%20on%20imports.">consumer </a>and number one <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/huge-edible-oil-imports-compromise-indias-interest-imperative-to-become-self-reliant/articleshow/92796952.cms?from=mdr#:~:text=India%20is%20the%20world's%20second,in%20continuous%20dependence%20on%20imports.">importer </a>of vegetable oil. It meets 55-60% of its needs through imports. “Since the global edible oil prices have reduced by 25-30% and the Indian government has also reduced the import duty on edible oils, the rupee depreciation against dollar and its impact on local prices will be offset by that. Hence, we don't see the price hike in edible oils in India due to rising dollar against rupee,” Akshay Modi, MD of Modi Naturals’ told Business Insider India. According to recently released data by the Ministry of Statistics and Programme Implementation, edible oil <a href="https://mospi.gov.in/documents/213904/416359//CPI%20Press%20Release%20June%2020221657627219122.pdf/dd978e29-3d3b-c0a8-5a4f-8d41ee23027f">prices are over 9% higher than they were </a>last year. After vegetables and spices, oils and fats have seen the biggest increase in the inflation rate during the same period. Healthy vs unhealthy While these duty cuts helped, they have also altered the price gap that exists between healthy and unhealthy oil options. Duty cuts were taken by the government for palm, sunflower and soyabean, and the centre has left out olive and olive pomace oil, both of which are imported too. These two oils are considered the healthiest of the old due to their antioxidant properties. “When it comes to other healthy edible oils like rice bran and olive pomace oils, the duties are still disproportionately high at 38.5%, leaving consumers with no healthy options to choose from. We urge the government to reduce the duty on crude oils of these sources, make it a level playing field and give consumers healthy options to choose from,” Modi told Business Insider India. Manufacturer of Oleev oil Modi Naturals’ five-liter olive pomace currently costs ₹2199. Dhara’s <keyword id="58302" type="General" weightage="20" keywordseo="sunflower-oil" source="Orion">sunflower oil</keyword>, on the other hand, costs ₹943 for 5 liters. The price of olive oil is already high and disproportionate duties might make them costlier by comparison. As trends indicate, Indians have already been downtrading from brands to unbranded or local items when it comes to packaged foods. And, it has already affected FMCG major Marico. Its healthy cooking oil brand version <a href="https://www.businessinsider.in/india/news/oats-and-honey-are-some-of-the-health-foods-that-indians-are-buying-less-of/articleshow/92697833.cms">Saffola declined in double digits </a>in the quarter ending June 2022. “Saffola Oils declined in double digits, having to contend with high in-home consumption in the base quarter and significant downtrading visible from super premium to mass segment in edible oils,” the company said in a statement to the stock exchanges. Marico has a range of healthy cooking oil options under its brands named Weight Watchers, Total Pro Heart and more. It also has cans of rice bran oil with other vegetable oils, providing a multitude of options for consumers searching for healthy options.

Cooking oils are getting cheaper but healthier options are as pricier as they were

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The government has hiked <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of <keyword id="20211970" type="General" weightage="20" keywordseo="special-additional-excise-duty" source="keywords">Special Additional Excise Duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil. The new rates are effective from March 1. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

The <keyword id="26362" type="General" weightage="20" keywordseo="government" source="Orion">government</keyword> has reduced the <keyword id="6357502" type="General" weightage="20" keywordseo="import-duty" source="Orion">import duty</keyword> on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said. Usually, India imports 'crude' soybean and sunflower oils and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils. With this reduction, the effective duty on refined edible oils stands at 13.7 per cent, including cess on social welfare. The effective duty on all major crude edible oils is 5.5 per cent. Commenting on this, Solvent Extractors' Association of India (SEA) Executive Director B V Mehta said the move may have some temporary impact on market sentiments but unlikely to attract imports. "Basically, government wants to keep the prices of edible oils under check. Even with less duty difference between crude and refined soya and <keyword id="58302" type="General" weightage="20" keywordseo="sunflower-oil" source="Orion">sunflower oil</keyword>s, chances of shipment of refined soya and sunflower <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">oil</keyword> may not be commercially viable but have some temporary sentiment impact on market," Mehta said in a statement. Currently, there are no import of refined soybean and sunflower oils. According to SEA, the delayed onset of monsoon in Kerala by a week led to delay in sowing. "The Met Department has forecast near normal monsoon, however El Nino is not ruled out completely and may spoil the chances of normal monsoon, which may impact kharif crop and domestic availability of vegetable oils in next oil year 2023-24," Mehta added. India relies on imports to fulfill its demand-supply gap in edible oils. It meets nearly 60 per cent of edible oil demand through imports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/sonam-kapoor-plans-to-return-to-bollywood-with-2-yrf-films/articleshow/101014785.cms">Sonam Kapoor plans to return to Bollywood with 2 YRF films</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/automotive-digital-marketplace-truecar-lays-off-24-of-workforce/articleshow/101013596.cms">Automotive digital marketplace TrueCar lays off 24% of workforce</a>

Govt cuts import duty on refined soybean & sunflower oils to 12.5%

<ul class="summary-list"><li>Oil and gas prices will likely fall under Trump's proposed tariffs, a Bank of America strategist said.</li><li>He said tariffs will lead to a trade war, dampening demand and prices in the process.</li></ul>Oil and gas prices are set to fall amid an onslaught of steep tariffs under Donald Trump, according to Bank of America strategist Francisco Blanch.Blanch says the president-elect's proposed tariffs will likely curb global trade, driving down oil and gas prices in the process."America first means commodities second, and I think we kind of start from that point," he said in a Monday interview with Bloomberg Television.Trump has floated proposals of sweeping <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">tariffs</a> of 10% to 20% on all countries, with the exception of <a target="_blank" href="https://www.businessinsider.com/china-stimulus-trump-us-election-tariffs-chinese-economy-trade-war-2024-10">China</a>, where the US would impose steeper duties of 60%. As those tariffs heighten trade tensions, that could slow economic growth and lead to higher inflation and interest rates, dampening demand and prices, Blanch's comments suggest.That could have an impact on production, too, Blanch says.In theory, Trump's deregulatory stances and <a target="_blank" href="https://www.businessinsider.com/biden-trump-climate-policies-ev-subsidies-renewables-fossil-fuel-drilling-2024-7?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=facebook&amp;fbclid=IwY2xjawGoeZpleHRuA2FlbQIxMQABHfLoB8Cl3sA7ngI6j0XqTGKOlLQQq9ktKNJV9_yySewhWgslJ6LnmWQFXg_aem_oIAve7xxBu3McHKWflkroA">pro-fossil fuel</a> views should boost production. Throughout his campaign, Trump promised to lower energy prices by boosting <a target="_blank" href="https://www.businessinsider.com/trump-lower-gas-prices-exxonmobil-ceo-oil-boom-2024-11">US oil production</a>, saying, "We will frack, frack, frack and drill, baby, drill," at a rally in Detroit last month."I will cut your energy prices in half within 12 months," he added.But if prices are lower amid sweeping tariffs, that could mean production slows, too, as producers see less incentive to accelerate drilling, Blanch says."In America, prices determine how much output producers ultimately pull out of the ground, and I think the bigger risk to prices really is coming from tariffs. We have potentially a trade war here," he said, adding that <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-recession-fears-jump-trump-trade-war-tariffs-2024-11">trade war</a> is the main downside risk to demand globally.<a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11?_gl=1*4rar5l*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTk1ODgyNS40MjAuMS4xNzMxOTU5NDEwLjIxLjAuMA..">US oil production</a> is also already historically high, reaching 13.4 million barrels a day in August to hit a new all-time monthly high.There are also some upside risks to commodity prices, Blanch acknowledges.He points to geopolitical tensions, including those in the Middle East and Ukraine. During his first term, Trump employed strict sanctions on Iran and Venezuela, and with Marco Rubio appointed as Secretary of State, that could bring such policies back, Blanch says."He's an anti-Iran, anti-Venezuela hawk. I think that could have an impact," he said, implying that stricter sanctions on those countries could drive up prices."Whatever happens to those geopolitical events that we're going through right now I think will also determine the path," he added.

'America first means commodities second': Oil and gas prices will tank under a Trump presidency, BofA strategist says

New Delhi, The government on Tuesday cut special additional excise duty (<keyword id="2978612" type="General" weightage="80" keywordseo="saed" source="Orion">SAED</keyword>) on <keyword id="163117" type="General" weightage="20" keywordseo="crude-petroleum" source="Orion">crude petroleum</keyword> to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil was set at Rs 12,100/tonne. Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently. The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently. SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

Govt cuts windfall tax on domestic crude, export of diesel, ATF

New Delhi, The government on Tuesday increased the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on <keyword id="19342328" type="General" weightage="20" keywordseo="jet-fuel-or-ATF" source="Orion">jet fuel or ATF</keyword> to nil from Rs 1, the notification said. SAED on export of petrol will continue to be zero. The new tax rates will come into effect from Wednesday. India first imposed <keyword id="2378386" type="General" weightage="20" keywordseo="windfall-profit" source="Orion">windfall profit</keyword> taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above USD 20 per barrel. Product cracks or margins are the difference between crude oil (raw material) and finished petroleum products. International crude oil prices averaged USD 90.17 per barrel in October. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and was brought back in second half of August. The export tax on petrol was scrapped in the very first review. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

<ul><li>Demand in the first quarter has shrunk because of high prices in April and May, said <keyword id="236770" type="General" weightage="80" keywordseo="adani-wilmar" source="Orion">Adani Wilmar</keyword> CEO on <keyword id="57322" type="General" weightage="20" keywordseo="edible-oil" source="Orion">edible oil</keyword> sales.</li><li>The demand in rural areas will continue to be slow in the second quarter too, the company says</li><li>Consumers are downgrading to smaller packs and cheaper brands, the company says.</li><li>Adani’s own King’s brand that’s cheaper than Fortune, has performed better in some rural pockets.</li></ul>Adani Wilmar witnessed subdued demand from rural India in its first quarter, in spite of <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">slashing </a>its edible oil prices in late June. “Demand in the first quarter has not grown. It has actually shrunk because of the very high prices in April and May, partially coming down in June and then July,” Angshu Mallick, CEO, Adani Wilmar told Business Insider India. Its refined oil sales, under the <keyword id="1385434" type="General" weightage="20" keywordseo="fortune-oil" source="Orion">Fortune Oil</keyword> brand, was lower by 5.6% as compared to last year. Adani Wilmar had even <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">announced a second reduction</a> in its sticker price in July by up to ₹20, but <keyword id="884977" type="General" weightage="20" keywordseo="rural-demand" source="Orion">rural demand</keyword> hasn’t picked up. It probably won’t in the second quarter either. This, however, has more to do with rural India’s spending power than the prices. “The demand in rural areas will continue to be slow in the second quarter also because they would look forward to a better crop, which they will harvest only from October onwards. So from the money point of view, farmers will not have any great money. I don't think rural demand will be any robust,” Mallick told Business Insider India. Smaller packs, cheaper brands Since oil is a household essential, consumers, the company says, are downgrading to smaller packs and cheaper brands. Adani Wilmar’s own edible oil brands at the lower rung like King’s and Aadhar, have performed better in some rural pockets. “In every FMCG category, we have seen that consumers have shifted to masstige brands or popular brands rather than premium. From premium, they have downgraded and we have seen that in edible oil also,” said Mallick. Masstige brands are mass-market brands which are priced lower than premium but still retain a ‘brand’ value. Apart from masstige brands, Adani also saw more demand for mustard oil from rural India. “When it comes to mustard oil, we have seen that Fortune mustard oil has much stronger equity than the masstige brands because consumers are afraid of any adulteration. So, here our Fortune has done much better,” said Mallick. However, the trend of smaller packs has pushed up its volumes as consumers are now buying four to five times a month. “If a single payment is ₹150 a litre, consumers have to pay out almost ₹2,500 for a 15 litre pack. So, paying ₹2500 altogether by a rural or a small-town consumer is definitely tight and tough. Against that, they can always pay ₹100 and buy a half litre bottle or ₹200 for one litre,” Mallick said. Also, after two price slashes in two months, they do not want to buy large quantities as they hold on to hope of another price cut.

No festival cheer ahead for Fortune Oil’s rural sales, says Adani Wilmar CEO

<ul><li>Earlier this week, the government reduced the base import prices of crude palm oil and soy oil.</li><li>Following this, edible oil companies have slashed prices of <keyword id="44868" type="General" weightage="20" keywordseo="cooking-oil" source="Orion">cooking oil</keyword>.</li><li>Additionally, prices of household products like soaps, biscuits, noodles and even shampoo, lipsticks and detergents will also fall as palm oil is one basic ingredient here.</li></ul>One of India’s top FMCG companies, Adani Wilmar reduced the prices of one of the priciest of groceries in recent times – cooking oil. "We are passing on the benefit of the reduced cost to our customers. We are confident the lower prices will also boost demand," said Angshu Mallick, MD and CEO at Adani Wilmar after reducing the price of Fortune refined Sunflower oil's one-litre pack by ₹10 to ₹210. This comes after Hyderabad-based Gemini Edibles &amp; Fats and Mother Dairy both cut prices of cooking oil by ₹15 on one-litre pack – bringing relief to this household essential which has been on the receiving end of inflation for months now. This sentiment could spread across more packaged products, by more FMCG majors. “We expect consumer and retail companies to pause taking further price increases though sector valuations appear rich, with improving out‐of‐home consumption,” said a report by Centrum Broking firm. In the last few months as input costs rose, <keyword id="160413" type="General" weightage="20" keywordseo="fmcg-players" source="Orion">FMCG players</keyword> have been resorting to reducing pack sizes while increasing pack prices. A reduction in base import of crude palm oil, soy oil could be passed on to other products in which it is used like — soaps, biscuits, noodles and even shampoo, lipsticks and detergents. It would mean a sharp reduction in household grocery bills, which have only been on the rise for consumers. Normal monsoon can aid the sector to remain green Lower prices would also mean the tapering demand for packaged products would also improve. Also, there are expectations that rural demand may recover on the back of higher government spending and normal monsoon. Rural demand has been hit after consumers <a href="https://www.businessinsider.in/india/news/life-in-rural-india-hit-by-a-wilted-rabi-crop/articleshow/92333426.cms">traded down to cheaper and smaller packets </a>after inflation hit their doorsteps much harder than it did for urban consumers. If and when consumers shift to smaller pack sizes, most FMCG players tend to lose market share to local and regional players who cater more variety at those price points. However, if pack prices improve, FMCG majors’ volumes will improve – which have been losing revenue for the last eight months. Rural economy is key for FMCG players as a cool off in agricultural commodities inflation will also help reduce their own costs and improve margins. “If commodity prices witness correction from the current level, margins of consumer goods companies might witness a sequential improvement from Q3 FY2023. Commentary of most consumer goods companies suggests recovery in sales volume from Q2/Q3 of FY2023, if the inflation environment stabilizes in the coming months,” said analysts at Sharekhan. An FMCG bull run The optimism around the sector picking up soon is reflected in companies share prices as well. In a weak market sentiment, shares of FMCG players were among the biggest gainers as their fortunes will improve irrespective of worries about global interest rates and a possible recession in the US. “We are very bullish on the FMCG sector from here because we believe costs are coming down from previous highs and they are in a position to pass on incremental costs to consumers, which will help to increase these companies' margins,” said Ravi Singhal, vice chairman at GCL Securities. An FMCG bull run in a market would actually buck the trend of an overall lack of enthusiasm in stocks — proving the theory that no matter what happens, people will keep buying essentials albeit at the right price. <div type="image" title="color fmcg" height="900" width="1200" msid="92336486" hostid="261"></div> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/life-in-rural-india-hit-by-a-wilted-rabi-crop/articleshow/92333426.cms">Vanished savings, trading down to cheaper essentials – life in rural India hit by a wilted Rabi crop</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/india-heads-into-the-thunderstorm-zone-right-after-the-heatwave-orange-alerts-issued/articleshow/92333863.cms">India heads into the thunderstorm zone right after the heatwave, orange alerts issued</a>

Cooking oil prices drop - soaps, noodles and detergents might follow suit

The government on Tuesday cut the windfall tax on <keyword id="14320568" type="General" weightage="20" keywordseo="domestically-produced-crude-oil" source="Orion">domestically produced crude oil</keyword> while increasing the rate on export of diesel and jet fuel (ATF) in line with rise in international oil prices. The tax on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was cut to Rs.9,500 per tonne from Rs.11,000, beginning November 2, a government notification showed. In the fortnightly revision of windfall tax, the government hiked the rate on export of diesel to Rs.13 per litre from Rs 12 per litre. The levy on jet fuel too was increased to Rs.5 a litre, from Rs 3.50. The levy on diesel includes Rs 1.50 per litre road infrastructure cess (RIC), the notification showed. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. But the tax on petrol was scrapped in subsequent fortnightly reviews. While the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference of international oil price realised and the cost. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs.6 per litre (USD 12 per barrel) each were levied on petrol and aviation turbine fuel and Rs.13 a litre (USD 26 a barrel) on diesel. A Rs.23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The duties were partially adjusted in the previous rounds on July 20, August 2, August 19, September 1, September 16, October 1 and October 16. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/property-prices-rise-6-in-top-8-cities-delhi-saw-the-highest-rise-colliers/articleshow/95559207.cms" style="">Property prices rise 6% in top 8 cities, Delhi saw the highest rise: Colliers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bombay-hc-orders-fresh-testing-of-johnson-johnson-baby-powder-allows-company-to-manufacture-but-not-sell-it/articleshow/95558790.cms" style="">Bombay HC orders fresh testing of Johnson &amp; Johnson baby powder; allows company to manufacture but not sell it</a>

Windfall profit tax on crude oil hiked, levy on export of diesel cut

<ul class="summary-list"><li>Oil prices are set to normalize at around $100 a barrel, according to a top JPMorgan energy analyst. </li><li>"Put your seatbelts on. It's going to be a very volatile supercycle," Christyan Malek told Bloomberg. </li></ul>Global oil prices could see a new normal around $100 a barrel thanks to a trifecta of higher interest rates, production cuts, and lack of investment in the industry, according to a top JPMorgan energy analyst. Speaking in a <a href="https://www.youtube.com/watch?v=giqZrscRv6Q" target="_blank" rel="noopener">Bloomberg interview</a>, Christyan Malek warned of a volatile ride for crude costs for the foreseeable future. "Put your seatbelts on. It's going to be a very volatile supercycle," Malek told the outlet. "The flow of capital into new oil supply is just not what it was like in the last 30 years," he said. "So what that's doing is driving the long-term price, the back end of the curve, up to $80, or north of $80. We think it probably normalizes around $100," he added. Oil prices have rallied again in recent months as key oil producers <a href="https://markets.businessinsider.com/news/commodities/oil-supply-deficit-crude-prices-opec-saudi-arabia-russia-production-2023-9" target="_blank" rel="noopener">Saudi Arabia and Russia press ahead with production cuts</a> in a bid to maintain price stability.Crude prices are on track for their fourth-monthly win, with the Brent contract, the international benchmark, rising above $90 a barrel. "They [OPEC] have a sort of fiduciary duty to make sure they're stabilizing the price [of oil]," Malek said. "I think what they're trying to do is make sure it stays within a range. So by definition, if we see a very cold winter or hurricanes and prices spike very quickly, they'll be managing the upside just the way they're managing the downside," he added. Interest-rate increases by global central banks have also contributed toward the boost in crude prices, with higher borrowing costs making it costlier to invest in oil projects - thereby reining in supply, Malek noted.Over the past six quarters, the Federal Reserve has hiked benchmark US rates from near-zero levels to upward of 5% to cool inflation.

You Searched For "duty cuts on edible oil" and got 11 results

India slashes windfall tax on crude petroleum

ANI

Cooking oils are getting cheaper but healthier options are as pricier as they were

Karuna Sharma

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

PTI

Govt cuts import duty on refined soybean & sunflower oils to 12.5%

PTI

'America first means commodities second': Oil and gas prices will tank under a Trump presidency, BofA strategist says

Kelly Cloonan

Govt cuts windfall tax on domestic crude, export of diesel, ATF

PTI

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

PTI

No festival cheer ahead for Fortune Oil’s rural sales, says Adani Wilmar CEO

Karuna Sharma

Cooking oil prices drop - soaps, noodles and detergents might follow suit

Bhakti Makwana

Windfall profit tax on crude oil hiked, levy on export of diesel cut

PTI

Expect $100 to be the new normal for oil prices thanks to production cuts, higher interest rates, and lack of investment, JPMorgan energy analyst says

Zahra Tayeb

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