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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

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 class="summary-list"><li>Russia's oil revenue fell sharply year-over-year in October.</li><li>Oil-related tax revenue dropped 29% last month, while oil and gas proceeds fell more than 25%.</li></ul>Russia saw a double-digit drop in oil revenue last month, hitting an important source of funds for the Kremlin amid pressure on global crude prices. Moscow's revenue from oil-related taxes plummeted 29% year-over-year in October, from 1.48 trillion rubles to 1.05 trillion rubles, according to data from Russia's Finance Ministry. Oil and gas proceeds, which is largely made up of oil production taxes and profit-based taxes in the industry, also fell more than 25% to 1.21 trillion rubles.Total oil and gas revenue rose on a monthly basis, with October levels up more than 75% compared to September. However, that's largely because the profit-based tax on Russia's oil industry is due four times a year, with companies paying taxes in March, April, July, and October, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-05/kremlin-oil-revenue-shrank-by-29-in-october-amid-lower-prices">Bloomberg reported</a>.The yearly drop has largely been fueled by <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">falling crude prices</a>. International crude prices logged their <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-today-israel-strike-iran-production-brent-wti-crude-2024-10">biggest drop in two years</a> last month after Israel's strike against Iran spared its oil infrastructure. Meanwhile, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11">US producers are pumping more than ever</a>, complicating efforts by OPEC+ to crimp supply and boost the price. Brent crude, the international benchmark, traded around $75 a barrel on Tuesday, down 11% over the last year. Meanwhile, Urals crude, Russia's flagship oil blend, traded around $63.57, down around 24% compared to the same time last year, Bloomberg data shows.The drop in oil revenue throttles a key source of funds for <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-outlook-moscow-sanctions-west-firms-uchicago-2024-10">Russia's war-driven economy</a>, which is becoming increasingly strained under the rising costs of its invasion of Ukraine. Russia's oil and gas industries have accounted for around 30%-50% of Russia's federal budget revenue for the last decade, according to an <a target="_blank" href="https://www.oxfordenergy.org/publications/follow-the-money-understanding-russias-oil-and-gas-revenues/">analysis</a> from The Oxford Institute for Energy Studies. Russia's <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">defense state spending</a>, meanwhile, is on track to hit a post-Soviet high in 2025.

Russia's oil revenue plummeted 29% in October amid volatile global crude prices

<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 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

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

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

<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>

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

The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">Central</keyword> government has slashed the <keyword id="6934085" type="General" weightage="20" keywordseo="windfall" source="Orion">windfall</keyword> <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> production to zero from Rs 3,500 rupees per tonne, which became effective today, according to an official notification. The windfall tax on diesel has been slashed to Rs 0.5 per litre from Rs 1 per litre earlier. There is no windfall tax on petroleum, jet fuel, or aviation turbine fuel (ATF). Windfall tax is levied by the government on unexpectedly high profits companies earn. It was levied in July 2022 as high energy prices had led to high profits for oil producers. Since then, windfall taxes for crude oil have declined from Rs 23,250 per tonne in July 2022 to Rs 3,500 per tonne as of March 21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/brahmastras-ayan-mukherjee-to-direct-war-2-hrithik-roshan-confirmed-for-lead-role/articleshow/99236228.cms">Brahmastra's Ayan Mukherjee to direct War 2, Hrithik Roshan confirmed for lead role</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/world-bank-cuts-indias-gdp-growth-to-6-3-for-2023-24/articleshow/99236772.cms">World Bank cuts India's GDP growth to 6.3% for 2023-24</a>

Govt removes windfall tax on crude oil production, cuts for diesel

<keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">Rupee</keyword> opened on a muted note and fell to an all-time low of 83.72 against the US dollar on Thursday, dragged down by the strength of the American currency in the overseas market and significant foreign fund outflows. Forex traders said the fall in the domestic unit came on the heels of a significant downturn in the Indian equity markets, sparked by the government's decision to hike the <keyword id="22422932" type="General" weightage="20" keywordseo="tax-rate" source="keywords">tax rate</keyword> on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>. At the interbank foreign exchange market, the local unit was trading in a narrow range. It opened at an all-time low of 83.72 against the American currency, registering a fall of 1 paisa from its previous close. On Wednesday, the rupee depreciated 2 paise to hit its all-time closing low of 83.71 against the US dollar. The government's decision to hike the tax rate on capital gains dampened market sentiment, exerting immense pressure on the rupee and the equity market. "Post-budget day, the benchmark Indian equity indices, BSE Sensex and Nifty 50, dipped by approximately 0.3 per cent and 0.2 per cent, respectively, as foreign institutional investors withdrew a staggering USD 350 million from Indian stocks. "Adding to the turmoil, persistent high demand for dollars, driven by defence and oil payments, compounded the currency's woes," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, lower by 0.17 per cent. Brent crude futures, the global oil benchmark, fell 0.75 per cent to USD 81.10 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 425.14 points, or 0.53 per cent lower at 79,723.74 points. The broader NSE Nifty was down 120.65 points, or 0.49 per cent, to 24,292.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 5,130.90 crore, according to exchange data.

Rupee slips to all-time low of 83.72 against US dollar; Fall sparked by tax rate hike on capital gains, per traders

The government has hiked the windfall profit tax on the export of diesel to ₹1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as <keyword id="64243" type="General" weightage="80" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) has been reduced to Rs 3,500 per tonne from Rs 4,400 per tonne, the order dated March 20 said. The government raised the tax on export of diesel to Re 1 per litre from Rs 0.50, and the same on overseas shipments of ATF remains at nil. The new tax rates come into effect from March 21, the order said. 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). The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. India first imposed windfall profit taxes on July 1 last year, 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 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 domestic crude production was also levied. The export tax on petrol was scrapped in the very first review and that on ATF was done away with at the last review on March 4. <keyword id="6487" type="General" weightage="80" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed <keyword id="6594278" type="General" weightage="80" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are primary exporters of fuel in the country. The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-deepens-tech-gloom-as-503-firms-lay-off-1-5-lakh-employees-this-year/articleshow/98855180.cms">Amazon deepens tech gloom as 503 firms lay off 1.5 lakh employees this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

Windfall tax on diesel export hiked to ₹1 per litre

<ul><li>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intraday low of 83.97 and a high of 83.93 against the dollar during the session. It finally settled at 83.96 (provisional) against the American currency, down 1 paisa from its previous close. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. "We expect the rupee to trade with a negative bias on selling pressure from foreign investors and weak domestic markets. Ongoing geopolitical tensions in the Middle East may also pressurise the rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, weak US dollar may support the rupee at lower levels. Any intervention by <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> may also support the rupee. "Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 103.07 points. <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword>, the global oil benchmark, was trading 0.78 per cent lower at USD 77.72 per barrel in futures trade. On the macroeconomic front, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor Shaktikanta Das said Indian rupee remained largely range-bound so far this financial year. The panel also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target. The status quo by RBI comes amid varied central bank action in advanced economies. While the Bank of England reduced interest rates last week, the Bank of Japan hiked rates to their highest levels since 2008. Also, fears of a US recession have risen on the back of weak employment numbers, piling up pressure on the Federal Reserve to start cutting rates to support the economy. In the domestic equity market, the 30-share BSE Sensex fell 581.79 points, or 0.73 per cent, to close at 78,886.22 points, while the Nifty declined 180.50 points, or 0.74 per cent, to 24,117.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 3,314.76 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

You Searched For "windfall profit tax on crude oil hiked" and got 13 results

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ANI

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BI India Bureau

Rupee falls 1 paisa to close at 83.96 against US dollar

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