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Good news for oil companies! India cuts windfall tax on crude oil and fuel

Windfall Tax: The government has now greatly aided the oil industry. On the export of domestically produced diesel, aviation turbine fuel (ATF), and crude oil, windfall profit taxes have been reduced. As of today, February 16, the revised rates are in effect.

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The government decree states that organizations like Oil and Natural Gas Corporation (ONGC) would now be required to pay a tax of Rs 4,350 per tonne rather than Rs 5,050 per tonne on the crude oil they extract.

Centre cuts windfall tax on crude oil to Rs 4,350/tn from Rs 5,050/tn

Read @ANI Story | https://t.co/JWfTb2tpGg #Centre #WindfallTax #CrudeOil pic.twitter.com/4SwqX76DWK
— ANI Digital (@ani_digital) February 16, 2023

Know what are the new rates

The tariff on crude oil has now been cut from Rs 5050 per tonne to Rs 4350 per tonne. In addition, the tax on diesel exports was lowered from Rs 7.5 per liter to Rs 2.50 and the duty on ATF exports was lowered from Rs 6 to Rs 1.50. However, there is still no additional excise tax on gasoline.

America secretly bought more fuel from Russia than India, report claims

In a report, the Center for Research on Energy and Clean Air (think-tank Center for Research Energy and Clean Air) claims that not India, but the United States is ahead in purchasing fossil fuels from Russia. Since the Russia-Ukraine War, European countries and the US have been more heavily involved in purchasing fuel than India.

S Jaishankar, India’s External Affairs Minister, also spoke about the country’s intentions to purchase oil from Russia earlier in the day. In a press conference in America, S Jaishankar (India’s Minister of External Affairs) also said that India buys much less oil from Russia than Europe.

After the Russo-Ukraine war, India was reprimanded by US President Joe Biden due to India’s private sector companies and Reliance Oil buying more crude oil from Russia. The data revealed that India had bought 30 million barrels of fossil fuels from Russia since the Great War (Russia-Ukraine War 2022).

Russia Discount Offer On Crude Oil For India

In addition, Russia is offering India a discount on the purchase of crude oil, whilst India has issued an official statement making it clear that the discount of $30 per barrel is not attractive to it. CREA (Center for Research on Energy and Clean Air) claims that European countries received 71% of the 63 billion euros for crude oil from Russia in the last two months. The participation of Germany in this has been at the top.

For India, it has been reported that the country’s coal shipments have risen by 130% in the first three weeks of April compared to January-February.

Petrol Diesel Price Today: Petrol-Diesel became expensive again today, know what are the latest oil prices in your city

Major oil companies in the country have released petrol and diesel prices for Saturday, March 26. This is another increase by the oil marketing companies in petrol-diesel prices. In the capital Delhi, one liter of petrol has increased to Rs 98.61 and one liter of diesel has increased to Rs 89.87 due to the increase in oil prices yesterday.

Fuel costs in Mumbai have increased due to the latest rise in oil prices to Rs 113.35 per liter for petrol and Rs 97.55 for diesel. Diesel and petrol prices in Delhi rose by 80-80 paise per liter while in Mumbai, petrol prices rose by 84 paise per liter and diesel 85 paise per liter.

Petrol and diesel higher by Rs 3.20 in Delhi within four days

The price of gasoline and diesel continues to rise across the country. This week, petrol and diesel prices have increased for the fourth time in a row. Prices have increased by 80-80 paise for 4 consecutive days in Delhi. As a result, diesel and petrol prices in Delhi increased by Rs 3.20 over the past four days.

Price of petrol & diesel in Delhi at Rs 98.61 per litre & Rs 89.87 per litre respectively today (increased by 80 paise)

In Mumbai, the petrol & diesel prices per litre at Rs 113.35 & Rs 97.55 (increased by 84 paise & 85 paise respectively)

(File pic) pic.twitter.com/9r1RQSvTH8
— ANI (@ANI) March 26, 2022

The price of petrol in Delhi was 95.41 rupees per liter before the increase in oil prices but is now 98.61 rupees per liter due to the increase in oil prices. You can view the latest petrol and diesel prices in your cities by clicking on this link.

The price of crude oil also rose

The price of crude oil, meanwhile, is also rising today. The price of crude oil has reached $ 120.7 per barrel on the international market today. As of Saturday, WTI Crude prices have increased to $113 per barrel after increasing and Brent Crude prices have increased to $120.7 per barrel after increasing.

Russia-Ukraine War: Russia’s warning – Crude oil will reach $ 300, will stop Europe’s gas supply

Russia has bluntly warned Europe and America, which are preparing to impose sanctions on oil supply. According to a Russian minister, if the European Union considers imposing sanctions on us, be prepared to buy crude oil for $300 per barrel.

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Russian Deputy Prime Minister Alexander Novak has said that if sanctions are imposed on the supply of crude oil from Russia, then Western countries will be forced to purchase crude oil at a price of $ 300 per barrel. There will be a major impact on the global market if such restrictions are imposed. Russia contributes 8 percent to global crude supply, while Europe provides 30 percent.

We said recently that we will stop Russia’s crude supply together with the European Union. Following this, crude had crossed $139 per barrel on the global market.

Germany’s gas supply will be closed

Novak warned Europe, saying they should not even think of banning Russia’s energy supplies, otherwise, the German gas pipelines would not run. If Europe decides not to buy oil from us, it will take more than a year to make up for it. During this period, one must be prepared to buy expensive oil.

Europe has to make a wise decision

Nowak said that European countries should think of their own interests. We are already prepared for such a scenario. If our supply is impacted there, we will start supplying in another market. Europe buys 40 percent of her gas from us. We have to make up for this when our supply is cut off. At the moment, we do not plan on imposing any such ban, but if Europe progresses, we will be obliged to.

Petrol Diesel price will become more expensive by Rs 5-6 a liter after the assembly elections

The price of gasoline and diesel in the country does not increase despite the continuous rise in crude oil prices on the global market. As a result, oil companies are losing money. Due to assembly elections in five states, prices for gasoline and diesel have not increased. Petrol Diesel prices may rise by Rs 5-6 a liter after the assembly elections.

According to experts, companies are suffering huge losses due to the non-increasing prices of petrol and diesel. The prices have increased by Rs 5-6 a liter as a result. After the assembly elections in five states, gasoline and diesel prices will probably rise if crude oil prices stay high on the international market.

Learn how prices affect the economy

In the domestic market, the price of crude oil will increase by 45-47 paisas per liter when crude oil is costing more on the global market. Since Diwali, petrol and diesel prices in the domestic market have remained stable despite increases in crude oil prices in foreign markets.

The price of crude oil is rising

As a result of ongoing tensions between Russia and Ukraine, the price of international crude oil rose to $94 per barrel on Tuesday. This is the first instance since 2014 that crude has reached this price. The cost of crude oil may exceed $125 per barrel if tensions between Russia and Ukraine persist.

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