Oil stocks tank up to 8% after cut in petrol, diesel prices; HPCL, BPCL, IOCL, GAIL, ONGC lead fall
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
OMCs have slashed petrol and diesel prices across the country by ₹2 per litre for the first time in two years since April 2022.
Reduced petrol and diesel prices will benefit the citizens through more disposable income, says government
It may be noted that the WPI based inflation in May 2023 contracted 3.48% year-on-year compared with 0.92% contraction in April 2023.
Despite a steady fall in global crude oil prices, fuel prices have not reduced for retail customers in India since last year
India's windfall tax on exports of locally-produced oil has helped reduce the state-owned refining and marketing companies' marketing losses, says Moody's.
State-run oil marketing companies have booked a combined loss of ₹27,276 crore in the first six months of the ongoing financial year, says Union minister Hardeep Puri.
OPEC Plus – a grouping of 23 oil-rich countries -- is meeting in Vienna on Wednesday to discuss a major production cut for the first time since March 2020.
Basic excise duty which is shared with states has not been touched, says FM.
Bajaj calls for collaborative efforts of state and the central governments in cutting taxes.
Countries which have a lower per capita income like Kenya, Bangladesh, Nepal, Pakistan, and Venezuela have much lower prices of petrol.