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Diesel prices up in Punjab as SAD-BJP government raises VAT
Chandigarh: Because of SAD-BJP from today, the government has increased the VAT on diesel from 1.5% onwards to 11.25%, the price of diesel in Punjab has gone up by about 77% paisa. With the increase in VAT on diesel, diesel prices have shot up from Rs 53.38 to Rs 52.61 per liter. State diesel rates vary from region to region due to transportation costs. Opposition parties and Congress have criticized the state government for increasing value added tax (VAT). In particular, the new value-added tax (VAT) near diesel in Purban was implemented a month and a half after the hike. It is fixed at 11.25% (excluding 10% surcharge). Earlier, the Punjab government increased VAT on diesel from 1% to 9.75% from October 1, resulting in fuel prices of 55 paisa per liter. According to the Notification on Change in Diesel Rate issued by the Punjab State Revenue authorities, the VAT rate on diesel (excluding premium diesel) has been revised to 11.25%. Punjab has also imposed a surcharge of ...
HedyOwen
51
May 31, 2024
Devise formula to fix premium on natural gas from deep-water: Oil Ministry
By Nishit Shukla NEW DELHI: The petroleum ministry has asked the Director General of Hydrocarbons (DGH) to work out a transparent formula for determining premium for gas produced from challenging deepwater, ultra-deepwater or high temperature, high pressure discoveries and from government sources. said. The government had previously announced that gas would be priced according to an international benchmark formula, but a premium would be allowed for gas found in exploration and drilling areas. It is both expensive and challenging. The company said it would consult experts later to determine the premium. “We have asked DGH to come up with a transparent formula to calculate the premium for these new discoveries and DGH has to decide whether to increase the premium or not. We’ve asked DGH to come up with a transparent formula to calculate the premium. As follows: we have asked them to come up with a formula, either based on the existing Gas price formula or the existin...
WinstonGill
50
May 31, 2024
Oil stocks on fire; what to expect from OPEC meet
ET Online Mumbai: With global oil prices plummeting, oil marketing companies caught the attention of investors in today’s trade. Oversupply has caused crude oil prices to plunge to their lowest level in 50 months. Prices have fallen for five consecutive months. So far, Brent crude has fallen 30%. Since shale companies began producing natural gas, oil prices have plummeted as U.S. inventories have increased. Meanwhile, Saudi Arabia has refused to cut production and lower oil prices to prevent competition from the US. The Organization of Petroleum Exporting Countries (OPEC) will meet today in Vienna to discuss the fall in crude oil prices and decide on production cuts. A Goldman Sachs report said OPEC is expected to announce a “modest reduction” in current production. We believe it is in OPEC’s interest to share the burden of balancing the oil market surplus with US shale oil production. We believe that sharing the burden of balancing the oil marke...
Einscan_wlKl
42
May 31, 2024
OPEC move to hold output augurs well for Indian economy
Crude oil prices plummeted 40% from 2014 compared to June 2014 levels after 12 OPEC, which consists of individual oil-producing countries, decided to block India’s production cuts. This bodes well for India’s economy, as the country relies on imports for nearly 80% of its crude oil. Profitability of companies that use crude oil or derivatives as feedstock is expected to improve. According to Nomura Stockbrokers, a $10 per barrel drop in oil prices would result in a slight increase in India’s GDP by 0.1% and a 0.5 percentage point drop in the wholesale price index. The financial deficit would decrease by 0.1% and the account deficit by 0.5%. With less dependence on subsidies, profitability of oil marketing companies like HPCL, BPCL and IOC will improve. This will reduce working capital loans of these companies and increase marketing profits. Automobile companies will also benefit. Historically, lower vehicle ownership costs have led to higher sales growth. ...
MargueriteEvan
46
May 31, 2024
Crude Joke: Fuel price cut not as steep as global fall
NEW DELHI: So far, oil consumers have benefited only a fraction from the plunge in oil prices. Brent crude has fallen by about 40 percent since June, but prices of petrol, diesel, aviation fuel and commercial LPG have fallen by only 8-17 percent. Commercial cooking gas prices are down 17%, aviation turbine fuel (ATF) prices are down 14%, gasoline prices are down 11% and diesel prices are down 8%. NNPC executives said international crude and global petroleum products tend to be different. International crude oil prices are falling faster than international petroleum products, whose prices are the standard for domestic retail prices of gasoline, diesel, ATF, cooking gas, etc. The state-run oil marketing companies have reduced the prices of unsubsidized cooking gas. Starting Monday, ATF price is Rs 113 per cylinder and Rs 2,594.93 per thousand liters. On Sunday, the companies cut petrol prices by 91 liters paisa, the seventh consecutive fall in four months. Diesel prices fell by...
MaudDan
47
May 31, 2024
Oil Ministry to cut subsidy burden of ONGC, adjust its cess payment
NEW DELHI: With a strong push from the oil ministry, ONGC is in the process of revising the fuel subsidy sharing formula by reducing the outlay by a quarter by restructuring the share-based statutory petroleum tax. Under the new subsidy sharing formula, the cost of oil development paid to ONGC and other upstream oil producers to the government will be reduced to Rs 4,500 per tonne, sources close to the matter said. The measure to reduce the subsidy burden will change the government’s plan to sell oil at a price of Rs. 5 per tonne to the Oil and Natural Gas Corporation. (ONGC) 10% shares are worth around Rs. 170 billion. Total tax for the current fiscal year is Rs 105 billion, of which fuel subsidy paid by upstream companies ONGC and Oil India (OIL) in the first half of the year is Rs 319.26 billion, and the rest is used for the first half of the expenditure. The financial year is Rs 800 billion and cannot be exceeded. Oil and Natural Gas Corporation (ONGC) Until recen...
MarjorieHearst
48
May 31, 2024
Falling crude prices may adversely impact India, global markets
Mumbai: Contrary to popular belief, the fall in crude oil prices could have a negative impact on global stock markets, including India. Weak crude oil prices threaten growth in many oil-producing countries, which could severely impact India’s foreign inflows and exports. “Crude oil has created huge uncertainty in the global markets, which has negatively impacted India. The recent sell-off in foreign funds could be due to the continued fall in crude oil prices, which has led to a fall in the value of equities and the rupee.” The steep fall in crude oil has created serious problems in the market. ‘ Market sentiment was further shaken after the International Energy Agency cut its 2015 oil demand forecast to 900,000 barrels a day and warned of a possible financial default in Venezuela and Russia. On Friday, the price of Brent crude hit $60 a barrel, down 48 percent from its high in June this year. Lower crude prices mean lower revenues for oil exporters. ...
NicolaElla
49
May 31, 2024
Oil sinks again, flight to safety hits shares, dollar
TOKYO: Asian stocks fell on Wednesday as oil prices continued to fall. Investors began to pull back as concerns about global growth and political uncertainty in Greece caused investors to turn to safer assets. Data showed that 11 China’s annual consumer inflation fell to 1.4% this year, the lowest level in the past five years. Investors did not take much comfort in this. It shows that the world’s second largest economy continues to weaken. MSCI’s Asia-Pacific index, the biggest outside Japan, fell 0.5 percent, with the Nikkei down 1.6 percent. Hiroyuki Hiroyuki, chief strategist at Tokai Tokyo Research Center “Market optimism over recent good news is fading as investors shift from risk appetite to risk aversion.” Japan’s large manufacturers are not optimistic about growth from October to December and expect the situation to deteriorate further in the next quarter. A government survey released before the market opened showed that the economy...
LillianService
69
May 31, 2024
Oil dips after big rally as oversupply weighs on market
Eastern Standard Time SINGAPORE: Crude oil prices fell on Thursday after a tumultuous day, with a sharp rebound from near six-year lows reflecting a global supply glut. On Wednesday, Brent crude futures soared 4.5% to a 2012 year 6 since this month, as traders braced for expiring options. But market sentiment remains bearish due to oversupply, with Brent crude prices down 1905 48.50 cents per barrel as of 06:00 GMT on Thursday The dollar It touched $45.19, the lowest level since March 2009, on Tuesday. U.S. crude oil fell 10 times 48.38 cents per barrel U.S. dollars. U.S. investment bank Jefferies International announced on Thursday that “we are again lowering our oil price forecast to reflect the likelihood that the market will remain oversupplied through at least the first half of 2015.” “We have lowered our 2015 Brent crude oil price forecast of $72.25 per barrel to $50.25.555 2016 dollars per barrel, and our Brent crude oil price forecast from $83 ...
PrimoJasper
53
May 31, 2024
Why the fall in oil prices may not be so important for Indian economy at the current juncture
Global oil prices have plummeted in recent months on ruble concerns about the health of the Russian economy. The country, a major oil exporter, like many in the Arabian Gulf, has been hit hard by falling oil prices. Oil prices have fallen from more than $110 a barrel in June, when they began, to around $60 a barrel today. The fall in international oil prices actually represents a “transfer of income” from oil-exporting to oil-importing countries. This fall, consumption and investment in oil-importing countries such as India will be stimulated, offsetting the economic turmoil in oil-exporting countries and restoring the global economy. Economic growth. But good news? ? “It’s a fairly unique situation where there’s a long-term structural change in the market,” he said Madan Sabnavis, chief economist at CARE Ratings He said. The structural change he was referring to was the massive shale gas boom in the United States. One of the world’s la...
HenryLeopold
58
May 31, 2024
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