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The government on Friday cut excise duty on petrol and diesel by Rs 1.5 a litre, sacrificing Rs 10,500 crore revenue in the current financial year.(Reuters/Picture for representation)

Excise duty cut on fuel credit negative for India, will increase fiscal deficit by up to 3.4%: Moody’s

New Delhi | By Press Trust of India
UPDATED ON OCT 09, 2018 03:58 PM IST
The excise duty cut on petrol and diesel is credit negative for India as it will reduce government revenue and increase fiscal deficit by 0.1 per cent to 3.4 per cent of GDP in the year ending March 2019, Moody’s Investors Service said on Tuesday.
Petrol and diesel prices were cut by a minimum of Rs 2.50 on October 5 when the government’s only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect.(Pratik Chorge/HT Photo)
Petrol and diesel prices were cut by a minimum of Rs 2.50 on October 5 when the government’s only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect.(Pratik Chorge/HT Photo)

Petrol and diesel prices rise again, hit 3-week high

New Delhi | By Press Trust of India
UPDATED ON OCT 07, 2018 03:04 PM IST
Petrol, which in Delhi was cut to Rs 81.50 on October 5, cost Rs 81.82 on Sunday. Diesel rates were hiked by 29 paise a litre each on Saturday and Sunday.
(AFP)
(AFP)

Chandigarh cuts fuel rates by Rs 1.50 per litre

Press Trust of India, Chandigarh | By Press Trust of India
UPDATED ON OCT 07, 2018 10:55 AM IST
Fuel prices have already come down by Rs 2.5 per litre after the Centre reduced the excise duty by Rs 1.5 per litre.
Earlier on Thursday, Union Finance Minister Arun Jaitley announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same(HT Photo)
Earlier on Thursday, Union Finance Minister Arun Jaitley announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same(HT Photo)

Petrol@86.81 per litre and diesel@76.10 per litre in Pune

Hindustan Times, Pune | By HT Correspondent
UPDATED ON OCT 05, 2018 02:29 PM IST
Though citizens welcome the reduction in prices, they expect further reduction
Finance minister Arun Jaitley announced a cut of Rs 2.50 in the price of petrol(REUTERS File)
Finance minister Arun Jaitley announced a cut of Rs 2.50 in the price of petrol(REUTERS File)

Excise duty cut on petrol-diesel: Relief likely temporary as international crude prices expected to rise

Hindustan Times, New Delhi | By Roshan Kishore
UPDATED ON OCT 05, 2018 08:36 AM IST
The relief however is likely to be temporary, as crude prices are expected to rise in the future and probably cross the psychological barrier of $100 per barrel, last seen in 2014. A falling rupee will mean that prices increase even more in rupee terms.
People get their two-wheelers filled with petrol at a fuel station in Ahmedabad on May 14.(REUTERS/ Representative image)
People get their two-wheelers filled with petrol at a fuel station in Ahmedabad on May 14.(REUTERS/ Representative image)

No plan to cut taxes on fuel till central duties reduced to 2014 level: Kerala

Hindustan Times, Thiruvananthapuram | By HT Correspondent
UPDATED ON OCT 04, 2018 11:09 PM IST
Kerala finance minister TM Thomas Issac said the Centre has reduced its tax on petrol by Rs 1.50 per litre after hiking it by Rs 9.
A petrol pump employee pours petrol into a vehicle at a fuel station in Mumbai.(PTI Photo)
A petrol pump employee pours petrol into a vehicle at a fuel station in Mumbai.(PTI Photo)

Centre cuts fuel prices, 13 BJP-ruled states follow suit

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON OCT 05, 2018 09:58 AM IST
Petrol and diesel will be five rupees cheaper per litre in various BJP-ruled states as they cut an additional Rs 2.5 on the fuels.
On Tuesday, the diesel price went up by 16 paise from ₹73.74 per litre while the cost of petrol increased by 14 paise from ₹85.33 per litre.(Satyabrata Tripathy/HT Photo)
On Tuesday, the diesel price went up by 16 paise from ₹73.74 per litre while the cost of petrol increased by 14 paise from ₹85.33 per litre.(Satyabrata Tripathy/HT Photo)

Diesel price in Mumbai soars to all-time high, stokes fear and worry

Hindustan Times | By Kailash Korde, Mumbai
UPDATED ON AUG 29, 2018 12:40 AM IST
State-owned oil firms have been revising fuel prices every day since October 2017, after the Centre decided to decontrol fuel prices
Volunteers serve food to flood affected people at a relief camp set up inside a school in Kochi on August 23, 2018.(AP)
Volunteers serve food to flood affected people at a relief camp set up inside a school in Kochi on August 23, 2018.(AP)

Modi minister vs Kerala minister over decision to reject foreign aid

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON AUG 23, 2018 07:14 PM IST
Tourism minister said Modi government “inherited” policy from previous governments.
An aerial view shows partially submerged buildings at a flooded area in Kerala.(REUTERS)
An aerial view shows partially submerged buildings at a flooded area in Kerala.(REUTERS)

Kerala seeks Centre’s nod to hike market borrowing limit, raise Rs 10,500 crore following floods

Bengaluru, Hindustan Times | By Ramesh Babu
UPDATED ON AUG 21, 2018 11:45 PM IST
Chief minister Pinarayi Vijayan said Kerala desperately needed more money and resources to tide over the crisis and the present borrowing limit was an impediment to this.
The hospitality industry and liquor shop owners in Gujarat say their business is down by almost by 40% in the first four months of this financial year as compared to the same period last fiscal.(HT File Photo)
The hospitality industry and liquor shop owners in Gujarat say their business is down by almost by 40% in the first four months of this financial year as compared to the same period last fiscal.(HT File Photo)

Gujarat becomes drier as govt raises liquor prices, tightens permits issuance

Hindustan Times, Ahmedabad | By Hiral Dave
UPDATED ON AUG 04, 2018 05:57 PM IST
To increase revenue, the Gujarat government has hiked excise duty on spirit and wine by three fold and increased special fees on premium Indian Made Foreign Liquor and imported brands.
A pedestrian walks past the Hindustan Unilever Limited (HUL) headquarters in Mumbai.(REUTERS File Photo)
A pedestrian walks past the Hindustan Unilever Limited (HUL) headquarters in Mumbai.(REUTERS File Photo)

Hindustan Unilever Q1 net profit rises 19% to Rs 1,529 crore

Press Trust of India, Mumbai | By Press Trust of India
PUBLISHED ON JUL 16, 2018 04:16 PM IST
Total income during the quarter under review stood at Rs 9,622 crore, up 3.07% as against Rs 9,335 crore in the corresponding quarter a year ago, Hindustan Unilever (HUL) said in a BSE filing.
The Economic Survey for FY16-17 showed that out of the total returns filed under the GST during the period, 99.4% were filed by SMEs, amounting to 45.6% of the total taxes paid.(Photo: AFP)
The Economic Survey for FY16-17 showed that out of the total returns filed under the GST during the period, 99.4% were filed by SMEs, amounting to 45.6% of the total taxes paid.(Photo: AFP)

A year after GST, small businesses report huge drop in sales, struggle with high costs of compliance

Hindustan Times, New Delhi | By Alisha Sachdev
UPDATED ON JUL 04, 2018 04:18 PM IST
Small-scale businesses which were earlier exempt from paying excise, have gone from paying VAT in the range of 5%-12.5% to a GST of 18%, a rate which is highly disproportionate with the revenue they have.
The Prime Minister said earlier many taxes were hidden and under the GST, “what you see is what you pay.”(PTI Photo)
The Prime Minister said earlier many taxes were hidden and under the GST, “what you see is what you pay.”(PTI Photo)

Can’t tax milk, Mercedes equally: PM Modi rebuts Congress’ one GST slab demand

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON JUL 01, 2018 05:00 PM IST
Modi, in an interview to Swarajya magazine, GST has within one year of its launch led to over 70% jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
“If petro products are brought under GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors,” Modi said.(PTI Photo)
“If petro products are brought under GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors,” Modi said.(PTI Photo)

States will get to levy additional taxes on top of 28% GST on petrol, diesel: Sushil Modi

Press Trust of India, New Delhi | By Press Trust of India
PUBLISHED ON JUN 29, 2018 06:24 PM IST
45-50% of tax revenues of states come from petrol and diesel, Sushil Kumar Modi said.

Maharashtra truckers threaten strike from June 18; supplies of essentials won’t be hit

Hindustan Times | By Kailash Korde, Mumbai
UPDATED ON JUN 15, 2018 12:58 AM IST
Truckers are upset with toll charges, soaring diesel prices and third-party insurance premiums
Oil Minister Dharmendra Pradhan said fuel prices have started to decline during the five days but the rates continue to “pinch”.(REUTERS)
Oil Minister Dharmendra Pradhan said fuel prices have started to decline during the five days but the rates continue to “pinch”.(REUTERS)

Oil minister rules out review of daily fuel pricing mechanism

Press Trust of India, Dahej | By Press Trust of India
PUBLISHED ON JUN 04, 2018 06:32 PM IST
Daily revision in petrol and diesel prices, which was introduced in mid-June last year, had come under criticism after rates were hiked everyday last month in step with firming international oil rates
ONGC and Oil India Ltd had till June 2015 provided for up to 40% of the annual fuel subsidy bill.(Reuters File Photo)
ONGC and Oil India Ltd had till June 2015 provided for up to 40% of the annual fuel subsidy bill.(Reuters File Photo)

Govt may levy windfall oil tax on ONGC, Oil India to tackle fuel price hike

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAY 24, 2018 01:22 PM IST
The revenues collected from oil producers would be used to pay fuel retailers so that they absorb spikes beyond the threshold levels
The price of petrol has increased by Rs 2.54 in the last 10 days, and that of diesel by Rs 2.41.(PTI Photo)
The price of petrol has increased by Rs 2.54 in the last 10 days, and that of diesel by Rs 2.41.(PTI Photo)

Fuel prices soar for 10th straight day, govt seeks long-term solution

Hindustan Times, New Delhi | By P Suchetana Ray
UPDATED ON MAY 23, 2018 10:45 PM IST
After a 19-day hiatus in the run-up to the Karnataka polls, the price of petrol has increased by Rs 2.54 in the last 10 days, and that of diesel by Rs 2.41.
An attendant refuels a vehicle at a Hindustan Petroleum Corp. gas station in Bengaluru.(Lakshmi Samyukta/Bloomberg)
An attendant refuels a vehicle at a Hindustan Petroleum Corp. gas station in Bengaluru.(Lakshmi Samyukta/Bloomberg)

Govt should review taxes on petrol and diesel, says HPCL chairman

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAY 23, 2018 04:00 PM IST
The central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel. State sales tax or VAT varies from state to state.
People get their two-wheelers filled with petrol at a fuel station in Ahmedabad, India.(REUTERS File Photo)
People get their two-wheelers filled with petrol at a fuel station in Ahmedabad, India.(REUTERS File Photo)

Petrol price hits record high in Chennai, rises around 30 paise in other metros

Indo Asian News Service, New Delhi | By Indo Asian News Service
UPDATED ON MAY 22, 2018 03:26 PM IST
Petrol prices rose around 30 paise on Tuesday across the four metropolitan cities. In Delhi and Mumbai, the fuel was sold at Rs 76.87 and Rs 84.70 per litre respectively, up from Rs Rs 76.57 and Rs 84.40 on Monday.
Women sort nuts outside their home in the village of Kuragunda in Karnataka. With almost 70 percent of India's 1.3 billion people living in rural villages and agriculture contributing about 16 percent of gross domestic product, what happens in the sector determines not only Prime Minister Narendra Modi's election fate, but also growth prospects for the $2.3 trillion economy.(Prashanth Vishwanathan/Bloomberg)
Women sort nuts outside their home in the village of Kuragunda in Karnataka. With almost 70 percent of India's 1.3 billion people living in rural villages and agriculture contributing about 16 percent of gross domestic product, what happens in the sector determines not only Prime Minister Narendra Modi's election fate, but also growth prospects for the $2.3 trillion economy.(Prashanth Vishwanathan/Bloomberg)

Why Karnataka election results may worsen BJP govt’s budget woes

Bloomberg | By Anirban Nag and Archana Chaudhary
UPDATED ON MAY 22, 2018 11:34 AM IST
The budget was already under strain even before BJP lost Karnataka. The fiscal target was breached in the 2018 financial year, while the goal for this year was widened to 3.3 percent of gross domestic product.
Brent crude oil prices went past the $80 per barrel mark last week. On Monday, Brent touched $78.87 per barrel, up 0.5% from last close.(REUTERS File Photo)
Brent crude oil prices went past the $80 per barrel mark last week. On Monday, Brent touched $78.87 per barrel, up 0.5% from last close.(REUTERS File Photo)

Industry urges govt to cut excise duty on fuel as oil prices zoom

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAY 21, 2018 03:27 PM IST
The government said on Friday the recent spurt in global rates is a matter of concern as it could inflate import bill by as much as $ 50 billion and impact current account deficit (CAD). However, it remained non-committal on cutting excise duty to ease the burden from rising oil prices.
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018.(REUTERS)
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018.(REUTERS)

Petrol, diesel prices hiked again, rates at record high in Delhi, Mumbai

Indo Asian News Service, New Delhi | By Indo Asian News Service
UPDATED ON MAY 21, 2018 03:08 PM IST
According to observers, this rise in transportation fuel prices can be attributed to the recent surge in global crude oil prices and high excise duty in the country.
A worker holds a fuel nozzle at a petrol pump in Hyderabad June 17, 2010. REUTERS/Krishnendu Halder/Files(Reuters File Photo)
A worker holds a fuel nozzle at a petrol pump in Hyderabad June 17, 2010. REUTERS/Krishnendu Halder/Files(Reuters File Photo)

Oil PSUs freeze petrol, diesel prices ahead of Karnataka polls

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAY 01, 2018 02:25 PM IST
With the finance ministry refusing to cut excise duty to give relief to the common man from petrol hitting a 55-month high of Rs 74.63 a litre, and diesel at a record high of Rs 65.93, oil PSUs have since April 24 not changed fuel rates.
An Indian petrol pump attendant waits for customers at a station in New Delhi, 18 September 2007. Oil prices topped 81 dollars a barrel for the first time 18 September, setting another record high amid fears of critically tight supplies for the winter season in the United States. AFP PHOTO/ MANAN VATSYAYANA(AFP Photo)
An Indian petrol pump attendant waits for customers at a station in New Delhi, 18 September 2007. Oil prices topped 81 dollars a barrel for the first time 18 September, setting another record high amid fears of critically tight supplies for the winter season in the United States. AFP PHOTO/ MANAN VATSYAYANA(AFP Photo)

No excise duty cut on petrol, diesel for now, says DEA Secretary

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON APR 30, 2018 05:50 PM IST
Every rupee cut in excise duty on petrol and diesel will result in a revenue loss of Rs 13,000 crore, said DEA Secretary Subhash Chandra Garg.
India’s fuel demand rose 7.2 per cent in March compared with the same month last year.(AFP File Photo)
India’s fuel demand rose 7.2 per cent in March compared with the same month last year.(AFP File Photo)

India to ask oil retailers not to raise fuel prices: Sources

Bloomberg, Siddhartha Singh/New Delhi | By HT Correspondent
UPDATED ON APR 11, 2018 05:51 PM IST
A cut in excise duty on fuel prices is unlikely due to sluggish revenue collections on the back of a botched rollout of the Goods and Services Tax, sources said.
Union Petroleum Minister Dharmendra Pradhan speaks during an event to announce and introduce BS VI fuels in Delhi NCT in New Delhi on Monday.(PTI Photo)
Union Petroleum Minister Dharmendra Pradhan speaks during an event to announce and introduce BS VI fuels in Delhi NCT in New Delhi on Monday.(PTI Photo)

Fuel price hike: Pradhan says petroleum should be brought under GST

Press Trust of India, New Delhi | By HT Correspondent
UPDATED ON APR 02, 2018 08:22 PM IST
He said consumers will benefit if petrol and diesel are brought under Goods and Services Tax (GST) regime at the earliest.
In Pune, petrol was sold at Rs 81.54 per litre,and diesel was sold at Rs.67.71, the highest in the last five years.(HT PHOTO)
In Pune, petrol was sold at Rs 81.54 per litre,and diesel was sold at Rs.67.71, the highest in the last five years.(HT PHOTO)

Petrol price hits high at Rs 81.54 a litre in Pune, diesel rate highest in last five years

Hindustan Times,Pune | By Shrinivas Deshpande, Pune
UPDATED ON APR 03, 2018 03:36 PM IST
 Pune has one of the highest retail prices of petrol and diesel among cities in India as taxes account for half of the pump rates.
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.(HT File Photo)
India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.(HT File Photo)

Petrol price hits 4-year high at Rs 73.73 a litre, diesel at highest level

New Delhi | By Agencies
UPDATED ON APR 02, 2018 07:08 PM IST
Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014 when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with previous high of Rs 64.22 being on February 7, 2018.
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