India s oil demand falls 5% in February
Photo: ReutersPremium
. Updated: 12 Mar 2021, 05:01 PM IST PTI
Petroleum product consumption fell 4.9% to 17.21 million tonnes in February as demand for both petrol and diesel fell, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas
Share Via
Read Full Story
NEW DELHI :
India s fuel consumption fell for the second month in a row in February to its lowest since September as record-high prices hindered demand recovery.
Petroleum product consumption fell 4.9% to 17.21 million tonnes in February as demand for both petrol and diesel fell, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas.
LPG price double in 7 years, tax collection on petrol-diesel jumps 459%: Oil Minister Dharmendra Pradhan - Pradhan stated that the price of subsidised LPG has been raised during the last few months from Rs 594 per cylinder in December 2020 to Rs 819 now.
DNA Explainer: THIS is how Modi government can decrease fuel rates in India
During COVID-19 pandemic, Modi government twice raised taxes on petrol and diesel in the last 12 months to boost sagging tax revenues. (Image Source: File Photo)
Updated: Mar 2, 2021, 03:09 PM IST
Amid the ever increasing oil prices in the country, India s finance ministry is considering cutting excise duties on petrol and diesel to counter the price rise.
A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices in the domestic market. India is the world s third biggest consumer of crude oil.
States, Centre raising taxes according to their developmental needs, says Dharmendra Pradhan
Union Petroleum Minister Dharmendra Pradhan said on Wednesday it was wrong to campaign that fuel prices are at an all-time high as petrol and diesel prices are governed by an international price mechanism.
K. Venugopal of the Congress said petrol price is about ₹100 per litre in his village and asked why the prices are at an all-time high when the international crude price is not so. Responding to this, Mr. Pradhan said, “Today the price of crude oil is $61 a barrel. He belongs to Kerala where a lot of people stay in Gulf area. Before coming to the House, he should at least check with some of his close friends from that area what the price is..States are responsible; the Union government is also responsible for this tax issue. He has asked me how many times we have raised the price and the excise duty. The States too have raised the VAT. So, both the States and the Central government a
Petrol, Diesel Prices: In the national capital, the price of petrol remained unchanged at Rs 86.30 per litre and diesel was steady at Rs 76.48 per litre