International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand.
Citing falling crude oil rates, opposition leaders in Karnataka have demanded that the government bring down prices of petrol and diesel, to ease the burden on the common man.
This is the first quarterly loss reported by the company in the past two years. The company had posted a net profit of Rs 5,941.37 crore in the same period a year ago.
Maharashtra government cuts VAT on petrol and diesel; state exchequer to incur burden of Rs 6,000 crore: CM Shinde
The government will ensure the burden of Rs 6,000 crore on the state exchequer does not impact development works, Shinde said.
Meanwhile, due to the current fuel shortage, the Education Ministry declared next week from July 4 to July 8 as a holiday week for all government and state-approved private schools.
The Pakistan government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO).
On Sunday, petrol price was hiked by LKR 50 and diesel by LKR 60 respectively, the third price revision in just over two months.
Rationalising non-capital expenditure has thus become critical, not only for protecting growth supportive capital expenditure but also for avoiding fiscal slippages.
Selling diesel at Rs 20-25/litre loss, petrol at Rs 14-18/litre loss: Private retailers to government
International crude oil has risen sharply to a decade high but state-owned fuel retailers with 90 per cent market, have frozen petrol and diesel prices at rates equivalent to two-third of the cost.
Hundreds of vehicles were lined up at almost every fuel station, waiting for their turn to be refilled, leading to traffic jams in some parts of the city and elsewhere in the valley as well.
As per the PPAC, the Indian basket of crude oil averaged USD 111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
According to an association, the dealer margins are to be revised every six months but the OMCs have not done the same since 2017 despite a steep increase in fuel prices and operational costs.
This will bring down the effective prices by Rs 8 on diesel and approximately Rs 10 on petrol
What wrong had the people of AP committed that the YSRC regime had failed to provide any additional relief to them on its part? the Leader of Opposition asked.
A hidden increase in the base price of petrol by oil companies has deprived consumers of the full benefits of the tax cut announced by the Central government.
Chidambaram on Sunday wondered whether the states can afford to give up revenue from the Value Added Tax on petrol and diesel unless the Centre devolves more funds or gives them more grants.
Taking to Twitter, Sitharaman said she is sharing some useful facts on levies on petrol and diesel for the benefit of all.
Bommai, last month was non-committal on any further cut in fuel tax by the state government, and had maintained that any decision in this regard will be taken after looking at the economy of the state.
The excise duty cut will translate into a reduction of Rs 8.69 a litre on petrol in Delhi and Rs 7.05 in diesel per litre after taking into account its impact on other levies.
TMC national spokesperson Sukhendu Sekhar Ray said the Centre has raised the prices of petrol and diesel at least 14 times in the past few months and by leaps and bounds in the past one year.