New Delhi, July 1 (IANS) The government has revised the windfall tax on exports of petroleum products, raising the levy on petrol while reducing the duty on diesel and aviation turbine fuel (ATF), with the changes taking effect from Wednesday.According to a Finance Ministry notification, the revised rates — which came into effect from July 1 — increase the Special Additional Excise Duty (SAED) on petrol exports to Rs 4 per litre from Rs 1.5 per litre earlier.At the same time, the export duty o…
Latest Petroleum Products News & Updates
New Delhi, June 18 (IANS) Nearly 1.47 crore domestic LPG cylinders were delivered in the last three days against fresh bookings of around 1.36 crore cylinders as normal supply of cooking gas for household continues to be maintained across the country despite the supply chain disruptions due to the Middle East conflict, according to an update issued by the Ministry of Petroleum and Natural Gas on Thursday. No dry-outs have been reported from any LPG distributorship across the country, the stateme…
New Delhi, June 11 (IANS) About 1.49 crore domestic LPG cylinders were delivered in the last three days against bookings of around 1.40 crore cylinders as normal supply of cooking gas for households continues to be maintained across the country despite the supply chain disruptions due to the Middle East conflict, according to an update issued by the Ministry of Petroleum and Natural Gas on Thursday. No dry-outs have been reported from any LPG distributorship across the country, the statement sai…
Guwahati, June 10 (IANS) Congress MP Gaurav Gogoi on Wednesday attacked the Bharatiya Janata Party (BJP)-led Centre over rising prices and economic concerns, alleging that the government was avoiding questions on inflation while attempting to divert public attention to other issues. Speaking to reporters, Gogoi said people across the country were increasingly worried about their economic future and the rising cost of living. He argued that concerns about inflation, fuel prices, and household exp…
Seoul, June 1 (IANS) South Korea’s exports surged 53 per cent from a year earlier to a new monthly high of $87.8 billion in May, driven by the semiconductor supercycle, government data showed on Monday.It marked the third consecutive month the country’s outbound shipments surpassed the $80 billion mark, according to the Ministry of Trade, Industry and Resources.Imports rose 20.8 percent on-year to $60.8 billion, resulting in a trade surplus of $26.95 billion, reports Yonhap news agency.The combi…
New Delhi, May 22 (IANS) Commerce and Industry Minister Piyush Goyal on Friday co-chaired a meeting with Minister of Ports, Shipping and Waterway, Sarbananda Sonowal, to directly engage with India’s exporters, importers and port authorities to facilitate the smoother flow of trade amid the disruption in ship movement and uncertainties in global markets due to the Middle East conflict.“We are committed to ensuring coordinated, time-bound measures to address concerns and create opportunities to …
Islamabad, May 15 (IANS) The business community in Pakistan’s Peshawar held a protest rally against the smart lockdown imposed by the government, local media reported on Friday. The protest, led by the Khyber-Pakhtunkhwa Traders’ Organisation, witnessed participation of a large number of shopkeepers and businessmen, who shouted slogans and called for an immediate rollback of the lockdown, a reduction in petroleum product prices, and taking immediate measures to curb inflation, Pakistan’s daily T…
Imphal, May 12 (IANS) The Manipur government on Tuesday clarified that there is no shortage of Liquefied Petroleum Gas, petrol, and diesel in the state, while warning of strict action against black marketing, hoarding, and other malpractices involving petroleum products. Director of the Consumer Affairs, Food and Public Distribution Department, Yumnam Nelson, said the department has noticed the circulation of misinformation alleging a shortage of Liquefied Petroleum Gas and other petroleum pr…
New Delhi, May 12 (IANS) The Centre has reduced the royalty burden on crude oil and casing head condensate production from offshore deepwater and ultra-deepwater blocks, according to revised royalty provisions notified in the latest schedule under the oil and gas regime.Under the revised structure, royalty for deepwater areas has been fixed at 5 per cent for the first seven years from the commencement of commercial production and 10 per cent from the eighth year onwards.For ultra-deepwater block…
New Delhi, May 11 (IANS) There is no shortage of petrol, diesel or LPG in the country as the oil refineries have sufficient crude stocks for optimum production of these fuels, despite the disruption in shipping due to the closure of the Strait of Hormuz, a senior Petroleum Ministry official said on Monday.”In the past three days, against 1.14 crore LPG bookings, cylinders have been delivered to 1.26 crore households. Similarly, more than 17,000 tonnes of commercial LPG have been sold in the past…