In a move to reduce the tax burden on petroleum companies, the government has removed the windfall tax on aviation turbine fuel, crude products, diesel, and petrol. The tax, which was introduced in 2022, aimed to generate revenue from the sudden price increase of crude oil. With this change, the government hopes to attract more investments in the petroleum sector and improve the country's overall economy. Stay updated with the latest business news and stock market updates on Zee Business and optimize your tax through their income tax calculator.
The Bangladesh interim government has announced a reduction in the prices of diesel, petrol, and octane, with the price of diesel being lowered by Tk 1.25 per liter. However, the power, energy, and mineral resources adviser, Fouzul Kabir Khan, has stated that this was an extremely challenging decision. He also explained the difference in price reduction between octane/petrol and diesel, citing consumption patterns as the reason. The new fuel prices will take effect from midnight on Saturday.
Sources have confirmed that there will be a third consecutive rate cut in the prices of petrol and high-speed diesel (HSD) starting September 1. This decision comes as a result of a decrease in crude prices in the global market, with $2 to $2.30 per barrel reduction seen in the last two weeks. The current price of crude oil is at $79 per barrel. The OGRA will review global crude oil prices on August 30 and submit a summary to the finance minister for price fixing. This news comes after the government reduced the prices of petrol and HSD by Rs8.47 and Rs6.70 per litre, respectively, in the last pricing review. It is estimated that there will be a total reduction of Rs14.64 and Rs17.56 per litre in petrol and HSD prices, respectively.
In a major move, the Central government has announced a reduction in petrol and diesel prices across the country. This is the first time since May 2022 that fuel prices have been reduced in India, bringing much-needed relief to the common people. The decision was announced by the Union Ministry of Petroleum and Natural Gas, with oil marketing companies releasing the latest rates for petrol and diesel. The pricing of fuel in India is subject to various factors such as freight charges and taxes, resulting in different rates across different states. The reduced prices are expected to have a significant impact on the upcoming Lok Sabha Elections in 2024.
In a major relief for people and the transport sector, the Ministry of Petroleum and Natural Gas announced a reduction in petrol and diesel prices across the country. This move is expected to boost consumer spending and reduce operating costs for millions of vehicles, as well as provide various economic benefits such as increased disposable income, reduced inflation, and enhanced profitability for businesses.
Amidst the intense campaigning for the upcoming general election, state-owned oil companies have announced a much-awaited revision in fuel prices. Effective from Friday, March 15 at 6 am, the price of petrol will see a decrease of Rs 2 per litre, while diesel prices will also drop by the same amount. This decision comes after a long gap of two years and provides some relief to the citizens who have been bearing the burden of high fuel prices.
In a move aimed at boosting consumer spending and alleviating operating costs, the Indian government has announced a reduction in petrol and diesel prices by ₹2, effective from March 15. The decision, which comes ahead of the Lok Sabha elections, was attributed to the country's "illustrious" Prime Minister Modi by Union Minister Hardeep Puri, who stated that the government's focus remains on the welfare and convenience of its citizens. Despite high volatility in crude prices, the government has maintained fuel supply and affordability while also promoting green energy initiatives.
In anticipation of the upcoming Lok Sabha elections, the Indian government has announced a reduction of Rs 2 per litre in petrol and diesel prices. Petroleum Minister Hardeep Singh Puri praised Prime Minister Narendra Modi for prioritizing the welfare and convenience of Indian citizens, despite facing a major oil crisis in the past few years. This decision comes after the recent LPG and CNG price cuts, and is expected to benefit millions of Indian households.