New Delhi: Decline in India unexpected tax on locally produced crude oil and exported diesel and aviation turbine fuel in line with the fall in international prices.
Taxes on crude produced from domestic fields were reduced by about 24% from Sunday to Rs 8,000 ($98.3) starting July 1, according to a government notification published at the end of October 1. The government also removed Rs. Per liter levy on export of aviation fuel and halved tariff on diesel to Rs 5 per litre.
New Delhi, which joins a growing number of countries that imposed unexpected tariffs to tap energy companies’ booming profits, is adjusting taxes every 15 days to track international price movements . The latest cuts will help Indian fuel exporters such as billionaire Mukt Ambani’s Reliance Industries Ltd and oil explorer Oil and Natural Gas Corp, and boost shipments while aiding energy-hungry markets in winter as power generators face rising costs of natural gas. Let’s turn to Beech Diesel. ,
Softening international oil and petroleum fuel prices helps the world’s third-largest energy consumer, which imports more than 85% of its crude oil needs.
The country’s largest fuel retailer Indian Oil Corp has reduced the prices of aviation fuel in Delhi by about 4.5% to Rs 115,520.27 per kiloliter with effect from October 1 to pass on the benefits to consumers. It also cut the prices of liquefied petroleum gas sold for commercial use by 1.4% per bottle of 19 kg to Rs 1,859.
Taxes on crude produced from domestic fields were reduced by about 24% from Sunday to Rs 8,000 ($98.3) starting July 1, according to a government notification published at the end of October 1. The government also removed Rs. Per liter levy on export of aviation fuel and halved tariff on diesel to Rs 5 per litre.
New Delhi, which joins a growing number of countries that imposed unexpected tariffs to tap energy companies’ booming profits, is adjusting taxes every 15 days to track international price movements . The latest cuts will help Indian fuel exporters such as billionaire Mukt Ambani’s Reliance Industries Ltd and oil explorer Oil and Natural Gas Corp, and boost shipments while aiding energy-hungry markets in winter as power generators face rising costs of natural gas. Let’s turn to Beech Diesel. ,
Softening international oil and petroleum fuel prices helps the world’s third-largest energy consumer, which imports more than 85% of its crude oil needs.
The country’s largest fuel retailer Indian Oil Corp has reduced the prices of aviation fuel in Delhi by about 4.5% to Rs 115,520.27 per kiloliter with effect from October 1 to pass on the benefits to consumers. It also cut the prices of liquefied petroleum gas sold for commercial use by 1.4% per bottle of 19 kg to Rs 1,859.