Tag: Fuel Price

The hike came as the public continues to suffer in long queues at fuel stations hit by shortages.

While BJP State President Samir Mohanty in a tweet on Sunday called for a cut in VAT by the State government, his party at a press conference in Sambalpur reiterated the same demand. 

As per reports, customers are paying Rs 112.68 per litre for petrol in the capital city of Bhubaneswar today while diesel is available at Rs 102.35 a litre.

The Oil Marketing Companies (OMCs) effected as many as 14 hikes of petrol and diesel between March and April 6, putting the prices of the fuel on a higher side. The rise in the prices of petrol and diesel has hit the common man hard.

In 2008, Reliance Industries had shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidized price offered by the public sector competition.

The Sri Lankan Central Bank presented the cabinet of ministers earlier this week a set of proposals to overcome the current foreign exchange and fuel shortages, local media reported.

The focus of the budget has been to address the constraints which are in the way of the country grasping the opportunities of the fourth industrial revolution, he said.

The Centre in early November slashed excise duties on petrol and diesel by Rs 5 and Rs 10 per litre, respectively. Taking cue from this, some states too followed suit.

International oil has roared higher as concerns about the pandemic, especially the impact of the omicron variant, have eased off.

Earlier today, uncertainty was looming over the announced VAT reduction by the State government. As claimed before, overall, each litre of the fuel would reduce by Rs 3. However, questions were raised, how a slash of 4% VAT on the fuels will bring down the price of a litre fuel by Rs 3. 

Transport agencies have maintained that the benefits of the drop in fuel price will take time to reach the consumers as the agencies hire transportation vehicles on an annual agreement.

Odisha govt on Thursday cut Rs 3 VAT on fuel prices in addition to Centre’s excise duty cut on petrol & diesel.

Since, January 1, 2021, the fuel rates have risen by more than Rs 26 a litre before the duty cuts.

"In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure."

Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from Thursday (Diwali). Prices of petrol & diesel will thus come down accordingly.