Recent fuel, transport and policy updates, in a clear and scan-friendly format.
Karnataka Deputy CM DK Shivakumar addressed concerns over potential water tariff increases in Bengaluru, noting that rates have not been adjusted in a decade despite financial losses. He stressed the necessity for new projects and highlighted difficulties in obtaining financing from banks for the Bangalore Water Supply and Sewerage Board (BWSSB).
Budget Expectations: FICCI has proposed simplifying the capital gains tax system by categorizing assets into equity instruments, debt, and other assets with specific rates for long-term and short-term gains. They have also advocated for uniform tax rates for residents and non-residents.
State-run Bharat Petroleum Corp (BPCL) is speculated to set up sustainable aviation fuel (SAF) units at its three refineries. This plan will help support the government's 1% blending target. For the said project, the company will invest up to Rs 1,400 crore in setting up these facilities.SAF is produced from various sources such as agricultural waste, fats, used cooking oil, or non-food crops.
CM Siddaramaiah blames GST regime for fuel price hike, leading to protests by BJP leaders. Petrol price in Bengaluru now Rs 102.84, diesel Rs 88.95.
The Centre aims to reduce the fiscal deficit to 5.1% of GDP, with allocations for food and fertiliser subsidies slightly lower than previous estimates. Plans include reducing dependency on imports for better fertiliser subsidy management.
Karnataka Chief Minister Siddaramaiah challenged the BJP to protest against the Centre's treatment of the state, citing fuel price hikes and lack of central funds. He criticized the BJP for failing to address issues like rising petrol prices despite lower crude oil costs. Siddaramaiah highlighted discrepancies in fund allocation and accused the BJP of neglecting Karnataka's development needs.
Petrol and diesel prices in India: The petrol price in Karnataka are still lower than neighbouring Andhra Pradesh and Maharashtra. Here are the petrol and diesel prices of major cities in India, as on June 17, 2024.
Gruner Renewable Energy announced plans to set up a CBG plant in Gujarat's Navsari, costing Rs 220 crore, to produce 44 TPD of biogas from various feedstocks, aiding India's shift towards sustainable energy solutions.
In June, India's diesel demand fell due to extreme heat reducing travel, continuing a declining trend despite typically high election season sales. Diesel sales dropped 3.9% year-on-year and remained flat month-on-month. Petrol consumption also decreased by 4.6% annually. Contrarily, jet fuel and LPG demand saw year-on-year increases.
The Karnataka Government on Saturday hiked sales tax on fuel.
Chief Minister Siddaramaiah denied a link between election results and petrol and diesel price hikes, despite a backlash from citizens. He acknowledged the Congress's loss in Vijayapura and the BJP's drop in seats. Petrol and diesel prices were reduced after the Centre cut autofuel taxes.
While Industries minister MB Patil on Sunday defended the hike, saying the money was necessary for funding the state’s guarantee schemes, citizens took to social media to express their dissatisfaction, with the topic generating over 11,000 posts on X.
Oil prices slipped on weaker U.S. consumer demand. China's economic data indicated deflation, impacting markets in Singapore and other countries.
Ethanol blending in petrol exceeded 15% in May, driven by increased purchases from biofuel makers. Oil companies achieved an average blending ratio of 15.4%, surpassing April's 12.7%. State-run oil marketing companies blended about 670 million litres of ethanol in petrol, as per oil ministry data.
The Congress-ruled Karnataka government's move to raise local tax on auto fuels pushed petrol prices above Rs 100 a litre and diesel to Rs 89, but rates are lower than neighbouring Andhra Pradesh which has the costliest fuel in the country, oil industry data showed. The Karnataka government on June 15 hiked local VAT (value added tax) from 25.92 per cent to 29.84 per cent on petrol and from 14.3 per cent to 18.4 per cent on diesel.
Karnataka raises fuel taxes, pushing petrol prices above ₹100, still lower than neighbouring states
