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
The Karnataka government has announced a sudden increase in petrol and diesel prices due to a revision in sales tax. Petrol price has risen by Rs 3 to Rs 102.84 per litre, while diesel price has increased by Rs 3.02 to Rs 88.95 per litre. The Petroleum Dealers Association attributes the hike to the state government's sales tax revision. The Finance Department of Karnataka aims to boost state revenue with this move.
Pakistan slashes petrol and diesel prices ahead of Eid ul Adha, providing relief to the inflation-hit masses
The Pakistani government has announced significant reductions in petrol and high-speed diesel (HSD) prices ahead of Eid ul Adha, cutting petrol prices by Rs 10.20 and HSD prices by Rs 2.33 per litre. Effective from Saturday, this move aims to alleviate inflation pressures on the public. The decision, based on international market price variations, is expected to provide relief to a population grappling with double-digit inflation.
The BJP accused the Congress government in Karnataka of poor financial management after petrol price hikes. The party said that they will protest against the decision on Monday. The government announced a substantial increase in petrol and diesel prices, drawing criticism from citizens and opposition. The BJP lambasted the timing of the hike post-election, calling for its withdrawal due to the financial strain it places on the public and various industries in the state.
The decision also stated that the sales tax for petrol increased from 25.92 percent to 29.84 percent and from 14.34 percent to 18.44 percent for diesel
The BJP in Karnataka is set to protest against the recent hike in petrol and diesel prices, following the state government's decision to increase sales tax on fuel. The hike has led to a Rs 3 per litre increase in petrol prices and a Rs 3.5 per litre increase in diesel prices. State BJP President B Y Vijayendra criticized the Chief Minister for the decision, calling it desperate and aimed at resource mobilization. Protests are planned across the state, demanding the immediate withdrawal of the hike.
India's coal imports surged 13.2% to 26.10 million tonnes in April 2024, driven by early summer demand. Non-coking coal reached 17.40 MT and coking coal 4.97 MT. Amid calls for boosting domestic production, imports continue to rise, expected to meet power and industrial sector needs ahead of monsoon season restocking
Karnataka Chief Minister Siddaramaiah defended the recent hike in petrol and diesel prices, arguing it will fund essential services and development projects. He emphasized that despite the increase, Karnataka's fuel taxes are lower than most Southern states. Siddaramaiah criticized the BJP for alleged fiscal mismanagement during its previous tenure.
Climate policy - like any policy - should be the democratic outcome of a deliberation of the benefits of cutting emissions versus the costs. Climate science tells us about some of these benefits, but tells us nothing of the costs that climate economics does.
The new rates will be effective June 15, 2024, Central Board of Indirect Taxes and Customs ( CBIC) said in a late night notification Friday.
India reduced the windfall tax on petroleum crude to 3,250 Indian rupees per metric ton from 5,200 rupees on June 15. The tax for diesel and aviation turbine fuel remained at zero. The tax is revised every fortnight and the recent adjustment was made on June 1.
The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel
Oil prices fell on Friday, with Brent crude futures down 0.87% to $82.04 a barrel and West Texas Intermediate losing 1% to $77.84. OPEC+ decision to unwind output cuts after September also impacted the market.
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Consumer Inflation Data May 2024 News: Retail inflation in India stood at 4.75 per cent last month, an improvement from the previous month's 4.83 per cent, according to to official data. Measured by the Consumer Price Index (CPI), retail inflation - or consumer inflation - indicates the rate of price increase for a specific basket of goods and services purchased by consumers. Read on to know more about what the latest CPI data indicates.
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