Recent fuel, transport and policy updates, in a clear and scan-friendly format.
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.
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.
Oil prices fell as U.S. Federal Reserve maintained interest rates, impacting market sentiment. Concerns over supply disruptions and ceasefire negotiations in Gaza added volatility to the market.
Indian government bond yields are expected to decrease following a drop in U.S. peers due to softer-than-expected inflation data and the Federal Reserve's indication of maintaining high rates. The benchmark 10-year yield in India may range between 6.96% and 7.01%.
