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The new rates will be effective July 1st 2024. This announcement comes ahead of the state assembly elections, which are expected to be held in October

Petrol, diesel to get cheaper in Mumbai & MMR; Maharashtra govt cuts VAT on fuel

The new rates will be effective July 1st 2024. This announcement comes ahead of the state assembly elections, which are expected to be held in October

Ahead of the state assembly elections, the Maharashtra government has decided to reduce the value-added tax or VAT on fuel, resulting in lower prices for residents in Mumbai and Mumbai metropolitan region.
Deputy Chief Minister and State Finance Minister Ajit Pawar announced the VAT reduction while presenting the Maharashtra Budget 2024-25. Also read/watch - <a title="Education loans hit hardest as bad debt rises in personal loans" href="https://www.editorji.com/business-news/education-loans-hit-hardest-as-bad-debt-rises-in-personal-loans-1719575398497">Education loans hit hardest as bad debt rises in personal loans</a>
The revised VAT will lower petrol prices by 65 paise per litre and diesel prices by 2.60 rupees per litre.
The tax on diesel will decrease from 24 percent to 21 percent, and the tax on petrol will decrease from 26 percent to 25 percent. The new rates will be effective July 1st 2024.
This announcement comes ahead of the state assembly elections, which are expected to be held in October.

The anticipated reduction in fuel prices comes on the heels of expected record profits for state-run oil companies, projected to surpass ₹75,000 crore in the third quarter

Oil marketing firms may cut petrol, diesel prices amid record profits

<h2>The anticipated reduction in fuel prices comes on the heels of expected record profits for state-run oil companies, projected to surpass ₹75,000 crore in the third quarter</h2>

In in move to bring relief to consumers pockets, a report from Hindustan Times indicates that Oil Marketing Companies (OMCs) are contemplating a reduction in petrol and diesel prices by ₹5 to ₹10 per litre from the next month.
The report further adds that the potential move is anticipated after the release of the third-quarter results by state-run oil companies. The anticipated reduction in fuel prices comes on the heels of expected record profits for state-run oil companies, projected to surpass ₹75,000 crore in the third quarter.&nbsp; &nbsp; Public sector fuel retailers have maintained stable prices since April 2022, and officials indicate an impending comprehensive pricing review. There's potential for passing on margins of ₹10 per litre to consumers, a move that could alleviate inflation concerns and hold significance ahead of the 2024 General Elections.
As the government holds the role of promoter and majority stakeholder in all three oil marketing companies (OMCs), their combined net profit for the first half of 2023-24 surged by over 4,917% to ₹57,091.87 crore, a stark contrast to the ₹1,137.89 crore combined net profit for the entire financial year 2022-23.
Oil firms' Q3 results&nbsp; Hindustan Petroleum Corporation Ltd (HPCL) is set to unveil its Q3 results on January 27, with Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) expected to make similar announcements around the same time.

FY23 witnesses India's petroleum consumption soar 10%, reaching 223 million tonnes, driven by multiple factors including government initiatives

India's petroleum consumption up by 10% in FY23, driven by surge in Petrol and Diesel usage

FY23 witnesses India's petroleum consumption soar 10%, reaching 223 million tonnes, driven by multiple factors including government initiatives

India's consumption of petroleum products experienced a 10% growth in the fiscal year 2022-23, as compared to the preceding financial year. The surge propelled the consumption volume to 223 million tonnes, disclosed Rameswar Teli, the Minister of State for Petroleum &amp; Natural Gas.
Teli, addressing the Rajya Sabha through a written response, attributed the surge to a substantial 13% spike in petrol consumption and 12% upswing in diesel usage.&nbsp;
The driving forces behind this surge were multifaceted &ndash; a thriving economy, burgeoning industrialization, rapid urbanization, infrastructural expansion, and an escalating number of vehicle sales.
To bolster consumption and provide a fillip to the economy, the central government slashed central excise duty by ₹13 per litre on petrol and ₹16 per litre on diesel in November 2021 and May 2022, respectively.&nbsp;
This reduction was entirely transmitted to consumers, leading to a marked decline in retail fuel prices. In a similar vein, many states and union territories followed suit by reducing Value Added Tax (VAT) rates on both petrol and diesel.
The government launched the National Biofuel Policy in 2018, aimed at fostering the adoption of greener alternatives like ethanol, bio-diesel, and bio-CNG. The results are tangible, with ethanol blending in petrol during the Ethanol Supply Year (ESY) 2021-22 resulting in an estimated impact of over ₹22,600 crore on the import bill for crude oil and petroleum products.
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Petrol Pumps across the nation may face a 'dry day'  as petrol pump dealers' association will resort to 'no purchase of petrol and diesel' in protest against no increase in their commission by the oil marketing companies. Petrol Pump Dealers Association said its members in 22 states will join the protest.
"Though there was an agreement between oil companies and dealer associations that the dealer margins will be revised every six months, it has not been revised since 2017. The prices of fuel have almost doubled since 2017, hence the working capital in business has doubled leading to additional loans and bank interests thereupon," the association said in a statement.
The protest is unlikely to disrupt supplies as industry officials said that petrol pumps don't need daily refills and their storage tanks store enough supplies to last couple of days. 
"Evaporation losses have increased proportionately. Also, the overhead expenses like bank charges, electricity bills, salaries etc. have increased manifold during the last five years. Our constant demand to revise dealer commission has been overlooked by the OMCs (Oil Marketing Companies). By doing so, OMCs are making their own network financially unviable," the statement said.
The 22 states where the dealers will be on protest are Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh, Delhi, Punjab, Haryana, Rajasthan, Gujarat, Maharashtra, Himachal Pradesh, Bihar, Assam, Meghalaya, Arunachal Pradesh, Mizoram, Nagaland, Manipur, Tripura, Sikkim and North Bengal. 

Petrol pumps not to buy fuel today, here is why

Dealers demand higher commission as bills start to rise

Petrol Pumps across the nation may face a 'dry day'&nbsp; as&nbsp;petrol pump dealers' association will resort to 'no purchase of petrol and diesel' in protest against no increase in their commission by the oil marketing companies. Petrol Pump Dealers Association said its members in 22 states will join the protest.
"Though there was an agreement between oil companies and dealer associations that the dealer margins will be revised every six months, it has not been revised since 2017. The prices of fuel have almost doubled since 2017, hence the working capital in business has doubled leading to additional loans and bank interests thereupon," the association said in a statement.
Also read/watch| <a title="LIC shares decline as profit slumps 17%" href="https://www.editorji.com/business-news/lic-shares-decline-as-profit-slumps-17-1653978625026">LIC shares decline as profit slumps 17%</a>
The protest is unlikely to disrupt supplies as industry officials said that petrol pumps don't need daily refills and their storage tanks store enough supplies to last couple of days.&nbsp;
"Evaporation losses have increased proportionately. Also, the overhead expenses like bank charges, electricity bills, salaries etc. have increased manifold during the last five years. Our constant demand to revise dealer commission has been overlooked by the OMCs (Oil Marketing Companies). By doing so, OMCs are making their own network financially unviable," the statement said.
The 22 states where the dealers will be on protest are Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh, Delhi, Punjab, Haryana, Rajasthan, Gujarat, Maharashtra, Himachal Pradesh, Bihar, Assam, Meghalaya, Arunachal Pradesh, Mizoram, Nagaland, Manipur, Tripura, Sikkim and North Bengal.&nbsp;

Paytm&nbsp;starts its Diwali&nbsp;celebrations early, the digital payment platform finally received a nod from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), through which it plans to raise Rs 16,600 crore.
The Securities and Exchange Board of India (SEBI)&nbsp;bars investment advisors from advising on crypto, digital gold. This effectively bans SEBI-Registered Investment Advisors or RIAs can't offer advice or platform to trade unregulated products, said the regulator.
Billionaire Mukesh Ambani-led RIL reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year
RIL share has gained 24.8% in one year and risen 32.5% since the beginning of this year.
ICICI Bank has given significant return in the current financial year FY22, rising more than 30 percent, outperforming Nifty Bank index by a strong margin which gained 21 percent in the same period.
While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country,&nbsp;Oil held above $85 a barrel after Saudi Arabia said that the OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.&nbsp;
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Top 5 business & market news you need to know

Start your Monday with top 5 biz bytes you need to have this morning

Top 5 Biz Bytes you need to have this morning

Earnings to IPOs, a lot of stocks and companies to watch in the news today.&nbsp;

Blockbuster earnings from Reliance and ICICI&nbsp;to a clearance (finally) for the mega Paytm&nbsp;IPO, a lot for traders to keep an eye. Here are the top stories you need to track-:
<ul>
<li>Paytm&nbsp;IPO&nbsp;Dhamaka:&nbsp;Paytm&nbsp;starts its Diwali&nbsp;celebrations early, the digital payment platform finally received a nod from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), through which it plans to raise Rs 16,600 crore.</li>
<li>ICICI Firecracker Earnings: Country&rsquo;s second-largest private lender reported record high earnings in the quarter gone by with net income up about 30%. Brokerages such as Kotak say -&gt;&nbsp;Time to thump tables.. bank is scripting one of the best comebacks in financials in past decade.&nbsp;</li>
<li>RIL's&nbsp;Festive Results:&nbsp;Mukesh Ambani-led&nbsp;Reliance Industries&nbsp;Ltd (RIL) reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year, on improved performance across key businesses even as finance cost fell 37% on a year-on-year basis</li>
<li>SEBI&nbsp;Sounds Alarm: The market regulator has barred&nbsp; investment advisors from advising on crypto, digital gold reiterating that these products are unregulated products.The SEBI statement assumes significance as the recent past has seen an exponential rise in the number of Indians trading in products like Bitcoins and other cryptocurrencies along with NFTs and digital gold.</li>
<li>Petrol Packs a Punch: Brace yourself for higher prices as crude continues to trade over $85/bbl and OPEC&nbsp;tells members to be cautious while managing supplies.&nbsp;</li>
</ul>

Once again, for the third consecutive day, petrol and diesel prices hid all-time highs on Thursday as international crude oil prices continue to rise after the recent&nbsp;announcement by OPEC+
Petrol and diesel rates across the country have been hiked for the second straight day by 30 paise and 35 paise respectively, taking the petrol price to&nbsp;₹103.24 per litre in Delhi whereas diesel has become expensive at&nbsp;₹91.77 per litre, as per price notification by state-run by state-run oil companies.
This is the third consecutive day of hikes. On Tuesday, petrol and diesel prices increased by 30 paise per litre.
The latest round of hikes came after the global benchmark Brent jumped to $82.53 per barrel, while West Texas Intermediate rose to $78.87 a barrel.
The price of cooking gas LPG was hiked by Rs 15 per cylinder on Wednesday, in line with a surge in international fuel prices.
Petrol and diesel prices in major Indian cities
City&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Petrol&nbsp; &nbsp; &nbsp; Diesel&nbsp;
Delhi&nbsp; &nbsp; &nbsp; 103.24&nbsp; &nbsp; &nbsp;91.77
Mumbai&nbsp; &nbsp;109.25&nbsp; &nbsp; 99.55
Kolkata&nbsp; &nbsp; 103.94&nbsp; &nbsp; 94.88
Chennai&nbsp; &nbsp; 100.75&nbsp; &nbsp;96.36
Bangalore&nbsp; 106.83&nbsp; &nbsp;97.40
Bhopal&nbsp; &nbsp; &nbsp; 111.76&nbsp; &nbsp;100.80
Lucknow&nbsp; &nbsp;100.31&nbsp; &nbsp; 92.20
Patna&nbsp; &nbsp; &nbsp; &nbsp;106.24&nbsp; &nbsp; 98.25
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Hat-trick of hikes for petrol and diesel!  And it is not over yet, Diesel crosses over 100 mark

Fuel On Fire

Cooking gas now costs ₹899.50 per cylinder in New Delhi

Petrol price above&nbsp;₹103 in Delhi as fuel prices hiked for third straight day

For the third consecutive day, petrol and diesel prices hid all-time highs on Thursday as international crude oil prices continue to rise after the recent&nbsp;announcement by OPEC+
Petrol and diesel rates across the country have been hiked for the second straight day by 30 paise and 35 paise respectively, taking the petrol price to&nbsp;₹103.24 per litre in Delhi whereas diesel has become expensive at&nbsp;₹91.77 per litre.&nbsp;
Also watch:&nbsp;<a title="Reliance Retail to open 7-Eleven stores in India" href="https://www.editorji.com/business-news/reliance-retail-to-open-7-eleven-stores-in-india-1633585075971">Reliance Retail to open 7-Eleven stores in India</a>
This is the third consecutive day of hikes. On Tuesday, petrol and diesel prices increased by 30 paise per litre.
The latest round of hikes came after the global benchmark Brent jumped to $82.53 per barrel, while West Texas Intermediate rose to $78.87 a barrel.
The price of cooking gas LPG was hiked by Rs 15 per cylinder on Wednesday, in line with a surge in international fuel prices.
Petrol and diesel prices in major Indian cities
City&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Petrol&nbsp; &nbsp; &nbsp; Diesel&nbsp;
Delhi&nbsp; &nbsp; &nbsp; 103.24&nbsp; &nbsp; &nbsp;91.77
Mumbai&nbsp; &nbsp;109.25&nbsp; &nbsp; 99.55
Kolkata&nbsp; &nbsp; 103.94&nbsp; &nbsp; 94.88
Chennai&nbsp; &nbsp; 100.75&nbsp; &nbsp;96.36
Bangalore&nbsp; 106.83&nbsp; &nbsp;97.40
Bhopal&nbsp; &nbsp; &nbsp; 111.76&nbsp; &nbsp;100.80
&nbsp;
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