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India's GDP growth came in at 7.7 per cent in the first six months of the current fiscal year, said Puri, who also serves as the Minister of Housing & Urban Affairs.
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The price of petrol would drop by 40 Pakistani rupees ($0.144) to 283.38 rupees a litre effective October 16.
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Oil marketing companies have been performing well for the last two quarters, reporting profits in their petrol and diesel segments. Zee Business sources told that OMCs want to pass that profit on to customers.
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The development assumes significance as it comes in the backdrop of the government's recent decision to hike the ethanol price twice to keep up with the momentum of meeting the 12 per cent blending target of ethanol with petrol for the 2022-23 ethanol supply year, ending November.
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The Centre had earlier raised the windfall tax on petroleum crude to Rs 7,100 per tonne from Rs 4,250 per tonne.
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Notably, state-run Food Corporation of India (FCI) had last month stopped the supply of rice from its depots to ethanol makers.
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State-run oil marketing companies such as Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp review the retail prices on a daily basis, and enforce any revisions at 6 am to align them with the rates of international crude oil and foreign exchange.
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Ethanol, which is being produced from rice and maize, reduces carbon emissions and helps in removing the carbon equivalent of 12 million cars from the road each year.
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Petrol and Diesel Prices July 24: The public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) change the prices daily in line with international benchmark prices and forex rates.
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Petrol and Diesel Prices July 18: In Mumbai, petrol is available at Rs 106.31 and diesel at Rs 94.27 per litre.
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Petrol and Diesel Prices Today: The oil marketing companies like IOCL, HPCL and BPCL announce the petrol and diesel prices daily at 6 am.
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Petrol and Diesel Prices Today: There has been no change in the price of petrol and diesel in New Delhi.
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Refinery is going to increase its capacity which would reduce the country's import in terms of energy consumption, thereby saving foreign exchange, the statement said.
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Petrol and Diesel Price Today: Changes in petrol and diesel costs are implemented at 6 am every day.
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Petrol sales dropped 10.5 per cent to 1.25 million tonnes during the first half of July 2023, when compared with the same period last year.
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The public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) change the prices daily in line with international benchmark prices and forex rates.
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Fuel price cut, OMCs share price NSE BSE: Stocks of these companies in the recent past have climbed sharply amid benign crude rates, which have led to improved auto fuel marketing margins for these entities.
Prices differ from State to State depending on the incidence of local taxes
Imports also increased by 10.25% to $54.09 billion in the month under review from $49.06 billion in April 2023 due to a significant jump in gold imports
Petrol and diesel prices have been reduced by ₹15.3 per litre in Andrott and Kalpeni islands and ₹5.2 a litre for Kavaratti and Minicoy in Lakshadweep islands - Oil Ministry
The three state-owned fuel retailers - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - last week cut petrol and diesel prices by ₹2 a litre each, ending a nearly two-year hiatus in price revision
The idea is to expand industries such as electric vehicles and renewables, where China commands a lead
The Ministry of Petroleum extends OALP bidding round IX to May 15, offering 8 blocks spanning various basins and depths.
Analysts wary of price control impact on industry
The last reduction in the prices of auto fuels was through a cut in excise duty in November 2022
India’s February oil demand rises 2.4% YoY, led by gasoil and gasoline; expected to grow 206,000 b/d in 2024
Petrol, diesel consumption in March second highest on record, while jet fuel usage at all time high high.
All the three companies posted the highest ever standalone as well as consolidated net profit in FY24
Both diesel and petrol usage reached record highs, indicating the country’s growing industrial base and escalating need for personal and commercial mobility