Latest news with #HighSpeedDiesel
Business Recorder
3 days ago
- Business
- Business Recorder
Govt increases petrol price by Re1, keeps diesel rate unchanged
The federal government on Saturday increased the price of petrol by Re1, taking the rate to Rs253.63 per litre. However, the price of high-speed diesel (HSD) remained unchanged at Rs254.64 per litre, according to a notification from the Finance Division. The new prices come into effect from June 1, 2025. In the previous review, the government kept the petrol price unchanged while reduced the High Speed Diesel (HSD) rate by Rs2.
The Hindu
27-05-2025
- Business
- The Hindu
Chennai Petroleum Corporation gets govt nod for foray into retail marketing of petrol, diesel
Oil refiner Chennai Petroleum Corporation (CPCL) has received Government of India approval for a foray into retail marketing of petrol and diesel. Petroleum and Natural Gas Ministry conveyed the government's approval to the company to exercise retail marketing rights to market Motor Spirit (MS) and High Speed Diesel (HSD), CPCL informed stock exchange on Tuesday (May 27, 2025). Coming around the diamond jubilee celebrations of the Chennai-headquartered company, the retail licence paves way for CPCL's transformation from a standalone refiner to oil marketeer. A group company of the State-owned Indian Oil Corporation since 2002, CPCL has over the years enhanced capacity of its refinery in suburban Manali, near Chennai, to the existing 10.5 million tonne. It used to operate a smaller, 1 MT refinery in Nagapattinam that since has been dismantled to make way for a 9 million tonne refinery and petrochemicals project proposed as a joint venture between Indian Oil and CPCL. Prime Minister Narendra Modi laid the foundation for the refinery project in February 2021 and over time officials had told media about the progress of land acquisition. In March 2024, Indian Oil Board had approved a revision in cost of the Cauvery Basin Refinery and Petrochemicals project from ₹29,361 crore to ₹33,023 crore and a change in the capital structure of the JV to 75% for IOC and 25% for CPCL – from the earlier equal holding. CPCL (formerly Madras Refineries) would seek to capitalise on its brand identity as a major refiner on east coast and widely expected to initially consider setting up retail outlets for marketing petrol and diesel in the south India. When contacted, the company said there is little at this stage beyond the exchange filing to elaborate on the retailing foray. At present, the standalone refiner's products are marketed by parent IOC. After MRPL (Mangalore Refinery and Petrochemicals) got into fuel retailing, CPCL remains the only standalone refiner in the country. As per media reports, MRPL is eyeing 1,000 retail outlets and around 1 million tonnes of petrol and diesel sales by 2030. Fuel retailing will emerge as a stream of additional revenue for the Chennai-headquartered company though a lot depends on access to stocks after offtake by Indian Oil.
Business Recorder
15-05-2025
- Business
- Business Recorder
Govt keeps petrol price unchanged, reduces diesel rate by Rs2 per litre
The government has decided to maintain the petrol price at its current level for the fortnight starting May 16, according to a Finance Division notification. For the next 15 days, the price of petrol will remain same at Rs252.63 per litre. Meanwhile, the government reduced the High Speed Diesel (HSD) rate by Rs2 to Rs254.64 per litre. The new prices will come into effect from May 16, 2025.
Express Tribune
30-04-2025
- Business
- Express Tribune
Petrol, HSD prices cut by Rs2 per litre
The federal government on Wednesday slashed the price of petroleum products by Rs2 per litre for the next fortnight. The new prices will be applicable from May 1. According to a notification issued by the Finance Department, The government has decided to revise the prices of petroleum products for the forthcoming fortnight, based on the recommendations of OGRA & the relevant ministries. As per notification, the petrol will be sold at Rs252.63 per litre after the cut of Rs2 per litre. Similarly, the High Speed Diesel (HSD) will be traded at Rs256.64 per litre with the decline of Rs2 per litre. Prior to the revision, the petrol was being sold at Rs254.63 per litre and the HSD at Rs258.64 per litre. The Finance Division notification did not mention the price of kerosene oil and light diesel oil. Interestingly, the government kept the oil prices unchanged for the last fortnight despite a major price decline in the international market. The consumers were expecting around Rs8 per litre relief but the government dampened their hopes and decided to fund Balcohistan development projects with the oil proceeds. In the mid of April, a presidential ordinance was issued empowering the federal government to increase the Petroleum Development Levy (PDL) on the petroleum products at will and removed the maximum ceiling that had capped it to Rs70 per litre. The ordinance abolished the Fifth Schedule for the levy on petroleum products, which authorised the government to impose any levy at any rate. The ordinance came as the government increased the PDL on petroleum products, instead of reducing the oil prices following reduction in the global market. High speed diesel is widely used in the transport and agriculture sectors. Therefore, fluctuation in its price also contributes to the inflationary in the country. Petrol is used in motorcars and bikes and its demand had increased mainly due to use of imported gas in CNG stations in Punjab province.
Business Recorder
25-04-2025
- Business
- Business Recorder
Diesel seizure case: Appellate forum rejects Customs dept's plea
LAHORE: A higher appellate forum has rejected a special reference application of the Customs department on the ground that the department has failed to establish a law of question against the facts stood determined at the adjudication level. According to details, the Customs officials had intercepted a vehicle carrying High Speed Diesel (HSD) and confiscated it as smuggled goods and issued a show cause notice. The owner of the goods challenged the show cause notice on the ground that the confiscated goods are not smuggled one. Instead, he insisted that he was an authorized dealer of a local Oil Marketing Company (OMC). He also produced relevant documents regarding the purchase of HSD-in-question. Besides, he brought on record verification letter from the concerned OMC whereby it was confirmed that he was their authorized dealer. However, the departmental adjudicating authority set aside show-cause notice on the plea of the owner of the goods that he was dealing in the HSD as authorized dealer of an OMC. The adjudicating authority also preferred to release the confiscated goods. This decision on the part of the adjudicating authority irked the department and it decided to oppose at the appellate forums. Accordingly, the department filed an appeal before the Customs Appellate Tribunal and maintained that the relevant laws clearly desire that such goods should be outright confiscated, as only OMCs are authorized to sell such goods and even OMCs are not allowed to sell such goods except the industrial consumers and the construction companies. The department further pointed out that if any person without lawful excuse, acquires possession of or is in any way concerned in carrying, harbouring, keeping or if there may be reasonable suspicion that they are smuggled goods, the proof of such act shall be on the person that he is not involved in such activity. The higher appellate forum also sought confirmation from the OMC which confirmed the same which was not borne uncontroverted. Therefore, the higher appellate forum refused to interfere in the matter while declaring the reference application as misconceived, therefore, dismissed. Copyright Business Recorder, 2025
