Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit
« Budget Extravaganza »
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
 State plan budget utilisation in Odisha
 Maharashtra wants budget advanced to February
 Coastal economic zones may get 10-year tax exemption in next Budget
 Why advancing the Union Budget date may not make much difference
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
 Finance Ministry seeks industry suggestions on taxation for Budget
 Budget should focus on fiscal firm up
 Finance ministry keen to present Budget on February 2 or earlier
 Poor railway performance may mar merged Budget
 Cabinet’s formal nod to be sought for Budget on Feb. 1

Budget 2011-12: OMCs may raise petrol prices by up to Rs 4 a litre this week
March, 01st 2011

State-run oil firms propose to raise petrol prices by up to Rs 4 a litre this week to offset rising crude oil costs as the Budget has ignored their demand to cut duties on the fuel.

The chairmen of at least two state-run oil companies are meeting oil minister S Jaipal Reddy on Tuesday to secure his informal approval, senior oil ministry officials and top executives of the oil firms said requesting anonymity.

The government freed pricing of petrol from its control in June last year, but the three state-run oil companies, that control over 90% of domestic fuel retail market, informally consult the ministry before revising petrol rates.

"We were holding the price-line expecting that the Budget will give duty relief which we were willing to pass to consumers," chairman of an oil company said. The excise duty, a central levy on domestic production on petrol, is Rs 14.35 a litre, 25% of its pump price.

Commenting on the Budget a senior oil ministry official, who requested anonymity, said, "There is a quandary." He said that the empowered group of ministers on fuel pricing would meet soon to review pricing of other commodities such as diesel and cooking gas.

"If prices of Indian basket (average import price) remain over $100 a barrel, the under-recovery (revenue loss) for 2010-11 would be around Rs 80,000 crore," another ministry official said. The average price at which India imports crude oil is about $110 a barrel. India imports 80% of its energy requirement.

Industry experts say that with no relief from the Budget, the oil companies have no choice but to raise petrol price, which was deregulated last year. "The oil & gas industry was expecting a reduction in customs duty rate for crude oil along with rationalisation of other indirect taxes in view of the increasing crude oil prices," PwC India executive director-tax & regulatory services Dharmesh Panchal said.

Oil companies are losing Rs 10.70 a litre on diesel, Rs 21.60 a litre on kerosene and Rs 356.07 on a cooking gas cylinder.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions