« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Do you flash multiple PAN cards?... Service innovations... » Finmin may not give excise sops to oil cos October, 05th 2006 The finance ministry may not provide any excise duty concession on petroleum products as demanded by the petroleum ministry in the light of sliding global crude prices. The petroleum ministry had sought a minimum Rs 1 per litre excise duty concession on petrol and diesel citing the high rate of tax on petroleum products in India. Sources in the finance ministry said that the condition of oil marketing companies (OMCs) are improving due to softening global oil prices, hence further rationalisation of duties are not necessary. The trend is visible as OMCs losses on diesel have been arrested at around Rs 0.13 per litre (average of September 16-30) compared with around Rs 5.5 per litre in the previous fortnight. OMCs have already started making about Rs 1.5 per litre profit on petrol since the last two quarters. The Rangrajan Committee has recently raised the issue of taxation on petroleum products and based on its recommendations duties had been rationalised. The total taxes-to-retail price ratio of petrol and diesel compares favourably with other comparable countries, besides the worse period for OMCs are over, sources in the finance ministry said. Indian Oil Corporation (IOC) chairman Sarthak Behuria confirmed that the company was making Rs 1.50 on the sale of every litre of petrol and on diesel margin is marginally negative at Rs 0.13 per litre. Speaking to ET, petroleum secretary MS Srinivasan said: OMCs are still bleeding on kerosene and liquid petroleum gas (LPG). He, however, said petrol margins of OMCs are positive, and a near break-even is reached in diesel sale. OMCs are, however, apprehensive regarding volatility of global crude prices. Prices are based on the average of previous fortnight. There is lot of volatility in the market, marketing director of a public sector OMC said. He said crude prices were on the rise on Wednesday. This would mean that the consumer would not get any price relief in the immediate future. It is feared that global crude prices may go up again in the winter when western countries would need fuel for their heating requirements. OMCs are taking a hit of Rs 200 per cylinder on domestic LPG and Rs 16 on the sale of every litre of kerosene, Bharat Petroleum chairman and managing director Ashok Sinha said. He said the company was, however, earning $4 on processing every barrel of crude oil.