« Top Headlines » Open DEMAT Account in 24 hrs  Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save  ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return  These five technical glitches may impact your Income tax return (ITR) filing. Know here  ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns  ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year  Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year  ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year  Income Tax Filing: 10 necessary guidelines that you must be aware of  Why you should file your income tax returns before July 31  What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)  Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR? «  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.