State tax coffers suffer as demand for fuel dries up

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With economic activity at a standstill due to the lockdown, the total taxes collected by the Centre and state governments are bound to be impacted. As state government taxes are more consumption-oriented, they are feeling a greater pinch. Mint takes a look. Why are state govts’ tax collections down? Sales tax/value-added tax (VAT) on petroleum…

OPEC Producers See Market Share Evaporate In India

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The world’s third-biggest oil importer, India, saw its imports from OPEC producers slump to a 19-year-low in the fiscal year 2019/2020 ended in March, Reuters reported on Thursday, citing data from trade and industry sources. At the same time, India imported more oil from the United States, the Mediterranean, and Latin America. India’s refiners have…

Can’t pay extra profit to govt from Barmer block as oil prices crashed: Vedanta in HC

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The Delhi High Court has sought the Centre’s response on the Vedanta Ltd plea that the contract to operate Barmer oil block be extended till 2030 without having to pay 10 per cent extra to the government as global oil prices have crashed due to COVID-19 pandemic. Vedanta has contended that if it has to…

Govt alters strategic divest plan, more HPCL-ONGC-like deal on cards

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NEW DELHI – In a major change in stance, the disinvestment department may look at strategic stake sale of smaller public sector companies to larger ones instead of privatising large state-owned companies, two senior finance ministry officials said. With the COVID-19 pandemic and its impact on the stock market, there has been erosion in value…

India running out of space to store oil. Petrol pumps almost full

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India is quickly running out of space to store a swelling stockpile of fuel as every possible container – including those in the 66,000 pump stations nationwide – threatens to overflow. Refiners in India, the world’s third-biggest oil consumer, have filled 95% of about 85 million barrels of fuel storage capacity, according to officials at…

Indian Refiners export diesel to China as Beijing recovers from Covid-19

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Indian refiners have started exporting commodities like diesel, a large share of which is going to China, where economy is on a recovery path. This comes as fuel sales have dropped by more than half and product storage facilities are getting exhausted. According to reports, the demand for diesel for the first half of April…

Trump to consider halting Saudi oil imports, says U.S. has ‘plenty’

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President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. “Well, I’ll look at it,” Trump told reporters at a daily news conference after he was asked about requests by some Republican lawmakers to…