The government has increased excise duty on petrol and diesel by Rs 2 per litre to boost revenues despite falling global crude prices. This move aims to offset the financial impact of recent tax cuts and windfall tax reliefs. India’s oil minister suggests potential future fuel price reductions if low crude prices persist.

The price of liquefied petroleum gas (LPG) will rise by Rs 50 per cylinder starting April 8, according to Union Oil Minister Hardeep Singh Puri. The government will review LPG prices bi-weekly. Additionally, excise duty on petrol and diesel is being increased by Rs 2 per litre, but retail prices are expected to remain unchanged.

The government has increased excise duty on petrol and diesel by Rs 2 per litre amid fluctuating global oil prices. The rise in excise duty will not impact Indian consumers due to recent cuts in fuel prices. Major oil marketing companies’ shares fell, and global crude benchmarks hit their lowest levels since April 2021.

Tata Power has received approval from the Maharashtra Electricity Regulatory Commission to install a 100-MW battery energy storage system in Mumbai. Over the next two years, the project will enhance power supply reliability to critical infrastructure and improve efficiency. The system will be strategically located and centrally monitored, with future integration into the Distributed Energy Resource Management System.

Oil prices have a low probability of falling below $60 per barrel, according to ONGC’s finance chief. Despite recent drops, ONGC is focusing on cost control to mitigate impacts, while high domestic gas prices may cushion the company’s profits if oil prices remain under $70 per barrel.

Naveen Jindal’s Jindal Power and Sev.en Global Investments are vying to acquire the 1,320-MW Jhajjar thermal power project from Apraava Energy as coal power demand increases. The asset is valued at approximately Rs 4,000 crore, and both companies are undergoing due diligence.

An OPEC+ ministerial meeting on Saturday is expected to leave oil output policy unchanged, following this week’s surprise move by eight member countries to accelerate the phasing out of oil cuts by increasing output by 411,000 barrels per day in May.

Global oil producers have 9 million barrels per day of spare capacity amid muted demand. ONGC Chairman Arun Singh highlighted that the world is shifting towards an era of plenty. With surplus capacity, exploration is being scaled back, yet India must continue exploring due to import dependency.

Reliance BP Mobility CEO Harish Mehta stated that the government will continue intervening in domestic fuel pricing to protect consumers from international market fluctuations. While petrol was deregulated in 2010 and diesel in 2014, recent events have disrupted this alignment.