7/14/22, 11:23 AM fuel demand: Excise duty cut, delayed monsoon raised India's fuel demand in June - The

;s fuel demand in June - The Economic Times

Helios Sports & Sneaker Care Kit 150 ml

Know More
AD AMAZON

BENCHMARKS NSE GAINER-LARGE CAP FEATURED FUNDS ★★★★★ 3Y RETURN

Edelweiss Small Cap Fu… MARKET WATCH
Nifty 15,994.00 27.35 Schaeffler India 2,404.00 112.15 30.18 % INVEST NOW

Subscribe Sign In

Industry Big Monsoon Offer is Live

English Edition | Print Edition

Home ETPrime Markets News Industry RISE Politics Wealth Mutual Funds Tech Jobs Opinion NRI Panache ET NOW More

Auto Banking/Finance Cons. Products Energy Renewables Ind'l Goods/Svs Healthcare/Biotech Services Media/Entertainment More

Business News › Industry › Energy › Oil & Gas › Excise duty cut, delayed monsoon raised India's fuel demand in June
Big Monsoon Offer Flat 30% Off
ETPrime
Insightful stories are pouring in with the best offer this season JOIN ET PRIME

Excise duty cut, delayed monsoon raised India's

fuel demand in June

Synopsis

ecnaniF j
​T​he Centre on May 21 reduced excise duty on petrol by Rs 8 per litre and on diesel by Rs

ecnaniF jajaB
6 per litre to provide relief to consumers, causing an additional revenue implication of
around Rs 1 trillion to the exchequer. India's demand for oil products rose 704,000

FD
barrels per day, or 16.3 per on a yearly basis in June.

The reduction in excise duty on petrol

Agencies

interest
and diesel by the Central government
coupled with the delayed arrival of the
monsoon has led to robust demand for

rate up
fuels in the month of June.

The Centre on May 21 reduced excise

A rise in demand for fuels can be attributed

Excise duty cut and delayed monsoon in India
duty on petrol by Rs 8 per litre and on
diesel by Rs 6 per litre to provide much-
needed relief to consumers, causing an
to 7.75%
additional revenue implication of around Rs 1 trillion to the exchequer.
Bajaj Finance
India's demand for oil products rose 704,000 barrels per day, or 16.3 per on a
yearly basis in June, said global energy and commodities-related service
provider S&P Global Commodity Insights.

"Retail fuel prices have been constant on the pump despite a volatile Book Now
international market, suggesting that there may be some under recoveries by
oil marketing companies in selling transport fuels in the retail market," it said.
Popular in Energy

1. Power minister R K Singh

expects energy crisis to
persist

2. Mumbai CNG, PNG prices

hiked

GST hike to nullify progress

https://economictimes.indiatimes.com/industry/energy/oil-gas/indias-fuel-demand-rises-in-june-excise-duty-cut-and-delayed-monsoon-are-among-… 1/6
7/14/22, 11:23 AM fuel demand: Excise duty cut, delayed monsoon raised India's fuel demand in June - The Economic Times

3. of last 8 years: LED makers

Ad IIM Kozhikode

IIM Kozhikode offers 1

year PGP Business 4. Need strong policy
intervention in energy use:
Leadership program IEA

VISIT SITE
5. Fuel supply eases at private
retail outlets, but sales slow
Sponsored by

It believes that the recent imposition of export tax on fuels will help the
Big Monsoon Offer Flat 30% Off
ETPrime
central government in managingstories
Insightful its fiscal
aredeficit,
pouring which had widened
in with the bestafter thethis season
offer JOIN ET PRIME

excise duty cut.

ET PRIME - POPULAR INDUSTRY STORIES

The curious case of Jindal INR3 lakh to fast-track
Poly’s INR700 crore insulin? Just a symptom
investment in Odisha of the cancer in India’s
power plants drug-regulatory system

TOP TRENDING INDUSTRY TERMS

Subscribe to ETPrime

IPL Media Rights 5G Spectrum Auction

The Centre on July 1 imposed a special additional excise duty to the tune of Rs Air India Amazon Future Coupons Case

6 per litre on petrol and Rs 13 per litre on diesel on exports, a move that could
help meet the country's energy demand. "(RBI) also dropped its Most Popular News
'accommodative' stance with regard to policy and the government's main
1. Front-running scandal rocks
focus now is to control inflation. Platts Analytics expects India's economy to a $31 billion Indian investing
giant
grow by 6.8 per cent in 2022 on a calendar year basis, and then by 6.3 per cent
in 2023."

2. Apple to unveil iPhone 14
series on this date. New leaks
In the near-term, it estimates India's oil demand to dip on a quarterly basis by hint at tech giant’s major
plans
140,000 barrels per day during the July-September quarter because of the
ongoing monsoon season, before rebounding in October-December during the
3. Rupee settlement may bring
annual savings of $36 billion
festival and holiday seasons.
in hard currency

4. EHL’s new Master’s in

Hospitality Management
Last Updated:Excise
ANI SECTIONS Jul 14, duty
2022,cut, delayed
10:26 AM ISTmonsoon raised India's fuel demand in June
bringsSHARE
advanced hospitality
FONT SIZE SAVE PRINT COMMENT

Experience Your Economic Times Newspaper, knowledge with real-world

The Digital Way! experience for success in this emerging era
Jul 14, 2022, 05:40 AM IST

Front Page Pure Politics ET Markets Smart Investing More

5. Buy selectively; 6 largecap IT
and FMCG stocks to bet on:
Sudip Bandyopadhyay
All Adults to Get Free Covid Booster Shots for 75
Days
All adults will be able to get free booster doses of the Covid-19 vaccine at
government centres from July 15 for the following 75 days under a special driv…

Read Complete Print Edition »

READ MORE NEWS ON

https://economictimes.indiatimes.com/industry/energy/oil-gas/indias-fuel-demand-rises-in-june-excise-duty-cut-and-delayed-monsoon-are-among-… 2/6
7/14/22, 11:23 AM fuel demand: Excise duty cut, delayed monsoon raised India's fuel demand in June - The Economic Times

Fuel Demand Rbi Central India Rises Excise Duty Monsoon

(Catch all the Business News, Breaking News Events and Latest News Upd...more
NEXT STORY

Need strong policy intervention in energy use: IEA

ADD COMMENT
IIM Kozhikode offers 1 year PGP Business
ET Online Last Updated: Jul 13, 2022, 03:17 PM IST
Leadership
SHARE program
FONT SIZE SAVE PRINT COMMENT

ETPrime stories of the day AD IIM Kozhikode APPLY NOW

Synopsis
“Rarely has the outlook for oil markets been more uncertain. A worsening
macroeconomic outlook and fears of recession are weighing on market sentiment,
while there are ongoing risks on the supply side,” the agency said. Most Popular Opinion
Big Monsoon Offer Flat 30% Off
ETPrime
Insightful stories are pouring in with the best offer this1.season
Swachh Bharat: Keep
JOIN emptying
ET PRIME the bin
Agencies
With global oil inventories remaining By Akshay Rout

critically low, a strong policy

2.
REAL ESTATE LOGISTICS INVESTING
Walking & talking down retail inflation
Inflation, interest-rate
intervention
Why do trucking
on energy use could
Dixon Technologies: how MTech In CSE Without Quitting Your Job
hikes could blow away preventfailrisks of
marketplace startups collapse
soaring prices,of world
much of India’s dream of to scale? The transporter in competition are impeding
economic recovery, said the 3. Quality (of people) has value of its own
AD SRM VIEW MORE
an affordable house them can answer this. this multibagger’s mojo
11 mins read 12 mins read International 5energy agency on
mins read

Wednesday.

Top Category Deals

Popular in Energy
Subscribe
to ETPrime Upto 40000 off UPTO 55% OFF

“Rarely has the outlook for oil markets 1. Power minister R K Singh
expects energy crisis to
been more uncertain. A worsening macroeconomic outlook and fears of persist

recession are weighing on market sentiment, while there are ongoing risks on
the supply side,” the agency said. 2. Mumbai CNG, PNG prices Instant 10% OFF
Starting ₹18990

Laptops
hiked TV Savings Days

Benchmark crude futures have tumbled by more than $20/bbl since early Explore 20+ Categories

June, trading below $100/bbl at the time of writing.

3. GST hike to nullify progress
of last 8 years: LED makers
Latest News

“With readily available spare capacity running low in both the upstream and 1. Live: Sri Lanka waits in confusion, anger for
President Gotabaya Rajapaksa to resign
downstream, it may be up to demand-side measures to bring down 4. Fuel supply eases at private
retail outlets, but sales slow
consumption and fuel costs that pose a threat to stability, most notably in 2. Suspected monkeypox case found in Kerala,
samples sent for testing
emerging markets,” stated the Oil Market Report by IEA.

3. Sirisena, Premadasa...the leaders who could

rescue Sri Lanka
The worsening economic environment and surging oil prices have started to
take a toll on the oil demand. However, strong power generation use and
recovery in China are providing a partial offset.

New Powerful Fat Burner Burns Fat 2 Times Faster
According to data, global oil demand growth has been marginally reduced to
AD Nutraslim

1.7 mb/d in 2022, reaching 99.2 mb/d. A further 2.1 mb/d gain is expected in
Know More MTech In CSE Without Quitting Your Job
2023, led by a strong growth trajectory in non-OECD countries.

AD SRM VIEW MORE

TOP TRENDING INDUSTRY TERMS

Experience Your Economic Times Newspaper,
The Digital Way! CNG Price LPG Cylinder Price
Jul 14, 2022, 05:40 AM IST

Ranveer Singh Quadruplex Isha Ambani

Front Page Pure Politics ET Markets Smart Investing More

Most Popular News

https://economictimes.indiatimes.com/industry/energy/oil-gas/indias-fuel-demand-rises-in-june-excise-duty-cut-and-delayed-monsoon-are-among-… 3/6