Lockdown-4.0 has been relieved. Fuel demand has increased in many states as public and private transport has started. Fuel demand fell to a record low in April due to a nationwide ban on public and private transport due to the lockdown. Many states have recently increased VAT and made fuel more expensive and now Mizoram has joined the list.
The Mizoram government has announced a 2.5 per cent increase in VAT on petrol and 5 per cent on diesel from June 1, after which petrol and diesel prices will go up in the state. Many states have increased. VAT on petrol and diesel has been increased in Delhi, Haryana, Punjab, Uttar Pradesh, Maharashtra, Jharkhand, West Bengal, Nagaland, Karnataka and Assam and Odisha during the VAT lockdown. Which led to higher petrol-diesel prices in the states.
India is now considering the option of storing crude oil in the US to take advantage of crude oil in the global market. Not all local collections present in India are completely affordable. Australia is also considering storing crude in the USA. Last month, Australia announced a policy of similar measures to India. Australia has also approached the US to take advantage of cheap crude oil. Strategic Petroleum wants to store crude oil in reserves.
Indian Petroleum Minister Dharmendra Pradhan said, "We are looking at the possibility of storing our investment in another country. We are seeing such possibilities in America. Where cheap crude oil can be stored. " Crude oil prices have fallen further by 40 per cent so far in 2020.
India is the world's third largest importer of crude oil. India has a strategic storage of 53.3 lakh tonnes, which is fully stocked. Apart from this, the ships have a storage capacity of about 85 to 90 lakh tonnes of oil. Much of it is in the Gulf countries. Stored oil and other products account for 20 per cent of India's total requirement. India imports 80 per cent of its crude oil.
India is planning to build a new strategic storage system with a capacity of 6.5 million tonnes. "We want global investors to participate in this facility," the minister said.
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During the talks, the minister also said that producers were losing money due to low oil and gas prices. In domestic production of oil and gas, cess and royalty have to be linked to the market. There are also concerns about higher taxes on production costs. He said he has spoken to the finance ministry in this regard.
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