A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
Notwithstanding the demand of the Left parties, Petroleum Minister Mani Shanker Iyar on Friday asserted that there would be "no rollback" of the hike in petro products prices.
In four hikes over four days, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
Cooking gas LPG price on Wednesday was hiked by Rs 15 per cylinder in line with a surge in international fuel prices. Rates of both subsidised and non-subsidised LPG prices were hiked, oil company officials said. Cooking gas now costs Rs 899.50 per cylinder in Delhi.
India's retail inflation rose to 4.38 per cent in June, driven primarily by costlier food items, pushing it above the Reserve Bank of India's median target of 4 per cent for the first time under the new series.
The petroleum ministry on Friday reaffirmed the government's commitment to maintaining stable petrol and diesel prices, despite India's high dependence on imports.
The GoM meet on fuel price hike remained inconclusive. The ministers evaluated various options of fuel hike but failed to arrive on a decision.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
Petrol price has been cut by Rs 3.05 a litre.
The proposed price increase, the first in 18 months, is likely to be in the range of Rs 2 per litre for petrol and Re 1 per litre for diesel, senior petroleum ministry officials said.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
Senior Trinamool Congress leader Abhishek Banerjee has accused the BJP-led central government of planning to increase fuel prices after the West Bengal assembly elections. He challenged the BJP to promise no price hikes for LPG, petrol, and diesel over the next five years.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each, taking the total increase in rates in the last two weeks to Rs 9.20 per litre. Petrol in Delhi will now cost Rs 104.61 per litre as against Rs 103.81 previously, while diesel rates have gone up from Rs 95.07 per litre to Rs 95.87, according to a price notification of state fuel retailers.
The government on Thursday hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers.
The government has no plans to raise fuel prices in the immediate future and will take a decision in this regard at an "appropriate time", Petroleum Minister Murli Deora said on Tuesday. "An appropriate decision on fuel price will be taken at an appropriate time," Deora said at the Economic Editors' Conference in New Delhi.
Petrol prices were freed from government control last month, resulting in a Rs 3.50 per litre rate hike in Delhi.
India's retail inflation, measured by the Consumer Price Index (CPI), increased to 3.48 per cent in April, up from 3.40 per cent in March, primarily due to a surge in prices of gold and silver jewellery, as well as certain kitchen staples like tomatoes and cauliflower.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
Petrol price will go up by Rs 3.18 per litre, diesel by Rs 3.09.
The Left-leaning trade union CITU on Tuesday condemned the high-powered B K Chaturvedi Committee's call for raising fuel prices every month till they are in line with costs saying the panels' report should be outrightly rejected.
A foreign brokerage warns that sustained crude oil prices above USD 100 per barrel could push India's inflation above the RBI's tolerance level, potentially triggering interest rate hikes.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.
India's Central government is likely to see its fertiliser subsidy bill double to a record 3.4 trillion in FY27, up from the Budget estimate of 1.7 trillion, due to surging global fertiliser prices exacerbated by the West Asia war. This significant increase, coupled with revenue losses from excise duty cuts for oil-marketing companies, is straining the government's fiscal space, though capital expenditure plans remain unchanged.
Let's see what the Indian car market has to offer in the diesel car section.
State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes.
The Congress is yet to form a government at the Centre but it faces the prospect of being credited with a highly unpopular decision of a one-rupee per litre hike in petrol and diesel prices.
The Bharatiya Janata Party came down heavily on the United Progressive Alliance government on Monday, for its decision to announce the hike in petroleum product prices, before the budget presentation. BJP spokesperson Rajeev Pratap Rudy said that this was a gross violation of secrecy that is observed during the budget preparation exercise.
Terming the government's move to hike petrol prices as "callous", the CPI(M) on Friday demanded immediate roll back of the hike and restoration of the administrative regulation of petrol pricing.
The price of petrol has been hiked by Rs 1.39 per litre and that of diesel by Rs 1.04 a litre, in sync with firming international rates.
The government is set to dump B K Chaturvedi panel's recommendation for a monthly increase in fuel prices till they are at par with costs, but may accept the high-powered committee's suggestions for imposing a tax on oil produced from fields awarded before 1999.
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
Slamming the Centre and the Tamil Nadu government over petrol price, actor Vijayakant-led Desiya Murpokku Dravida Kazhagam, the principal opposition in the state assembly, will stage a demonstration at Tiruchirappalli on June 1.
Petrol price was on Tuesday hiked by Rs 2.58 a litre and diesel by Rs 2.26 per litre, the second increase in rates this month.
