Petrol and diesel prices were on Wednesday hiked in seven states like West Bengal and Maharastra and that of domestic LPG in six states as state-owned oil firms recalibrated rates to reflect changes in local levies.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
Oil companies on Thursday again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier.
Clean air needs action all year round; and that it will work only if we act jointly and at scale, asserts Sunita Narain.
Oil firms had last revised petrol prices on December 1.
Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month.
The ongoing Hamas-Israel conflict has disrupted India's efforts to gain from a recent fall in crude oil prices. Since Hamas' invasion of southern Israel on October 7, petroleum has become costlier by around $5 per barrel, threatening to stoke prices and impact growth. Brent crude was trading at $89.8 per barrel on October 9 (9.15 pm IST), up over 4 per cent, thwarting India's anticipation of a period of declining oil prices - after the leading global petroleum benchmark declined by around 11 per cent last week.
Reliance Industries Ltd on Thursday reported a 7.4 per cent rise in its December quarter net profit, as its retail business rebounded and telecom earnings rose. Its consolidated net profit of Rs 18,540 crore, or Rs 13.70 per share, in October-December - the third quarter of April 2024 to March 2025 fiscal (FY25) - compared to Rs 17,265 crore, or Rs 12.76 a share, in the same period a year back, according to a stock exchange filing by the company.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.
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.
An average Indian spends no more than Rs 1.3 lakh per year, according to official statistics. This is close to what an average Indian earns annually. At this level of per capita income today, one litre of petrol costs one-third of an average Indian's daily income (Delhi prices), making it highly unaffordable. People in most other Asian and emerging countries find it more affordable.
Petrol price cut by 50 paisa a litre; diesel by 46 paisa.
Prices of crude oil are rising in international market and that India has to import 80 per cent of its crude oil consumption.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
As Kolkata marches towards modernity, it is hard to imagine its streets without these cabs, notes Air Commodore Nitin Sathe (retd).
The Cabinet Committee for Economic Affairs is expected to meet on Wednesday evening to take this decision, given the cheap crude prices in the global market. The government had last cut petrol prices on December by Rs 5, and diesel rates by Rs 2 a litre.
The cabinet committee on economic affairs will meet this evening to decide on the prices of petrol, diesel, LPG and kerosene, petroleum minister Mani Shankar Aiyar said.
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
Prime Minister Narendra Modi on Friday invited President Volodymyr Zelenskyy to visit India and the Ukrainian leader said he would be happy to travel to the 'great' country.
Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.
The Congress hit back at Nadda, saying his letter to Mallikarjun Kharge is a "4D exercise - denial, distortion, distraction, and defamation".
In the Upper House of Parliament, Chairman M Venkaiah Naidu did not allow adjournment notices moved by opposition members on the issue of price rise, prompting members of the Congress, the Trinamool Congress, the Left parties, the Dravida Munnetra Kazhagam, the Aam Aadmi Party, the Nationalist Congress Party, the Rashtriya Janata Dal and the Shiv Sena to create an uproar.
The company has the largest car park in EVs in India, estimated to be around 170,000 units. As a pilot, it has already started work with used online car marketplace Spinny.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
The government is unlikely to take up the issue of reducing petrol, diesel and domestic LPG prices on Thursday as consultations on petroleum ministry's simultaneous proposal for freeing auto fuel pricing were not complete.
Tata Motors on Wednesday said it remains confident about the long-term prospects of the electric vehicle segment and termed the fall in sales numbers a "short-term" issue. In an interaction with PTI at the launch of the company's first mid-sized electric SUV, Curvv.ev, at a starting price of Rs 17.49 lakh (with 45 kWh battery) Shailesh Chandra, managing director of Tata Motors Passenger Vehicle and Tata Passenger Electric, said that the company is looking to achieve one-lakh electric vehicle sales this financial year. Curvv EV is the second car based on the advanced Pure EV architecture - acti.ev, which marks Tata Motors' entry into the highly competitive mid-size SUV segment and will be competing with the likes of MG ZS EV, Hyundai Creta and Maruti Suzuki Grand Vitara, among others.
On the hike in fuel prices, she accused the government of profiteering and said it is turning a disaster into an opportunity to fill its coffers. She also alleged that the government is breaking the back of the poor, the farmers, and the middle class due to its 'insensitivity'.
Consumers are paying an exorbitant 180 per cent tax on petrol, and 140 per cent on diesel in Delhi and in most other towns in India. Little wonder then that the central government expects a staggering Rs 3.46 trillion by levying excise duties on retail sale of the two fuels this year, and Rs 3.2 trillion the next. States would generally have had reason to cheer, as they command a 41 per cent share in Centre's tax revenues. But as the Centre has raised excise duties in the form of "cess," the revenue proceeds are by nature not shareable with states.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
What could be more uncertain than Virat Kohli's agonising wait for a century for over two years? Perhaps it's what you will pay tomorrow morning to fill your vehicle's tank. Pump prices have joined cricket scores as the country's favourite discussion topic. Steep increases invite widespread protests, while moderate additions make the government anti-reformist. The ongoing fuel price conundrum is no different.
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
'It is important for states to agree 10-15 per cent duty cut and take home the same amount of tax revenue as budgeted.'
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Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
If international crude oil prices zoom past the current level of about $90 per barrel and move towards $100 and beyond, middle-class consumers are not going to keep quiet about their discomfort, points out Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
Petrol prices were on Wednesday hiked by Rs 3.07.
The government has allowed oil companies to raise diesel price by 50 paise a litre per month; bulk users to be charged market price.
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