India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
India is 80 per cent import dependent to meet its oil needs.
An $1 per barrel change in crude price impacts the net import bill by Rs 3,513 crore.
After the launch in April 2010, Euro-VI fuel supply was expanded to seven cities of Puducherry, Mathura, Vapi, Jamnagar, Ankleshwar, Hissar and Bharatpur in 2011-12.
The price of petrol breached a three-year high on Monday at Rs 74.50 a litre, while the price of diesel was at its highest at Rs 65.75 a litre
The increase in commission - which is normally passed on to consumers - is expected within a couple of weeks.
What's driving consumers to petrol cars? Ajay Modi finds out.
"Under different scenarios, we see the impact of higher crude prices ranging from $25 billion to a maximum of $50 billion on the oil import bill. The increase in the oil import bill will also affect the current account deficit," economic affairs secretary S C Garg said in a conference on Friday.
Customers have started to factor in the narrowing gap between petrol and diesel and the premium that needs to be paid for a diesel vehicle.
The Petroleum Ministry in an order on Wednesday said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution entities for CNG and piped cooking gas sector.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
The Indian basket represents the price of Oman and Dubai sour grade crude.
For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
Indian basket at 6-month low of $49.11 a bbl
At this point of time, the requirement of the economy is obviously more investment, which will create more jobs and increase purchasing power that will sustain a high level of production, says K M Chandrasekhar.
India has already pipped Japan as the world's third-largest oil consumer.
The growth, however, may not indicate a major revival of economic activity.
The United States, which spends billions monitoring adversaries like Al Qaeda, North Korea and Iran, pays an equal amount of attention on ally Pakistan and has ramped up surveillance of its nuclear arms, according to a report.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances