One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
After consumer price index jumped the 6.3-per cent mark in May and wholesale inflation set a record of 12.94 per cent, house economists at Swiss brokerage UBS Securities have warned that the country is facing more upside risks on the inflation front that is set to averaging at 5 per cent for the year. Rising prices of edible oils and protein rich items pushed retail inflation to a six-month high of 6.3 per cent in May, breaching the comfort level of the Reserve Bank and thus rendering reduction in interest rates a difficult proposition in the near term. Led by petrol price, that has crossed the Rs 100-mark in many states, wholesale inflation too accelerated to a record 12.94 per cent in May. While crude oil has crossed $70 a barrel on account of rising prices of crude oil and manufactured goods due to spike in commodities, and the low base of last year due to the lockdown.
The Badminton World Federation (BWF) shut down the world tour and other sanctioned tournaments following the completion of the All-England in March due to the global health crisis.
The second part of journalist Rajdeep Sardesai's interview to Sheela Bhatt/Rediff.com.
The price of the Indian basket of crude oil jumped as much as 78 per cent to cross $50 a barrel last week, from a multi-year low of $28 in January.
'Economic issues do not matter during elections; it is the emotional connect that helps swing votes.'
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
'I have more respect for this kind of cinema,' actress Swati tells Radhika Rajamani.
The fact is that it will take two to three years to fix the economy, and it would be advisable to say as much and manage expectations.
Reliance Industries will set up a 50,000 barrels per day refinery in Yemen, where it has already picked up stake in two oil blocks.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
Total income from operations, however, dipped 27 per cent to Rs 68,261 crore.
EC on Monday asked the government to defer notifying doubling of price of the fuel produced by companies such as Reliance Industries till general elections are completed.
Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
China consumed roughly 10.50 million barrels per day of oil in June.
Malayalam star Prithviraj talks about the changing times in Malayalam cinema.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
Revenue jumped 54.5 per cent to Rs 156,291 crore.
Between fiscals 2009 and 2014, India's energy import bill surged at an average 14 per cent annually to $161 billion.
Refining and petrochemicals contribute around 90 per cent to RIL's overall revenue and profit.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Besides weakening the Maoists' lethal capacities and reducing violence, it is essential to ensure that governance is improved, so that those prone to sympathising with, or supporting, the Maoists would, in the long run, realise the needlessness and futility of doing so, says P V Ramana and Raj Bala Rana.
Two-times Grand Slam champion Pat Rafter's return to the big-time after retiring 13 years ago lasted just 73 minutes when he and his former Davis Cup team mate Lleyton Hewitt lost in straight sets in the Australian Open doubles.
The last three prime ministers who served full terms started out in their early 70s. Mr Modi is younger and fitter than all of them. But he needs to find it in him to change course if he is to beat the odds, notes T N Ninan.
Jet Airways on Friday said it will raise fares by 10-15 per cent as early as this month to offset rising jet fuel prices -- a decision that possibly stems from confidence about returning passenger demand.
Images from Wednesday's IPL match between Kolkata Knight Riders and Royal Challengers Bangalore, in Abu Dhabi.
Weak production outlook, low crude oil prices and regulatory issues could keep the scrip in check
Reliance Industries will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
Essar has announced a $6bn expansion plan to more than triple capacity at its refinery, while Reliance, at its site a few kilometres away, is working on plans to almost double capacity.
State-run oil firms are likely to see revenue loss on fuel sales to more than double to Rs 1,80,000 crore (Rs 1,800 billion) during the current fiscal after surge in international crude oil prices and weakening rupee made imports costlier.
ONGC is raising debt for a spate of acquisitions over the past year
Saudis are interested in expanding their relationship with India, given it is becoming the main driver of crude demand growth in Asia
A round-up of Ranji Trophy matches played on Saturday.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
Crude oil price of $50 a barrel in the international market would pull down India's GDP growth by 0.4 per cent and push up inflation by 1.5 per cent, a FICCI study has said.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
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