With vast disparity in fuel prices, the demand for diesel cars had reached upto 85 per cent and petrol cars had come down to 15 per cent, which otherwise usually remained at 50:50 per cent levels in India.
The government on Tuesday ruled out any rollback of last month's increase in prices of petrol, diesel and LPG, and said a policy for pricing of major petroleum products was under review.
Several members had moved adjournment motions to raise the issue, but Speaker Meira Kumar said she has not accepted the demand.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
Petroleum Minister Murli Deora on Monday ruled out any rollback in the increased prices of petroleum products, saying the hike has been reasonable and minimum. "The hike is reasonable and minimum ...," Deora told reporters here.
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Accusing the government of 'violating Parliamentary propriety', BJP leader Sushma Swaraj said the move to hike petrol and diesel prices "raises suspicion as to which companies will be benefited by this decision." "The government has been saying that the public sector oil companies have been making profits and giving dividends to it. Then why this secrecy," she asked. Swaraj attacked the Congress for 'betraying' the common people.
Petroleum Minister Ram Naik on Monday said the hike in petrol and diesel prices was "justified" given the hardening of global crude prices.
Prime Minister Narendra Modi on Friday announced a Rs 100 per cylinder cut in cooking gas LPG price to ease financial burden on households. Non-subsidised cooking gas price will be cut to Rs 803 per 14.2-kg cylinder in the national capital with effect from midnight of Friday/Saturday, official sources said. Prices vary from state to state depending on the incidence on local taxes.
In absolute terms, prices will go up by Rs 5,500 to Rs 47,000, depending on the model and prevailing prices.
Diesel price was on Monday hiked by 50 paise per litre, excluding VAT, with effect from midnight tonight.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
The hikes, effective from midnight tonight, are excluding state sales tax or VAT and actual increase will be higher and will vary from city to city
Tata Motors is looking to increase passenger vehicle prices from next month in order to make its model range compliant with stricter emission norms which kick in from April 1 next year, according to a top company official. In an interaction with PTI, Tata Motors Managing Director - Passenger Vehicle and Electric Vehicles Shailesh Chandra said the price revision would also offset the impact of commodity prices, which have remained high for the most part of the year. "The regulatory change will have its impact on the cost. Even the real impact of softening of commodity prices is only going to come from next quarter and we still have the residual impact of the commodity escalation that we have seen during the year," Chandra said.
Jet fuel prices on Wednesday were cut by 1.3 per cent -- the first reduction after 10 rounds of price hikes -- on softening international crude oil rates. Simultaneously, prices of commercial LPG - used by business establishments such as hotels and restaurants - were reduced by Rs 135 per 19-kg cylinder. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been reduced by Rs 1,563.97 per kilolitre, or 1.27 per cent, to Rs 1,21,475.74 per kl (Rs 121 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
The German carmaker will hike prices of its best selling cars in Indiafrom February citing increased inputs costs and changes in the exchange rate.
A week after the steep hike in petrol prices by Rs 5 a litre, the government on Monday said a ministerial panel is likely to meet in the next few days to take a decision on raising diesel, LPG and kerosene rates.
A Group of Ministers is likely to consider this week a marginal hike in petrol and diesel prices and a cut in excise duty on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms incur every month.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
The government was likely to take a decision on a hike in petrol and diesel prices in mid-July, a government official said on Monday. The review has been necessitated by the increase in global and domestic crude oil prices.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Saturday strongly supported the view that petroleum prices in the country should "align with the global price."
The rise in petro-product prices have been necessitated by rising global costs of petroleum and the fact that the price of petrol and diesel has not been increased in India since January 2004.
The government on Wednesday broadly hinted about a hike in petrol and diesel prices, saying although it has kept retail prices unchanged it cannot do so for long given the rise in crude oil rates.
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.
The Bharatiya Janata Party on Thursday alleged that the hike in petrol prices was yet another act of "midnight deceit" by the UPA and insisted that the common man would not spare the dispensation led by the "economist" Prime Minister for its arrogance.
The recurrent increases in fuel prices over the past 10 days are eating into the margins of transporters, who will be forced to pass on the hikes to their customers. This, in turn, is set to make the prices of daily consumables and other goods dearer, affect consumption, and slow economic growth, said transporters and analysts. Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT).
Under pressure from the petrol pump lobby and legislators, Delhi government on Thursday decided not to implement its budgetary proposal to hike the sales tax on diesel from 12 to 20 per cent.
The rising rupee over the last three months has brought cheer to the oil marketing companies, who have together added around Rs 250-300 crore (Rs 2.5-3 billion) to their operating profits already.
Most of the participants in our poll believed that the hike in petroleum product prices is a positive trigger for companies.
Government on Tuesday said it was considering whether to increase prices of petrol and diesel due to increase in international crude oil prices.
The RBI's surprise rate hike may have been prompted by its inability to convince the government to cut excise duty on petrol and diesel and take other supply-side measures to tame runaway inflation, sources aware of the central bank's thinking said on Thursday. There has been a record Rs 10 a litre increase in petrol and diesel prices in a matter of 16 days beginning March 22, which has further fuelled the already high commodity prices. The RBI, which is mandated to ensure inflation is under 6 per cent, acted with a 0.40 per cent increase in repo rate to check prices before they went completely out of hand.
A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry and Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh
The Left on Friday said it was not averse to a hike in petrol and diesel prices, which have been necessitated due to surge in crude oil prices
State-owned oil companies have announced a hike in petrol prices between 37 and 40 paise in the major cities, while diesel will be costlier by 37 to 44 paise with effect from midnight on Friday.
Supporters of Imran Khan's Pakistan Tehreek-e-Insaf party protest the hike in fuel prices in Pakistan.
The price of non-subsidised LPG, which customers buy after using up their quota of 12 subsidised cylinders, was raised by Rs 16.50 per 14.2-kg cylinder, the first hike in six months.
