Faced with opposition from within the ruling coalition, the government has put-off till at least next week a decision on raising fuel prices that have been necessitated due to crude nearing $100 a barrel globally. The petroleum ministry has planned to take to the Cabinet this week a proposal to either marginally raise petrol and diesel prices or cut duties to offset the impact of raising international oil prices but the proposal is not being pursued this week.
'If you are invested in mid-cap and small-cap stocks, even if you are making losses right now, it is better to sell them now and sit on cash.'
Bhartiya Janata Party, Left and Samajwadi Party have decided to protest against the steep hike in the prices of petrol and would hold countrywide demonstrations, dharnas and court arrest to register their anger against the move during Thursday's Bharat bandh.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
The Shiv Sena has spurned Congress' request to participate in the bandh.
The government on Thursday ruled out any rollback in hike in prices of petrol and diesel, saying a number of steps had been taken to contain the burden of increase on consumers.\n\n
Describing the hike in diesel prices as a cruel joke and a "mortal blow" to the common man and farmers, the Bharatiya Janata Party on Thursday accused the government of conspiring with the petrol 'mafia'. "This is a cruel joke on the common man. It has hit farmers hard during the peak paddy sowing season. We will not allow this hike. We will not allow this government to loot the common man like this," said BJP vice president Mukhtar Abbas Naqvi.
As we spoke to people from various walks of life, they all conveyed their anguish over this 'unreasonable hike' and slammed the government for mismanaging the economy.
Indian Oil Corporation, the country's largest oil firm, lost about Rs 4,900 crore (Rs 49 billion) in revenues during the first quarter of the current fiscal on selling fuel below the cost.
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
The cess levied on top of the maximum 28 per cent tax rate on petrol vehicles with capacity to carry 10-13 persons has been reduced to 1 per cent and the same for diesel vehicles has been cut to 3 per cent.
Price hikes of controlled petroleum products such as diesel, cooking gas and kerosene have been happening annually in the month of June, irrespective of the companies' losses.
Petroleum Minister Mani Shankar Aiyar on Monday remained non-committal on rolling back the hike in petrol, diesel and cooking gas prices saying the demands for revisiting the decision could only be considered after the Prime Minister returns from The
Petroleum Minister Ram Naik on Friday said oil companies will revise prices of domestic LPG only after Finance Minister Jaswant Singh replied to the Budget debate in Lok Sabha on Tuesday next.\n
Speaking to mediapersons in Lucknow, he said, "There is no mechanism with the central government to curb the rising price of vegetables including onion; that can be done by the state governments."
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
The government on Friday said that it is concerned about frequent hike in prices of petroleum products but does not plan to reduce taxes on oil goods.
A nationwide and compulsory switch to BS-VI is due from April 1, 2020. Amid increase in input and other costs, companies had decided to increase the price of their vehicles from January 2020. This is expected to push sales of passenger vehicles by 2 to 4 per cent in December; reportedly, bookings are in that range.
State oil firms on Wednesday raised jet fuel (aviation turbine fuel) price by 5 per cent in line with the spike in international oil prices, which have touched a record $71 US a barrel.
IOC and other state-run oil marketing companies such as BPCL and HPCL are suffering revenue losses on sale of fuel as the government has not allowed them to raise prices in line with the increase in international crude oil prices that are racing toward 100 dollar a barrel. India imports nearly three-fourth of its crude oil requirements.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
Petroleum Minister Murli Deora on Tuesday said petrol and diesel prices will not be increased "as of now" even as he began consultations with Finance Minister P Chidambaram on ways of mitigating the spurt in global oil prices.
After the latest spike in crude oil prices, petrol prices could potentially go up to around Rs 90 a litre making a dent in the consumer's wallet. This, the analysts fear, will push the cost of vehicle ownership in the country, further reducing the demand potential for the industry.
Price of petrol may go up by Rs 4.70 a litre and diesel by Rs 2.30 a litre.
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.
After a spike, losses on sale of diesel have fallen by nearly a rupee to Rs 2.49 per litre as international oil rates have moderated.
It is the seventh reduction in jet fuel rates since August
The issue of price rise is a worry for every government -- it is a political volcano. But the United Progressive Alliance on Friday steeply hiked the fuel price. Will people react? Or do they remain silent and suffer? Abhishek Mande talks to experts to 'read' the pulse.
The Union Cabinet is likely to review prices of petrol and diesel as crude oil price continue to move northward.
Cement prices are likely to go up by around Rs 8-10 per 50 kg bag with manufacturers saying that they may pass on the burden of hike in excise duty proposed in the Budget 2010-11 to customers.
The government on Thursday rejected demands for a roll back in the hike in petrol and diesel prices, saying it would favourably consider the issue only when global crude prices come down.
The company, which already has around 66 per cent market share in the hatchback segment and about 50 per cent in the overall domestic passenger vehicle segment, currently sells Vitara Brezza and S-Cross in the SUV segment. In an interaction with PTI, MSI managing director and CEO Kenichi Ayukawa acknowledged that there was some lag in launching new products due to the pandemic but the company is now on track regarding new model launches.
If the current trend continues, diesel will be deregulated in three months.
Responding to a Call Attention Motion in Rajya Sabha on the recent price hike, Deora said the July 2 increase had helped IOC, BPCL and HPCL cut their revenue losses for July from Rs 4,870 crore (Rs 48.7 billion) to around Rs 2,880 crore (Rs 28.8 billion).
The government, however, made it clear entry into classrooms with hijab will not be allowed.
Costlier petrol, diesel and LPG pushed up inflation to 7.76 per cent during the week ended November 6 amid fears that it could rise further in the coming weeks after the full effect of the second round of price hike in petro products during the perio
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
Projecting a moderation in inflation despite the hike in petrol and diesel prices, the Economic Survey on Thursday cautioned against the pressures from rising foreign funds and global commodity price movement.
