"The UPA government showed its anti-people stance by increasing the prices of essential goods," said former AP chief minister Chandrababu Naidu.
Dominic Xavier offers his take on the Petrol and diesel prices which surged to highest levels in seven years on Tuesday.
There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission
In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
Truck rentals saw a positive momentum across most key trunk routes due to an increased pre-kharif agricultural activity and a resilient manufacturing sector. The Kolkata-Guwahati-Kolkata corridor witnessed a month-on-month (M-o-M) rise of 2.4 per cent, while the Mumbai-Chennai-Mumbai route grew by 1.9 per cent and the Delhi-Hyderabad-Delhi route saw a 1.6 per cent increase in truck rentals, said June edition of the Shriram Mobility Bulletin.
Petrol price had been cut 10 times since August 2014.
While petrol prices are de-controlled, diesel prices are partially deregulated.
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.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
The price reduction will be effective midnight tonight, announced Indian Oil Corp
Oil price have started rising as President Barack Obama's efforts to win backing for a military strike against Syria cleared its first hurdle.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
The Delhi government has announced that vehicles older than 15 years will be denied fuel at petrol pumps starting April 1.
If elections are indeed around the corner, the government is unlikely to allow even a moderate hike in petrol and diesel prices.
Spiralling crude oil prices have pushed up the revenue loss of oil firms on sale of petrol, diesel, LPG and kerosene to Rs 91,053 crore.
This is the third reduction in rates this month
This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
The company says if the ban on diesel vehicles continues, around 13% of its sales will be hit.
Petrol engines development has progressed well over the years and many of the current cars in India give a good mileage though they have to yet catch up with the fuel efficiency of diesel cars. Here we look most fuel-efficient petrol cars.
The growing rift between MSIL and rival automakers has complicated the government's efforts to finalise the CAFE norms.
This is the fourth increase in auto fuel prices since May 1
Petrol now costs Rs 59.99 per litre as against Rs 59.03 a litre previously.
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
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
India, the world's third largest oil consuming and importing nation, spent 112.5 billion euro (about Rs 1.5 lakh crore) on buying crude oil from Russia since the start of the Ukraine war, a European think tank said on Thursday. The Centre for Research on Energy and Clean Air (CREA) released a report on payments to Russia for fossil fuels since February 24, 2022. "According to our estimates, since the beginning of the war, Russia earned EUR 835 billion in revenue from fossil fuel exports," it said.
Actual reduction in price will be more after taking into account local VAT.
'SUV is a very intensely fought category, unlike hatchbacks and cars.'
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
Diesel price on Monday went past the Rs 98-a-litre mark in a few places of Rajasthan as a relentless increase in fuel prices took rates to record-high levels. Petrol price was increased by 29 paise per litre and diesel by 26 paise a litre, according to a price notification of state-owned fuel retailers. The increase - 16th this month - pushed petrol and diesel prices to a fresh all-time high across the country. Sri Ganganagar district of Rajasthan saw petrol price climb to Rs 105.24 a litre and diesel to Rs 98.08 per litre.
IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely
Diesel, which is sold at Rs 53.67 a litre in Delhi, will cost Rs 53.77 after the hike in commission.
'I am not an aspiration-oriented politician.' 'This is the time to redefine politics.' 'Politics of power is not real politics.'
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
How do you think could the government cut down petrol costs? Could it cut the duty on petrol? What could it do?
'The question often being asked is whether the demand for petrol and diesel is price inelastic?' asks Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
Indian refiners are likely to import 2-2.2 million barrels per day of Russian crude oil in June - the highest in the last two years and more than the total volumes bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary data by global trade analytics firm Kpler showed.
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