State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates. While petrol price hasn't changed since September 22, diesel rates have been static from October 2.
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.
Diesel prices may be hiked by Rs 10 per litre over a 10-month period and kerosene rates increased by same quantum over the next two years if a proposal being mulled in the Oil Ministry is accepted.
Cooking gas LPG price on Wednesday was hiked by Rs 15 per cylinder in line with a surge in international fuel prices. Rates of both subsidised and non-subsidised LPG prices were hiked, oil company officials said. Cooking gas now costs Rs 899.50 per cylinder in Delhi.
The government has hiked diesel price by Rs 5 per litre, effective midnight tonight.
The Kolkata Police has booked actor Paresh Rawal under different sections of the Indian Penal Code (IPC) on a complaint filed by Communist Party of India-Marxist state secretary Md Salim, who alleged that he delivered 'hate speech' against the Bengali community during an election rally of the Bharatiya Janata Party in Gujarat.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram on Monday to work out a package on pricing of petrol and diesel, besides subsidies on kerosene and cooking gas before the month-end.
Mayawati said she is fully assured that the people of the "Brahmin community will not get misled by the Bharatiya Janata Party and vote for the party in the upcoming elections".
GAIL (India) Ltd has pre-poned the supply of gas from the US and is looking to contract more LNG next year as it doubles down efforts to secure affordable energy supplies to meet the needs of Asia's third-largest economy, chairman Manoj Jain said. India's No.1 gas transporting and marketing firm has long-term liquefied natural gas (LNG) supply contracts from the US to Australia and with Russia, supplementing domestic gas supplies. "In 3Q (October-December 2021) we preponed a couple of cargoes (LNG shiploads) from supplies that we were to receive next year and we did it again in the current quarter," Jain told PTI. This is because US LNG costs one-third of the price of gas available in the spot or current market.
This is the second straight increase in jet fuel rates in as many months.
Price has increased from Rs 41.90 to Rs 45.60.
Indian Oil Corporation, the country's largest oil firm, has sought an increase in price of domestic cooking gas LPG by over Rs 103 per cylinder and PDS kerosene by Rs 7.5 a litre, in view of rise in cost of raw material.
West Bengal Chief Minister Mamata Banerjee on Thursday asked all political parties, including those supporting the United Progressive Alliance government from outside, to build pressure for roll back of hike in price of non-subsidised cooking gas.
Stunning landscapes, natural beauty, clean beaches, cultural wealth, mouth-watering food, shopping options, safety for solo travellers, warm hospitality, easy visas, and connectivity make Vietnam a must-visit destination, discovers Ramesh Menon.
Petrol and diesel prices are unlikely to be hiked in the near future, with Finance Minister P Chidambaram agreeing in-principle to share a third of the revenue loss that state-run oil firms incur on sale of fuel
Petroleum Minister Ram Naik Friday indicated that prices of domestic cooking gas may be hiked before the Budget to check growing subsidies but said consumer interest will be kept in mind while taking any such decision.
The government has cut petrol price by Rs 5 and diesel by 2 a litre with effect from midnight tonight.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
The government on Monday decided to hike petrol price by Rs 4 a litre and diesel by Rs 2 per litre
Exuding confidence that the economy will grow by 8.5 per cent in 2011-12, Finance Minister Pranab Mukherjee on Wednesday said the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
As the Bharatiya Janata Party looks set to retain Haryana, the Congress' poll campaign, which was built around various issues including unemployment, farmers' plight and Agnipath scheme, appeared to have failed to click with a majority of the voters.
Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
The government has asked the rich to give up subsidies on LPG to make them available to people who deserve it.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
The common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
In the first reduction in rate in two months, jet fuel or ATF price on Thursday was cut by 3 per cent in line with softening international crude oil prices. Aviation turbine fuel (ATF) price was reduced by Rs 1,887 per kilolitre, or 3 per cent, to Rs 58,374.16 per kl in the national capital, according to a price notification of state-owned fuel retailers. This is the first reduction in rates after four rounds of increase since February. Rates were increased by Rs 3,246.75 per kl on February 1, followed by a 3.6 per cent hike on February 16, and a steep 6.5 per cent raise on March 1. On March 16, prices were again raised by Rs 860.25 per kl. On Thursday, a Rs 10 per cylinder reduction in price of domestic cooking gas LPG also came into effect.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
Not only do you need an effective and independent regulator, you also need competition to flourish.
The opposition party vowed to hit the streets against the "Modi-made inflation" and run a people's movement over price rise.
Packaged tea consumption in India has been under pressure due to inflation across the consumption basket coupled with higher tea prices. This is forcing tea drinkers to downtrade, especially in rural areas. Milk prices have also gone up and this has impacted tea consumption along with delayed winters in the north, companies have said. NIQ (formerly known as NielsenIQ) data shows that the packaged tea category grew around 4 per cent in value and volume terms in 2022 compared to 2021.
Government's fuel subsidy estimate was based on crude oil at $70.
The cost of non-subsidised LPG -- the one that consumers buy after exhausting their quota of 12 bottles of 14.2-kg at below market price -- has been cut by Rs 100.5 to Rs 637.
Domestic LPG prices may go up by Rs 22-25 per cylinder this week as oil companies push for a hike in retail selling price in view of Budget 2003-04 lowering subsidy provision for cooking gas and PDS kerosene.
Jet fuel prices on Wednesday were hiked by over 18 per cent -- the steepest ever increase -- to all-time high levels after international oil price surged to a multi-year high.
Govt diverts Rs 253-crore subsidy savings to the poor.
The scheme will cost the state exchequer altogether Rs 1,650 crore.
In Mumbai, jet fuel costs Rs 71,940.36 per kl as against Rs 73,306.89 per kl previously, IOC said.
