India's fuel sales surged past pre-pandemic levels in March on twin impact of the economy rebounding from the lifting of pandemic-related restrictions and anticipation of price increases leading to stocking. In the first two weeks of March, dealers, as well as the public, topped up their tanks in anticipation of an increase in prices that had been on hold in the run-up to the elections in states like Uttar Pradesh. While daily price revisions restarted on March 22, the increases were calibrated.
The retail prices of petroleum products have moved broadly in line with, or somewhat more than, the rupee cost of oil imports.
The Rajya Sabha proceeding washed out completely on Wednesday and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of Goods and Services Tax (GST) on daily essentials.
A proposal in the Union Budget 2022-23 to raise excise duty on dirtier, unblended retail petrol and diesel has met with some resistance from the petroleum ministry. However, finance ministry officials say no such communication arguing against the levy of extra duty on diesel has been received from the oil ministry. Until there are discussions between the two departments, the proposal will not be tweaked in the Finance Bill. The Rs 2 per litre additional excise duty proposed on unblended fuels in the Finance Bill will result in a uniform hike of diesel prices across the country from October 1.
Samajwadi Party (SP) chief Akhilesh Yadav on Thursday said people of the country want change of power, but evaded a direct reply on whether his party would join an opposition alliance to take on the Bharatiya Janata Party (BJP).
Petrol price on Friday crossed the Rs 100- per-litre mark in Chennai as well as in some places in Punjab and Kerala after fuel prices were hiked yet again. Petrol is priced at over Rs 99 a litre in Delhi and Kolkata -- the only metro cities which haven't seen the Rs 100 mark yet. Petrol price was hiked by 35 paise per litre on Friday but there was no change in diesel rates, according to a price notification of state-owned fuel retailers.
Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
Amid a war between Russia and Ukraine, Prime Minister Narendra Modi on Thursday said India's several needs are connected to the involved countries but it is on the side of peace and hopes that all problems get resolved through dialogue.
Prime Minister Narendra Modi and Rajasthan Chief Minister Ashok Gehlot on Thursday exchanged jibes over the red diary that a sacked state minister claims records financial misdeeds of the CM and his colleagues.
Notwithstanding its divestment setback, Hindustan Petroleum Corporation Ltd is planning to enter the exploration segment and foray into the markets of Sri Lanka and Bangladesh.
Meanwhile, his successor, President Ranil Wickremesinghe tweeted: "Congratulations to the Sri Lankan cricket team on winning the Asia Cup 2022. Well played Pakistan! The second championship for today," he said, adding that it "goes to show that, with dedication and determination we can overcome challenges as a nation. Onwards and upwards Sri Lanka!"
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
Sri Lanka is going through the worst economic crisis since independence in 1948. A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
State-run oil firms have stopped issuing new domestic cooking gas connections in view of the surge in steel prices, which increases the manufacturing cost of cylinders.
Priyanka Gandhi urged people to stand with the farmers' struggle and to take the movement to the villages.
The people of Amethi want to rectify their 'mistake' of 2019 and Congress workers as well as leaders are demanding that Rahul Gandhi contest from the constituency in the 2024 Lok Sabha polls, the party's Uttar Pradesh chief Ajay Rai said.
Public sector oil companies are likely to incur a loss of Rs 50,000 crore (Rs 500 billion) in the current fiscal on selling fuel below cost, Indian Oil Corporation chairman Sarthak Behuria said on Tuesday.
Heightened geopolitical uncertainties will lead the Reserve Bank's rate-setting panel to opt for a status quo at the next week's meeting, Axis Bank's chief economist Saugata Bhattacharya said on Monday. Bhattacharya said he had earlier expected a tightening action at the policy meet scheduled for April 6-8 but the increased uncertainties on the geopolitical front due to the Russian invasion of Ukraine and its impact on commodity prices makes him now think that RBI will defer such an action. He said the central bank's Monetary Policy Committee (MPC) may hike rates in the second half of FY23 by up to 0.50 per cent.
Come December 8, and the Congress will again do well in Saurashtra region, he says.
Currently, oil companies sell kerosene at a loss of about Rs 18 per litre.
Govt targets 1 cr consumers to give up LPG subsidy.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
All households are entitled to get 12 cylinders of LPG or liquefied petroleum gas.
Price of non-subsidised cooking gas (LPG) was today cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009.
Despite mounting pressure, Gotabaya, and Prime Minister Mahinda have refused to quit office.
The party also promised to end the mafia raj by creating corporations for the sale of liquor and sand mining.
Total fuel subsidies accounted for less than 1 per cent of GDP and under 3 per cent of total government expenditures in FY14.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are losing Rs 486 crore (Rs 4.86 billion) per day as they are made to sell diesel, domestic LPG and kerosene way below cost to keep inflation under check.
A pregnant Sri Lankan woman, who had been in a queue for two days to obtain a passport to leave the crisis-hit country for employment overseas, went into labour while waiting for her turn on Thursday and delivered a baby girl.
The ministry is preparing a draft note for consideration of the CCPA on pricing of diesel, kerosene and LPG, official sources said.
Government gives 3 months, starting June, for the 20 districts to be covered under its direct benefits transfer scheme.
Only 68 MPs voted in favour of the motion, it said, giving the 72-year-old President a comfortable victory.
Modi said the country needs to increase domestic output of energy.
Indian Oil Corporation on Tuesday said its fourth-quarter profit fell 16 per cent to Rs 1,849.94 crore (Rs 18.49 billion) after the government barred the company from raising prices of cooking gas and auto fuels.
The contrast between the two meetings couldn't have been more stark, yet, both were organically linked, the latter a show of support for the former.
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