India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
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.
State-run oil refiners are likely to report profits on daily sale of petrol, diesel, cooking gas and kerosene in the fortnight ending December 31, after average crude oil prices have been nearly 3 per cent lower and the rupee has appreciated 3.2 per cent compared with the first fortnight of this month.
Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd are projected to lose around Rs 1,15,500 crore (Rs 1,155 billion) during the year as they sold petrol, diesel, kerosene and cooking gas at below production costs when crude oil prices rose steadily between April and July this year to reach a peak of $147 a barrel in early July.
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 party also promised to end the mafia raj by creating corporations for the sale of liquor and sand mining.
Industry think-tank TERI has demanded an end to government dictats on pricing of petroleum products and sought subsidies on domestic cooking gas (LPG) and kerosene to be directly provided to consumers.
The government is considering allowing private firms to sell subsidised domestic cooking gas LPG, the Lok Sabha was informed on Thursday.
Inflation has dipped to 4.39 per cent for the week ended January 31, from 5.07 per cent in the previous week, says Commerce Minister Kamal Nath.
More than ever before, women voters can make or mar a political party's electoral fortunes.
On December 5, the government had announced a Rs 5 per litre and Rs 2 a litre reduction in petrol and diesel prices, respectively, as global crude prices hovered around four year lows.
The government has cut petrol price by Rs 5 and diesel by 2 a litre with effect from midnight tonight.
The government on Friday decontrolled petroleum prices to bring fuel costs in line with global oil rates after an Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee, met for the second time in less than three weeks to decide on raising fuel prices. Railway Minister Mamata Banerjee was absent again.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
UID project was launched by the UPA government in 2009.
The Sri Lankan government on Sunday lifted the ban it had imposed on social media platforms such as WhatsApp, Twitter, Facebook and Instagram after declaring a nationwide public emergency and effecting a 36-hour curfew ahead of a planned anti-government rally over the worst economic crisis in the island nation.
BJP says it doesn't make sense to rollback fuel subsidy while maintaining Central patronage for Haj pilgrimage.
How do you think could the government cut down petrol costs? Could it cut the duty on petrol? What could it do?
The government has extended the supply of subsidised cooking gas to educational and social welfare institutions.\n\n\n\n
Reliance Industries Ltd, India's largest private sector refiner, will restart operations at its Jamnagar refinery LPG-making unit next week, company Nikhil Meswani, executive director said on Monday.
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.
Domestic cooking gas (LPG) price was on hiked by Rs 3.46 per cylinder after the government raised the commission paid to dealers by over 9 per cent.
Aviation turbine fuel to now cost more.
Apple to step up investments in China, create more jobs: Cook
'The fact that Modi and Xi exuded confidence to accelerate the negotiations for a border settlement alone underscores that the Russia-India-China triangle has become very dynamic,' notes Ambassador M K Bhadrakumar.
"In these times, it is natural to talk about revival. It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role," Prime Minister Narendra Modi said while addressing the India Global Week 2020.
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.
Government's fuel subsidy estimate was based on crude oil at $70.
The increase in commission - which is normally passed on to consumers - is expected within a couple of weeks.
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
Reforms under the Modi government will maintain a slow and tentative pace, constantly wary of political opposition. It may not be reform by stealth, but it is reform on the quiet, says A K Bhattacharya.
Virtually securing the consent of Left parties, the government is likely to decide next week on a price hike of Rs 4 per litre for petrol and Rs 3 a litre for diesel while sparing cooking gas and kerosene.
The Indian government has lifted the ban on setting up of petrol pumps and cooking gas agencies by allowing state-run oil firms to appoint dealers on their own.
Only 68 MPs voted in favour of the motion, it said, giving the 72-year-old President a comfortable victory.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
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.
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.
