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.
Over 3,000 people were stranded after the Jammu-Kishtwar National Highway was closed following a massive landslide at Karara, 25 km from Doda.
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.
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 on Tuesday hiked the prices of petrol by Rs 2 per litre and diesel by Re 1 per litre, besides raising domestic cooking gas LPG prices by Rs 20 a cylinder in Delhi.
The Union government is likely to cut import duties on diesel, kerosene and cooking gas to cushion the impact of high international crude oil prices on the domestic market.
Government gives 3 months, starting June, for the 20 districts to be covered under its direct benefits transfer scheme.
He also stressed that whether we look from the world point of view or from the national viewpoint, the responsibilities of each member of the BJP are constantly growing. "Each and every worker of the BJP is a representative of the country's dreams," added PM Modi.
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.
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.
What could be more uncertain than Virat Kohli's agonising wait for a century for over two years? Perhaps it's what you will pay tomorrow morning to fill your vehicle's tank. Pump prices have joined cricket scores as the country's favourite discussion topic. Steep increases invite widespread protests, while moderate additions make the government anti-reformist. The ongoing fuel price conundrum is no different.
Moily insisted that no proposal has been moved to the Cabinet for raising diesel rates beyond the 40-50 paise a litre monthly increase, which has been implemented since January.
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.
State-owned Indian Oil Corporation has begun stockpiling 15 days' supply of domestic cooking gas to meet contingencies like disruption in crude oil supplies in the event of war in Iraq.\n\n\n\n
India's petrol and diesel sales fell by about 17 per cent in May from a month ago as restrictions clamped to curb the world's worst outbreak of coronavirus infections stifled demand. Sales of petrol -- used in cars and motorcycles -- fell to 1.79 million tonne in May, the lowest in a year, according to the preliminary data of state-owned fuel retailers. While the consumption was almost 13 per cent higher than demand in May 2020, it was 28 per cent lower than pre-COVID levels of 2.49 million tonne.
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.
At this year's TIME ball in New York City on Thursday, April 25, you would have run into a Coimbatore-born American scientist, looking lovely in Sabyasachi Mukherjee designer finery, who would most likely have been hanging out with Dua Lipa.
The retail prices of petroleum products have moved broadly in line with, or somewhat more than, the rupee cost of oil imports.
Chief Minister M K Stalin on Tuesday launched a Rs 225.86 crore welfare assistance scheme here for Sri Lankan Tamil refugees living in camps in Tamil Nadu and alleged that the previous AIADMK regime was not concerned about them.
The era when anyone could encroach on India's land has passed and no one can dare to eye its border, Home Minister Amit Shah said in Kibithoo, Arunachal Pradesh, on Monday.
Zayn James Doddi loves cooking. As do these other young chefs. Take a look.
'But he was very quick and did a very stylish adab.' 'Of course, I didn't expect him to hug.'
LPG price was increased to Rs 858.50 per 14.2 kg cylinder from Rs 714 previously, according to a price notification from State-owned oil firms. This is the steepest hike in rates since January 2014, when prices had gone up by Rs 220 per cylinder to Rs 1,241.
Three recent initiatives kicked off with renewed vigour to improve governance were actually started, perhaps in a different format by the UPA government.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
Union minister and BJP leader Smriti Irani said it was "absolutely shocking" to see the former Haryana chief minister sitting calmly on a tractor while having woman members of his party pulling it physically.
SP leader Akhilesh Yadav has successfully poached a number of OBC leaders from the ruling party, including Swami Prasad Maurya, in his efforts to broaden his party's social base beyond the traditional Muslim and Yadav votebank to take it on this time round.
The stellar rise in corporate earnings in financial year 2021-22 (FY21) and FY22 did not result in a corresponding boom in capital expenditure (capex), with listed companies' investment in fixed assets rising just 2.3 per cent year-on-year (YoY) in FY22, growing at the slowest pace in the last six years. In comparison, the firms' combined net profit jumped 63.5 per cent YoY in FY22, while net sales increased 31.1 per cent - the fastest pace in over a decade. The 955 non-financial companies in Business Standard's sample reported combined net profit of Rs 7.18 trillion in FY22, compared with Rs 4.39 trillion in FY21 and Rs 2.59 trillion in FY20.
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.
IOC and other oil firms have been paying LPG consumers in 54 districts up to Rs 500 to help them buy a 14.2-kg cooking gas refill at market price, which is more than double of Rs 410 per bottle rate in Delhi.
The ruling Bharatiya Janata Party on Wednesday hailed the Union Budget as an "all-inclusive" document while the Opposition dismissed it as "anti-people" and mere rhetoric lacking the vision for creating jobs and taming inflation.
Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, suggests T N Ninan.
The dissidents, led by former president Sirisena's Sri Lanka Freedom Party, would leave the ruling Sri Lanka Podujana Peramuna coalition with its 14 Members of Parliament, party sources said after their meeting with the President on Monday.
Launching a veiled attack on Rashtriya Janata Dal chief Lalu Prasad, who he did not mention by name, Modi said Bihar has come out of an era when rail, road and internet connectivity were made light of and people used to say of what use roads are for those who walk on their feet.
Currently, oil companies sell kerosene at a loss of about Rs 18 per litre.
With floods rendering the Jammu-Srinagar National Highway inoperational for 12 consecutive days on Monday, Valley residents are facing an acute shortage of essential commodities even as people in some areas of north and south Kashmir accused the administration of concentrating only on Srinagar city.
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.
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.
'80% of the rural and urban population don't have enough purchasing power.'
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances