A top oil ministry official said it will be "suicidal" to even think of raising prices of diesel, LPG or kerosene just before Parliament is to meet.
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
Union Minister Nityanand Rai launched a scathing attack on Congress, stating that the party takes "pleasure" in insulting Bihar and its people.
State-owned Indian Oil, Bharat Petroleum and Hindustan Petroleum currently lose Rs 180 crore per day.
An empowered group of ministers headed by Finance Minister Pranab Mukherjee, which decides on revising rates of the sensitive products, has not met since June last year even though crude oil prices have spiralled upward by about 50 per cent.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
With the increased death rate in the ongoing second wave of Covid-19, domestic cement companies are in no better condition than they were in the April-June quarter of FY21 when the country faced nationwide lockdown. "This wave has had high death rate which has impacted the business. "We are in no better situation than last (year) April. "Deaths of drivers, dealers, contractors and also employees have hit the industry really very hard since April (FY22)," M Ravinder Reddy, director of Bharathi Cements said.
While hinting that further cut in petrol and diesel prices was likely during the next revision, Petroleum Minister Ram Naik on Saturday ruled out any possibility of increase in prices of LPG and kerosene
The government has partially deregulated diesel price allowing a hike of 40-50 paise a litre per month for retail customers and nearly Rs 11 for bulk consumers, a step that is feared will have a cascading effect on inflation.
It is the seventh reduction in jet fuel rates since August
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
The Union government on Thursday ruled out any increase in the prices of petrol and diesel despite the surge in global crude prices.
The government's decision to hike diesel price by Rs 5 has shocked the nation.
Costlier petrol, diesel and LPG pushed up inflation to 7.76 per cent during the week ended November 6 amid fears that it could rise further in the coming weeks after the full effect of the second round of price hike in petro products during the perio
Maruti Suzuki India has hiked prices of its diesel cars by up to Rs 10,000 with effect from Monday on account of higher input costs and appreciation of Japanese yen.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
The German carmaker will hike prices of its best selling cars in Indiafrom February citing increased inputs costs and changes in the exchange rate.
Honda Cars India Ltd is looking to hike prices of its entire product range in the country from the first week of January as it aims to partially offset the effects of adverse exchange rate and inflation.
Trinamool Congress chief Mamata Banerjee on Friday pulled the plug from the United Progressive Alliance government over the issues of FDI in retail and the recent hike in diesel prices. Following is her statement
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
From the November 2014 price of $106 per barrel crude oil prices dipped to as low as $26 per barrel in January 2016 and remained flat for much of the year. Did the fuel prices reflect that?
IOC and other state-run oil marketing companies such as BPCL and HPCL are suffering revenue losses on sale of fuel as the government has not allowed them to raise prices in line with the increase in international crude oil prices that are racing toward 100 dollar a barrel. India imports nearly three-fourth of its crude oil requirements.
Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively. The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai.
After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two fuels.
Move to be aimed at reducing subsidies on the fuel.
With a high-powered ministerial panel on fuel pricing being scrapped, a cabinet committee may consider raising the prices of diesel, LPG and kerosene, Oil Minister S Jaipal Reddy indicated on Wednesday but refused to say when the issue would be taken up.
Maruti Suzuki India, country's largest car maker, on Wednesday said it will increase the prices of its entire range of models by up to Rs 10,000 from October first week, mainly due to depreciation of rupee.
Petrol, that had in April/May witnessed 11-12 per cent growth in consumption, in fact saw a six per cent fall in demand at 8,02,500 tons in June, oil ministry officials said.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
The government may not revise petrol and diesel prices on April 1 as Petroleum Minister Mani Shankar Aiyar, who has piloted a note on the issue for discussion in the Cabinet, will be out of the country at the next due date for revision in fuel prices
Making a case for increasing prices of petroleum products and deregulating diesel prices, the Reserve Bank on Monday said these steps are necessary to contain fiscal slippages and arrest decline in growth.
Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday. Petrol now costs a lifetime high of Rs 84.95 per litre in Delhi while diesel comes for Rs 75.13, according to a price notification from oil marketing companies. The price hike on Monday came after three days of unchanged rates. Prices were last hiked by 50 paise a litre in two instalments on January 13 and 14.
The goverment on Wednesday ruled out any increase in petrol and diesel prices despite international crude oil prices touching an all-time high.
In Mumbai it now costs Rs 80.89 and in Delhi Rs 72.26.
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.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
'In the luxury car segment, the adoption of EVs is almost double compared to the mass market.'
The dollar devaluation has seen revenue loss incurred by state-run oil firms on fuel sales trimming to about Rs 96 crore per day.
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