With the rupee continuing to remain weak against the US dollar, losses on diesel have climbed to Rs 9.45 per litre, upsetting the government's subsidy maths.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
Petrol prices were on Wednesday hiked by Rs 3.07.
The Congresshas announced a three-phased campaign, "Mehngai-mukt Bharat Abhiyaan".
State-owned oil firms have seen their losses on diesel sales widen to over Rs 6 per litre, even as a ministerial panel meeting on raising prices has not yet been scheduled.
The government on Thursday ruled out any rollback in hike in prices of petrol and diesel, saying a number of steps had been taken to contain the burden of increase on consumers.\n\n
According to reports, the price of petrol is expected to go up by Rs 5 and diesel by Rs 6.
In absolute terms, prices will go up by Rs 5,500 to Rs 47,000, depending on the model and prevailing prices.
The Union Cabinet is likely to review prices of petrol and diesel as crude oil price continue to move northward.
The Samajwadi Party and Dravida Munnetra Kazhagam realize the need to highlight popular sentiments against the diesel price hike, reports Kavita Chowdhury
Close on the heels of steep increase in diesel price and cap on supply of subsidised LPG, President Pranab Mukherjee on Monday said greater alignment of domestic rates with global prices was in the interest of both consumers and investors.
Consumer goods companies are apprehending a dip in demand due to petrol price hike and an imminent increase in diesel prices that are adding pressure to customers, who are already reeling under the recent spike in interest rates.
Both TMC and CPI-M today walked out from Rajya Sabha opposing fuel price hike.
Profit on sale of diesel swelled to Rs 1.90 per litre as oil ministry awaits return of Prime Minister Narendra Modi to cut rates.
Before jumping to build a portfolio of stocks impacted by the recent reforms, choose the ones which will benefit the most.
Sources said after a meeting of the top Congress leadership at the residence of Prime Minister Manmohan Singh that the government would explain to Trinamool Congress ministers the circumstances under which these decisions were taken
A CNN-IBN Urban India Ooinion Poll shows the recent economic reform move of the government has not gone down well with the urban India. The poll shows that while the price rise and corruption remain the major concerns for the urban India, there is also a massive anger over cap on LPG subsidy and diesel price hike among the people across the cities.
Petroleum retailers in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad, among other cities, will start supplying Euro-IV compliant auto fuel from April 1.
It has hiked prices of diesel variants of Ciaz and Ertiga models with smart hybrid technology
Petroleum and oil marketing companies raised the price of commercial liquid petroleum gas (LPG) cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit with immediate effect from Wednesday.
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.
West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee will on Monday lead a party demonstration at the Jantar Mantar in New Delhi to urge the Congress-led United Progressive Alliance government to withdraw its decisions relating to FDI in multi-brand retail, cap on subsidised LPG and diesel price hike.
Unfazed by the uproar over Foreign Direct Investment in retail and other tough decisions, Prime Minister Manmohan Singh on Saturday indicated that the government may continue with the reforms process and expressed willingness to discuss issues with allies.
Senior Bharatiya Janata Party leader M Venkaiah Naidu on Thursday said the bandh against UPA government's policies was a success and its message was to roll back FDI in retail, diesel price hike and rationing of gas cylinders.
A bandh called by the National Democratic Alliance, Left parties and the Samajwadi Party to protest against diesel price hike, Foreign Direct Investment in multi-brand retail and cap on subsidised LPG on Thursday evoked mixed response as protestors disrupted road and rail traffic in parts of Uttar Pradesh, Bihar, West Bengal and Odisha but it had little impact in Mumbai.
Trinamool Congress ministers have sought an appointment with Prime Minister Manmohan Singh for submitting their resignation on Friday. Railway Minister Mukul Roy on Thursday said that an appointment has been sought from the prime minister at 3 pm on Friday.
Petrol, diesel, LPG and kerosene prices are unlikely to be revised immediately as the Congress-led Government, which is yet to assume office
Ahead of the crucial meeting of Trinamool Congress parliamentary party, prominent leader Saugata Roy indicated that party could pull out its ministers from the Union council of minister if its roll back demands on FDI in retail, cap on LPG subsidy and diesel price hike were not met with.
Congress President Sonia Gandhi held consultations with party leaders as the 72-hour deadline set by Trinamool Congress for rollback of diesel price hike, LPG subsidy cap and FDI in retail ended on Monday amid indications a worst case situation could be a pull out of union ministers by the key ally.
Finance Minister Pranab Mukherjee asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
The issue of price rise is a worry for every government -- it is a political volcano. But the United Progressive Alliance on Friday steeply hiked the fuel price. Will people react? Or do they remain silent and suffer? Abhishek Mande talks to experts to 'read' the pulse.
Actual reduction in price will be more after taking into account local VAT.
However, truckers have spared other vegetables, fruits, fuel and milk from the strike.
Currently trading at the 53-level against the US dollar, the rupee has depreciated as much as 25 per cent in the last one year, amid sluggish economic trends.
Trinamool Congress chief Mamata Banerjee on Tuesday announced that she would lead a party demonstration at Jantar Mantar in Delhi on October 1 to urge the Centre to withdraw "anti-people" decisions on Foreign Direct Investment in retail, cap on subsidised LPG and diesel price hike.
The government on Wednesday said it has been trying to contact Trinamool Congress chief Mamata Banerjee since the last four days with even Prime Minister Manmohan Singh making an effort to explain the reasons behind FDI and diesel price hike decisions but without success.
Centre and state governments are steadily increasing excise duties and value-added tax
The government on Friday ruled out an immediate increase in petrol and diesel prices in line with rise in international oil prices.
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