This is the third reduction in rates this month
The government on Monday decided to hike petrol price by Rs 4 a litre and diesel by Rs 2 per litre
The Communist Party of India (Marxist) has warned the Congress-led United Progressive Alliance Government at the Centre that it will face countrywide protests if it hikes petrol and diesel prices.
The international crude oil price of Indian Basket was $60.10 (Rs 3,765.27) per barrel on December 15, down from $60.58 (3,782.62) per bbl on December 12.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
In Delhi, petrol price down Rs 2.5 a litre, diesel by Rs 2.25
A formal announcement is likely in Parliament on Wednesday. This will reverse half of the price hike in June, when petrol price was increased by Rs 4 and diesel by Rs 2.
With Trinamool's 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail coming to an end, opposition JD-U on Monday sought to reach out to Mamata Banerjee saying that she "sticks" to her stand.
Let's see what the Indian car market has to offer in the diesel car section.
Maharashtra Congress chief Nana Patole on Thursday said if actors Amitabh Bachchan and Akshay Kumar do not take a stand on the issue of fuel price hike, then screening of their films and shootings would not be allowed in the state.
Finance minister Pranab Mukherjee, is also believed to be in favour of decontrolling auto fuel prices to limit the government's subsidy outgo but a decision is unlikely in the next 7-10 days as United Progressive Alliance managers build political consensus on the issue, an oil ministry official said.
The 24-hour transport strike called by the Centre of Indian Trade Union-led left trade unions in West Bengal against the Centre's decision to hike petrol and diesel prices on Monday affected normal life and virtually assumed the dimensions of a bandh
National Democratic Alliance on Saturday lambasted the United progressive Alliance government for its decision to hike diesel prices every month and said a meeting of alliance partners would be convened to chalk out a strategy to be adopted during the upcoming Budget Session of Parliament on price rise.
Petrol price cut by Rs 1.46, diesel by Rs 1.53 per litre
Quibbling between the Centre and the states on who should provide more relief to consumers on fuel prices intensified with the latter asking the Union Government to give an account of accruals to it from the latest hike in petrol and diesel prices.
Petrol now costs Rs 59.99 per litre as against Rs 59.03 a litre previously.
Petrol price was hiked by Rs 1.50 a litre and diesel by 45 paisa a litre.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
In the Upper House of Parliament, Chairman M Venkaiah Naidu did not allow adjournment notices moved by opposition members on the issue of price rise, prompting members of the Congress, the Trinamool Congress, the Left parties, the Dravida Munnetra Kazhagam, the Aam Aadmi Party, the Nationalist Congress Party, the Rashtriya Janata Dal and the Shiv Sena to create an uproar.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
Govt may further hike excise on petrol, diesel before Budget.
Petrol and diesel prices will go by Rs 2.50 and Rs 2 per litre respectively.
Petrol and diesel prices on Wednesday were hiked by 25 paise per litre each, the third increase this week, propelling petrol price to cross Rs 100 per litre mark in more cities including Bhopal and Indore. Petrol and diesel prices are now at record high across the country, price notification of state-owned fuel retailers showed. In Delhi, petrol now comes for Rs 92.05 per litre and diesel is priced at Rs 82.61. This was the third increase in prices this week and seventh hike since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
The WPI inflation currently is ruling around 8.6 per cent. He said the duties like 5 per cent import duty on crude oil was abolished when international crude price touched a record high of $147 a barrel.
Tata Motors has hiked the price of its premium small car 'Indica' by an average of 1.9 per cent with immediate effect.
Acceleration in demand, together with marginal price hikes of about 2-3 per cent by cement companies in the October-December quarter (third quarter, or Q3) of 2022-23, may not be enough to cushion the impact of high input costs on the bottom line, reveal Bloomberg consensus estimates for the quarter. Year-on-year (YoY) net sales growth in Q3 will come in at nearly 7 per cent, shows Bloomberg data, while bottom-line growth will show a sharp decline of 25 per cent from a year ago. The earnings before interest, tax, depreciation, and amortisation (Ebitda) will likely decline by nearly 5 per cent versus a year ago, shows data.
Diesel prices have cumulatively risen by Rs 10.68 a litre in 17 instalments since January 2013 when the United Progressive Alliance government had decided on the monthly hikes.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
The partially convertible rupee closed at 61.2350/2450 per dollar compared with 61.31/32 on Tuesday.
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
Petrol and diesel prices on Monday were hiked for the seventh day in a row as a rally in international oil prices took retail rates in India to new highs. Petrol price was increased by 26 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. This pushed retail rates, which differ from state to state depending on the incidence of local sales tax or VAT and freight charges, to their highest level. The hike took petrol price in Delhi to a record Rs 88.99 per litre and to a highest-ever rate of Rs 95.46 a litre in Mumbai.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
Time opportune before state polls as inflation is moderating.
The petroleum ministry has sought a Rs 10 per litre increase in petrol and Rs 5 a litre hike in diesel prices, along with a cut in customs and excise duties, to offset the impact of surge in crude oil prices that have touched $135 per barrel.
Hitting out at the government, BJP on Wednesday scored a "double century" on price rise and questioned the "silence" of Congress President Sonia Gandhi on the "burning issue".
Between April-June 2016-17, the additional excise duty mop up on these two products stood at Rs 17,692 crore.
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