The tariff removal will lower prices of Harley's large-displacement imported motorcycles, which retail between 14.5 lakh and 45.8 lakh but after the duty cut volumes are expected to remain modest.
In five hikes, petrol price has gone up by Rs 2.74 per litre and diesel by Rs 2.83.
The hikes, effective from midnight tonight, are excluding state sales tax or VAT and actual increase will be higher and will vary from city to city
With global crude oil prices climbing to their highest level in two-and-a-half years, Oil Minister S Jaipal Reddy on Friday said a ministerial panel will take a call on raising petrol and diesel prices.
For the first time in the history of India, state-run oil firms on Saturday passed on the benefit of appreciating rupee value to consumers by way of a 10 paise per litre cut in petrol and diesel prices.
According to Oil Ministry sources, price hike of diesel is being considered as the government scrambles to find ways to meet an unprecedented Rs 160,000 crore (Rs 1,600 billion) deficit expected this fiscal on selling diesel, cooking gas and kerosene below their production cost.
Tata Motors emerged as the biggest gainer in the passenger vehicles (PV) market in the second half of FY25, following a GST rate cut in September, achieving the highest growth among major OEMs and overtaking Mahindra & Mahindra in volumes.
Amid a spate of government proposals at its door, the Election Commission has asked all Union government departments to route their proposals through the Cabinet Secretariat.
Raise diesel prices or else face a situation similar to the recent grid failure which led to complete blackout across 20 states for hours, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Friday.
Rising crude oil prices have become a headache for the government, as they put pressure on inflation and fiscal deficit.
Petrol and diesel prices were on Thursday hiked by 80 paise a litre each, taking the total increase in rates in the last 10 days to Rs 6.40 per litre. Petrol in Delhi will now cost Rs 101.81 per litre as against Rs 101.01 previously while diesel rates have gone up from Rs 92.27 per litre to Rs 93.07, according to a price notification of state fuel retailers.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
Last year, the country produced about 77.52 million tonnes of fruits, 149.6 million tonnes of vegetables, 104.32 million tonnes of rice and 93.90 million tonnes of wheat.
State-owned oil companies may raise petrol prices by Rs 1.50-Rs 2 per litre early next week, while a Rs 2 a litre hike in diesel rates is under the government consideration, a senior official said.
A meeting of a ministerial panel headed by Finance Minister Pranab Mukherjee, to consider raising diesel price by at least Rs 2 a litre, was deferred twice last month and no new date has been notified yet.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
The petroleum ministry has proposed a Rs 3.25 per litre hike in petrol and about Rs 4 per litre increase in diesel prices in line with the spurt in global crude oil prices that have touched $66 a barrel.
It is not perfect, given its lack of space and no diesel engine, but as a package the new Duster is brimming with character, which appeals to you in the end, says Somnath Chatterjee.
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
Petrol and diesel prices were raised for the second day in a row on Wednesday as state-owned fuel retailers resumed daily rate revision after a more than two-week long hiatus during assembly elections in states like West Bengal. Petrol price was increase ford by 19 paise per litre and diesel by 21 paise a litre, according to a price notification of state-owned fuel retailers. Petrol in the national capital now costs Rs 90.74 a litre and diesel comes for Rs 81.12 per litre.
The Iran conflict led to a sharp correction in Reliance Industries Ltd's (RIL's) share price, which has been partially reversed by a rebound.
The expert group was tasked to suggest a methodology for pricing of diesel and cooking fuel.
"We had announced last year that the decision would be taken at an appropriate time to deregulate diesel, the government hasn't changed their decision... We have to see how the inflationary pressures go and take a decision," Revenue Secretary Sunil Mitra told reporters on the sidelines of an Assocham function.
Left parties on Monday opposed any increase in petrol and diesel prices in step with the hike in global oil prices and higher taxes, and asked the government to restructure duties to protect the consumers.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
The government on Thursday decided not to increase petrol and diesel prices, and issue oil bonds worth Rs 23,457 crore (Rs 234.57 billion) to partly compensate public sector oil companies for the losses incurred on fuel sales."We have kept our promise of not raising prices of sensitive petroleum products," Petroleum Minister Murli Deora told PTI after a meeting of the Cabinet.
Uttam Ghosh offers his take on the daily increase in the prices of petrol and diesel.
Petrol, diesel prices hiked by Re 1/ litre
With food inflation ruling at uncomfortable level, Petroleum Minister S Jaipal Reddy on Thursday ruled out freeing of diesel prices from government control, saying the move was not politically and practically feasible.
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The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
Since end-May there has been volatility in the foreign exchange market.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
Narendra Modi's landslide victory gives him the mandate to deregulate diesel prices as well as raise natural gas rates with a clear road map towards free pricing to cut subsidies and shrink the budget deficit.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
Faced with huge under-recoveries, Indian Oil Corporation on Saturday sought an immediate upward revision of petrol and diesel prices to the the extent of Rs 10.50 paise per litre.
The proposed move would lead to dismantling of the administered price mechanism.
The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
"There is no immediate plan to decontrol diesel or LPG as they have cascading effect (on general prices)," Minister of State for Petroleum and Natural Gas R P N Singh told reporters in New Delhi.
Petrol would cost Rs 33.49 per litre in Delhi while diesel Rs 22.12 per litre.
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