Prime Minister Narendra Modi has urged for restraint in the use of petro products due to the West Asia crisis, emphasising the need to save foreign exchange and reduce the impact of war. He also highlighted India's progress in solar power and ethanol blending, while assuring support to Telangana's development.
The Indian government is considering additional relief packages for vulnerable sectors like MSMEs to mitigate the impact of the ongoing West Asia crisis on the economy and inflation.
As the world's third-largest oil importer and consumer, India is running out of options as the relentless surge in international oil prices make it imperative to pass them on to consumers, officials said on Monday. India imports 85 per cent of its crude oil needs and about half of its natural gas requirement. While the imported crude oil is turned into fuels such as petrol and diesel, gas is used as CNG in automobiles and fuel in factories.
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.
India's retail inflation marginally increased to 3.4 per cent in March, up from 3.21 per cent in February, primarily due to an uptick in certain food items and the initial impact of the West Asia crisis on fuel prices, according to government data.
Petroleum Minister Ram Naik hinted on Wednesday that prices of petrol and diesel may be cut further at the fortnightly review on Thursday, in tune with the global softening of crude prices.\n\n\n\n
Petrol price has been reduced four times since March.
The comparisons were available for 12 countries.
Finance Minister Jaswant Singh is expected to take a fresh look on the demand for a rollback of fertiliser and diesel price hike
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
The fuel price hike for the last 16 days had caused inconvenience and disappointment among the general public.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
Diesel prices should be immediately hiked by Rs 4-5 per litre, the Kirit Parikh Committee has recommended while favouring continuation of existing pricing principles for controlled petroleum products.
With rising petrol and diesel prices driving up demand for its CNG vehicles, the country's largest carmaker Maruti Suzuki India plans to widen its CNG portfolio by offering the fuel option in four more models 'very shortly', according to a senior company official. The company, which plans to launch an electric vehicle (EV) in the Indian market by 2025, is also currently keeping a close watch on the country's EV ecosystem "to find out what is the best way of evolution" to be able to offer affordable EVs with hassle free charging infrastructure in order to clock high volumes for a sustainable business.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
The Indian government has implemented several measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amidst the ongoing West Asia crisis, according to Minister of State for Finance Pankaj Chaudhary.
The Re 1 cut in diesel prices could lead Railway Minister Lalu Prasad Yadav to announce a reduction in passenger fares in the forthcoming Railway Budget.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
The government-appointed Kirit Parikh committee suggested an 'immediately' hike prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reduce annual entitlement of subsidised cooking gas cylinder from six from nine and phase out diesel subsidy in one year to cut a record subsidy burden.
Terming the prime minister's address to the nation on September 21 as "most laughable", Shiv Sena chief Bal Thackeray said Manmohan Singh has "shamelessly" defended Foreign Direct Investment (FDI) in retail and rise in diesel prices.
The government was likely to take a decision on a hike in petrol and diesel prices in mid-July, a government official said on Monday. The review has been necessitated by the increase in global and domestic crude oil prices.
Moody's expects the new government to increase the retail selling prices of controlled fuel products -- kerosene and liquefied petroleum gas -- to help control its subsidy burden.
'At the first sign of real trouble, that money will move. There will be a run.'
In August, passenger car sales dropped 18 per cent to 118,142 units, the sharpest decline in nearly 10 months, due to weak consumer sentiment and a month's lockout at Maruti Suzuki. Sales of diesel-driven utility vehicles grew 70 per #162 this is likely to be affected by the price rise.
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.
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.
'There is no shortage of fuel whatsoever.' 'India is stock surplus as far as petrol and diesel are concerned.'
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.
With the government giving limited freedom to state-run oil companies to fix auto fuel prices within a narrow price band, petrol prices are set to go up by Rs 0.57 per litre and diesel by Rs 0.92 per litre from August 1.
The Bharatiya Janata Party, Communist Party of India-Marxist, Communist Party of India, Samajwadi Party, Shiromani Akali Dal have decided to join forces to oppose the government's move to hike the diesel prices every month for the next one year and also increase the price of gas cylinders by Rs 50 to cut down the cost of subsidy.
Brent crude oil prices have risen to about $116 a barrel from about $103 a barrel on July 1.
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Ministry may seek to retain control even after underrecovery becomes zero.
After being left unchanged for more than 10 months, diesel prices may see an increase of around Rs 2 per litre next month, providing marginal relief to the oil marketing companies (OMCs) that incur a loss of Rs 16.10 on selling every litre.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
However, the American brokerage said it continues to expect the Reserve Bank to cut policy rates by 25 bps on January 29.
Home-grown automobile major Mahindra & Mahindra, whose sales are predominantly driven by diesel-powered utility vehicles, has said an increase of Rs 5 a litre in the price of the fuel or a differential of up to 20 per cent with petrol price will not impact vehicle sales.
The main risk to the fiscal deficit arises from subsidies, which are threatening to far exceed the provision made for them in the Budget.
