The auto major is not just looking at domestic sales, but also planning to ramp up exports to key markets from here, like the Middle East, North Africa and Australia.
India Against Corruption on Friday alleged that the opposition to the hike in diesel price by political parties was a "drama" and demanded immediate rollback of the increase in fuel price.
Petrol and diesel prices will not be hiked immediately as the Cabinet on Friday did not discuss the issue, Defence Minister Pranab Mukherjee said.
In a bid to lower the impact of an unavoidable hike in petrol and diesel prices, Oil Minister Murli Deora has asked states like Delhi and Andhra Pradesh to lower sales tax (VAT) on auto fuels and shift towards specific rates.
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.
Reliance Industries, India's largest private fuel retailer, may cut petrol and diesel prices by about Re one per litre on Thursday in step with a fall in international oil prices.
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
Here's how political leaders reacted to the government's decision to hike the price of diesel by Rs 5 and limit the number of subsidised gas cylinders to six per household per year.
The principal Opposition party said an immediate cut in petrol and diesel prices was required in the larger interest of the nation. The BJP also demanded that interest rate on housing loans be brought down to 6 per cent and a real push be given for infrastructure development to 'avoid a catastrophe'.
The price differential has been upwards of 20%.
Finance Minister P Chidambaram on Wednesday hoped that the reduction in petrol and diesel prices would to some extent help ease inflation.
Apple's ambitious strategy to expand iPhone exports, shift more production from China to India at a faster pace, and grow its domestic market hits a Trump-sized roadblock.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
If the current trend continues, diesel will be deregulated in three months.
The government on Wednesday announced a cut of Rs 2 per litre in petrol and Re 1 in diesel prices from midnight tonight.
State-run oil companies on Monday increased prices of diesel and petrol by Re 1 per litre each.
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.
After natural gas prices, the government looks set to bite the bullet on auto fuel prices, with a panel of ministers scheduled to meet on June 7 to decide on freeing petrol and diesel prices.
BPCL gained nearly 4% to Rs 674, while HPCL gained more than 2% to Rs 451.
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
The new prices will be effective from Friday midnight.
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.
Essar Oil has cut petrol and diesel prices by an average of Rs 1.50 a litre to bring them at par with that of public sector firms.
India's oil minister Murli Deora said on Saturday that the\ngovernment would consider a downward revision of fuel prices if international crude\nprices came down.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
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 ruled out any major jump in petrol and diesel prices after the elections, but said a review to bring the domestic prices in line with the raw material cost will be done by the new government.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
Finance minister Pranab Mukherjee is believed to be in favour of giving state-run oil firms freedom to fix price of petrol and diesel in step with cost, as he feels the current moderate global oil rates may be the last window India has to deregulate fuel pricing.
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.
The Rajya Sabha was adjourned twice while the opposition parties staged a walkout in Lok Sabha on Tuesday, voicing their protest against the increase in the prices of petrol, diesel and cooking gas LPG.
With the 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail expiring on Monday, the Trinamool Congress mounted fresh pressure with a Union minister belonging to it listing three options, including withdrawal of support to the United Progressive Alliance.
Describing the hike in diesel prices as a cruel joke and a "mortal blow" to the common man and farmers, the Bharatiya Janata Party on Thursday accused the government of conspiring with the petrol 'mafia'. "This is a cruel joke on the common man. It has hit farmers hard during the peak paddy sowing season. We will not allow this hike. We will not allow this government to loot the common man like this," said BJP vice president Mukhtar Abbas Naqvi.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
Buying a car, particularly a diesel-powered one, is set to pinch the customers' pockets even more from the next financial year, as the second phase of Bharat Stage VI (BSVI) emission norms kicks in. The rules require cars to be compliant with real driving emission (RDE) norms, which measure pollutants emitted by cars while they are being driven on the road, unlike in a laboratory test. The norms may increase the cost of producing diesel vehicles by nearly Rs 75,000 to Rs 80,000, and petrol-powered ones by Rs 25,000 to Rs 30,000, analysts said.
Priced at Rs 7.99 lakh for the entry-level product, M&M has launched the diesel and CNG variants of Veero, and an electric version will come in the future.
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.
Earlier in April, the price was reduced by 85 paise per litre.
Move likely to be rolled back atleast for state transport undertakings
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