Petroleum minister Mani Shankar Aiyar on Wednesday ruled out hiking petrol and diesel prices in step with the firming up of international oil prices and the increase in excise duties.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
Government schemes such as the PM E-Drive initiative, with allocations of around Rs 2,000 crore for charging points deployment, are helping accelerate rollout
Blue Energy Motors, a Mumbai-based outfit, is set to disrupt the market for two million heavy-duty trucks running on diesel and petrol in the case of routes under 500 km by transforming them into electric.
Oil companies choose to skip the revision this time.
Giving a quiet burial to the decision to dismantle Administered Pricing Mechanism for petroleum products, the government on Thursday said it will control the pricing of sensitive products like LPG, kerosene and diesel.
India's policy to subsidise retail prices of fuels such as diesel, which accounts for about 40 per cent of refined fuel consumption, is a major drain on the budget.
Petrol and diesel prices on Sunday were hiked for the fourth straight day by 35 paise per litre each, pushing pump rates to new record high across the country with states with high incidence of local taxes such as Madhya Pradesh having the costliest fuel. The price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre and Rs 115.15 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel now costs Rs 98.07 a litre in Delhi and Rs 106.23 in Mumbai.
Domestic passenger vehicle dispatches from companies to dealers rose 13 per cent year-on-year to 449,616 units in January with demand remaining robust owing to GST rate rationalisation and subsequent dip in prices, industry body SIAM said on Friday.
Petrol and diesel prices are unlikely to be reduced in line with falling international prices as the government is working on a stable pricing regime.
The 63-seater open-top bus, manufactured by Ashok Leyland's arm Switch Mobility, was gifted to the city's tourism department as a corporate social responsibility initiative.
Diesel price on Monday was hiked by 25 paise per litre -- the third increase since last week -- and more rate hikes for both diesel and petrol are in the offing in the coming days as international oil prices have soared to a three-year high. The price of diesel was hiked to Rs 89.32 per litre in Delhi and to Rs 96.94 in Mumbai, according to a price notification of state-owned fuel retailers. This is the second straight day of increase in diesel prices and the third since September 24 when the state-owned oil firms ended a three-week hiatus in rates.
Petrol and diesel prices on Wednesday were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-and-half month hiatus in rate revision. Petrol in Delhi will now cost Rs 97.01 per litre as against Rs 96.21 previously while diesel rate has gone up from Rs 87.47 per litre to Rs 88.27, according to a price notification of state fuel retailers.
The Finance Ministry on Thursday expressed hope that domestic diesel prices will soon become market linked in the backdrop of softening global crude oil rates.
"Petroleum Ministry has moved a Cabinet note for raising fuel prices but a decision will depend on what allies of the ruling alliance say," an official said.
State-owned Indian Oil Corp wants diesel prices to be freed from government control before its twin follow-on public offersto raise maximum funds, company Chairman B M Bansal said on Monday.
petroleum minister has announced that fuel prices would not be hiked and talks with allies on the issue were on.
In five hikes, petrol price has gone up by Rs 2.74 per litre and diesel by Rs 2.83.
The new Renault Duster with hybrid engine has an edge over its rivals despite having no diesel engine while the styling also appeals with its butch looks, says Somnath Chatterjee.
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.
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.
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.
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 are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
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.
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.
India could save $1 billion in crude oil imports annually if the country switches 10 per cent of its diesel usage in the transport sector to liquefied natural gas.
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.
Uttam Ghosh offers his take on the daily increase in the prices of petrol and diesel.
The expert group was tasked to suggest a methodology for pricing of diesel and cooking fuel.
'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 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.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances