Petrol would cost Rs 33.49 per litre in Delhi while diesel Rs 22.12 per litre.
Holding her party would oppose any 'attempt to sell out the country', she claimed that in the past five months, the Centre had done nothing 'good' and that 'Bharatiya Janata Party is only busy beating its own drum in the social media'.
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.
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 Bharatiya Janata Party on Thursday described Samajwadi Party's opposition to the hike in diesel price as a "drama" and demanded that the government reduce value added tax (VAT) in Uttar Pradesh if it was really concerned about the people.
"The recent increase in diesel prices is an important step in the right direction," he said while addressing the meeting of the Full Planning Commission which was called to approve the 12th Five Year Plan document.
"I am not of the view that diesel price deregulation is inevitable and that is the position taken by petroleum ministry right now. Given the inflationary situation right now, we don't want to do that...," chief economic adviser Kaushik Basu told reporters on the sidelines of a CII event here.
Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.
A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin squeeze, sources said. Petrol and diesel prices have remained unchanged for 12 days but now the international rate surge is exerting pressure. Current prices of petrol and diesel in the international market are higher by around $4-6 per barrel as compared to average prices during August. However, no increase in retail prices has been affected by oil companies so far, sources said.
The Indian government has doubled the daily quota of market-priced 5-kg LPG cylinders for migrant workers to ensure stable fuel supplies amidst global disruptions. This move prioritises household cooking gas and addresses the needs of migrant workers who often lack regular connections.
Petrol, diesel prices hiked by 40 paise
State-owned fuel retailers, who control 95 per cent of the petrol pump sales, sell diesel at government-fixed rates, which are way lower than the cost of production.
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.
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.
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 government has no immediate plans to raise petrol and diesel prices even though raw material costs have surged to their highest level this year, Petroleum Secretary R S Pandey said on Thursday.
Reliance industries on Monday increased diesel prices by Rs 2 per litre.
The cumulative increase since the oil companies started the cycle on June 7 now totals to Rs 9.17 for petrol and Rs 11.14 for diesel.
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.
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.
The three companies in separate presentations to the Kirit Parikh Committee on fuel pricing suggested immediate freeing of petrol and diesel prices from government control.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
Diesel is currently sold at a loss of over Rs 10.80 per litre.
State-run oil firms have sought a Rs 1.50 a litre increase in diesel prices to cover for the rising crude prices, but the government is unlikely to concede to their demand.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
The price of diesel in Delhi will be hiked by 57 paise.
The government has allowed oil companies to raise diesel price by 50 paise a litre per month; bulk users to be charged market price.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter. Puri noted that petrol and diesel were deregulated during the UPA government.
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.
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
The monthly hike in price came after several rounds discussions that the new Oil Minister Dharmendra Pradhan held with state-owned oil firms on continuing with the reform initiated by the United Progressive Alliance government.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
'At the first sign of real trouble, that money will move. There will be a run.'
Petrol and diesel prices were on Wednesday hiked in seven states like West Bengal and Maharastra and that of domestic LPG in six states as state-owned oil firms recalibrated rates to reflect changes in local levies.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
One litre of petrol now costs Rs 64.76 while the diesel price is Rs 54.70 a litre in Delhi
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel has gone up from Rs 86.67 per litre to Rs 87.47. Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.
Moody's statement comes on a day when opposition parties are observing nation-wide strike to protest against the price hike and government's move to operationalise its decision on allowing foreign direct investment in multi-brand retail.
