The main risk to the fiscal deficit arises from subsidies, which are threatening to far exceed the provision made for them in the Budget.
Left parties on Friday opposed the hike in diesel price with the Communist Party of India-Marxist terming it a "gigantic fraud" and decided to hold protests across the country while targeting thr Trinamool Congress for its "double standard" on the issue.
The cheer of the New Year was darkened by news that India's public finances continue to be in dire straits.
West Bengal Chief Minister Mamata Banerjee criticised the BJP after the central government failed to pass a Constitution amendment bill for women's quota in legislatures, accusing the BJP of using the bill as a political ploy to divide the country and Bengal.
Keen to prevent a downgrade of India's sovereign rating by Standard & Poor's (S&P), which could trigger an exodus of foreign investors, Prime Minister Manmohan Singh has told the Congress party there is no option but to raise diesel prices by at least Rs 5 a litre after the Presidential election. The current diesel subsidy is Rs 9.13 per litre sold.
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
The last revision was done in June wherein passenger fares were revised by 4.2 per cent and freight rates by 1.4 per cent.
The price of petrol has been hiked by Rs 1.39 per litre and that of diesel by Rs 1.04 a litre, in sync with firming international rates.
The government in December obtained Parliament approval for raising the oil subsidy bill by Rs 28,500 crore (Rs 285 billion) over and above the amount earmarked in the Budget for 2012-13.
The Rajya Sabha on Monday witnessed uproar over the steep Rs 2.35 a litre hike in petrol price and 50 paisa a litre increase in cost of diesel.
The government has hiked diesel price by Rs 5 per litre, effective midnight tonight.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
Close on the heels of reducing prices of premium mid-size sedan Baleno, India's largest carmaker Maruti Udyog Ltd on Friday announced a price cut of Rs 38,000 on the diesel versions of its mid-size car Esteem.
Petrol price hiked by 60 paise per litre, diesel by 50 paise.
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
The Bharatiya Janata Party on Tuesday said it will continue to raise in both houses of Parliament the issue of diesel price hike, which is hitting the common man, but not stall proceedings.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
Diesel price is likely to be cut by close to Rs 2.50 a litre, the first reduction in more than four years, after code of conduct for assembly elections is lifted.
Maharashtra govt has announced an 80 paise cut in the price of petrol and a 30 paise cut in the price of diesel.
The Rajya Sabha witnessed a heated debate between the opposition and the government regarding a discussion on the West Asia crisis, with accusations of political maneuvering and failure to uphold the dignity of parliamentary positions.
The V-Class will be locally produced at the Mercedes facility in Chakan, near Pune, making it the second product, after the Mercedes-Maybach GLS, to begin local production.
Moily insisted that no proposal has been moved to the Cabinet for raising diesel rates beyond the 40-50 paise a litre monthly increase, which has been implemented since January.
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
For that to happen America does not have to lose. It only has to do the right thing, asserts Aakar Patel.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
India's macroeconomic indicators are improving and inflation has been coming down consistent with the central bank's forecast, but Asia's third-largest economy needs investment growth to pick up, he added.
'Within six months I expect petrol, diesel, and electric vehicles (EVs) to reach cost parity,' says Union Minister for Road Transport and Highways Nitin Gadkari.
Petrol price in Delhi was hiked to Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19, according to a price notification from State oil marketing companies. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
The 'rescue' operation occurred within kilometres of Iran's underground tunnel complex at Isfahan, assessed by the IAEA and US intelligence as holding a substantial portion of the country's 60 per cent enriched uranium stockpile. Retired senior US military officers have highlighted that the mission's footprint -- hundreds of special operators, multiple heavy-lift aircraft deep inside Iran -- appears outsized for recovering a single airman. Prem Panicker continues his must read blog on the Iran War.
When missiles fly in this region, they are never just aimed at military targets.
A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry and Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh
Petrol and diesel prices are likely to go up by at least Rs 2 per litre after the Lok Sabha polls, once the current freeze on revising prices in step with the cost of the raw material -- crude oil -- is lifted.
Already, the government's resources are strained due to various fiscal stimulus and the Survey has separately noted that high growth environment creates scope for partial rollback of these stimuli.
Hardening prices of manufactured items during the month may refrain the Reserve Bank of India from cutting rates in its policy review on February 8.
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.
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 next two to three weeks will not be decided in Washington.' 'They will be decided in Tehran, in whatever calculation Iran makes about the costs of continued resistance against the costs of appearing to have yielded.'
