The Congress party has accused Union Minister Nitin Gadkari of conflict of interest, alleging his sons' companies have benefited from the government's ethanol blending policy. The BJP has rejected the allegations.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
The thumb rule, say experts, is that if the monthly running is less than 1,800 km, a petrol model would prove cheaper in the long run.
The small sports utility vehicle (SUV) segment - comprising models less than 4 metres in length - could witness the "maximum" growth among all categories in the coming months following the recent goods and services tax (GST) rate rationalisation, Tarun Garg, chief operating officer of Hyundai Motor India (HMIL), said.
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
Public sector oil companies have demanded a Rs 1.60 per litre increase in diesel price and Rs 0.65 per litre hike in petrol prices in step with the surge in international oil prices.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
Cooking gas LPG price on Wednesday was hiked by Rs 15 per cylinder in line with a surge in international fuel prices. Rates of both subsidised and non-subsidised LPG prices were hiked, oil company officials said. Cooking gas now costs Rs 899.50 per cylinder in Delhi.
Tata Motors on Tuesday said it has reduced prices of its electric vehicle model range by up to Rs 3 lakh. The Mumbai-based automaker said it has reduced the price of Nexon EV by up to Rs 3 lakh, Punch EV by 1.2 lakh, and Tiago EV by Rs 40,000.
Reliance Industries Ltd (RIL) on Friday reported a 9.6 per cent year-on-year rise in net profit for the September quarter, driven by strong performance in its consumer-facing retail and telecom businesses and a recovery in its core oil-to-chemicals segment.
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State-owned oil firms are likely to announce reduction in rates, made possible because of softening in international oil rates, this evening, government and industry sources said.
The change from wholesale to retail inflation as an anchor means that the weightage of diesel in inflation has decreased
Jet fuel (ATF) price on Saturday was slashed by 4.5 per cent and that of commercial LPG used in hotels and restaurants by Rs 25.5 per 19-kg cylinder. The price of a 19-kg commercial LPG cylinder was cut to Rs 1,859.50 in the national capital from Rs 1,885, according to a price notification from state-owned fuel retailers. This is the sixth reduction in price of commercial LPG since June, in step with softening international energy prices.
The government had last week hiked diesel prices by Rs 5.63 a litre and capped the number of subsidised LPG cylinders to six per family a year.
Under-recovery or the difference between retail price and its imported cost on diesel was 8 paisa per litre in the first half of September.
India's fuel sales fell in the first half of April as a record rise in prices in a short 16-day period dented demand, preliminary industry data showed on Saturday. Petrol sales fell almost 10 per cent in the first half of April when compared with the same period in the preceding month, while diesel demand slid 15.6 per cent. Even cooking gas LPG, which had consistently shown growth even during the pandemic period, saw a 1.7 per cent month-on-month fall in consumption during April 1-15.
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
Petrol and diesel prices across the country will increase by 9-13 paise a litre with effect from Tuesday midnight, after the government decided to increase the commission to petrol pump dealers.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
Prices have declined 18 per cent this year.
India's ambitious programme to cut oil import bill by mixing a small percentage of non-edible oil in diesel has encountered an unexpected problem.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
Petrol and diesel prices will not be changed this fortnight, said a communiqué on Tuesday.
The recurrent increases in fuel prices over the past 10 days are eating into the margins of transporters, who will be forced to pass on the hikes to their customers. This, in turn, is set to make the prices of daily consumables and other goods dearer, affect consumption, and slow economic growth, said transporters and analysts. Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT).
The protesters led by the state unit Bharatiya Janata Party chief C P Thakur burnt the effigy of the prime minister at the busy Dak Bungalow roundabout.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
A Rs 3-4 a litre hike in the price of petrol, which had been freed from government control last June, is also on the cards immediately after polling in the last phase of Assembly elections is completed on May 10.
Plans to increase price progressively.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
The domestic car market, which sees sales of almost one diesel car for every petrol car sold, will see demand for diesel-powered cars to hit the roof.
With deregulation in diesel prices, this variant does not make sense.
India's crude oil imports from Russia saw a marginal decline in September, but continued to account for over one-third of the country's total oil purchases, despite US pressure to curb the trade over concerns that it supports Moscow's war effort in Ukraine. India's crude imports in September were around 4.7 million barrels per day, up 220,000 bpd month-on-month and flat year-on-year.
'SUV is a very intensely fought category, unlike hatchbacks and cars.'
Petrol, that had in April/May witnessed 11-12 per cent growth in consumption, in fact saw a six per cent fall in demand at 8,02,500 tons in June, oil ministry officials said.
While the Syros shines in many areas, its ride quality is a point of contention, notes Rajesh Karkera.
Move to be aimed at reducing subsidies on the fuel.
Banks are receiving requests for cancellation of approved car loans, in view of the implementation of GST rate cut, which will lower the price of passenger vehicles and also lead to subsequent reduction in the amount needed to purchase them. It is to be noted that the 56th GST Council meeting earlier this month, approved substantial reduction in the GST rate for cars for up to 1,200 cc to 18 per cent from the existing 28 per cent.
