Let's see what the Indian car market has to offer in the diesel car section.
RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
Petrol now costs Rs 59.99 per litre as against Rs 59.03 a litre previously.
The decision to hike petrol and diesel prices cannot be deferred for a very long time, Union Finance Minister P Chidambaram said on Tuesday.
Asked if petrol and diesel prices would be raised on October 15, the next due date for auto fuel price revision, Aiyar said: "Only God knows and the prime minister know."
The Rs 2 a litre cut in petrol and Re 1 per litre reduction in diesel prices, announced last week, will increase the loss on auto fuel sales by Rs 300 crore (Rs 3 billion), Crisil Research has said.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
Investors should be selective in their stock pickings in the oil sector as concerns over subsidies and crude prices loom large.
Aramco Trading Co, a subsidiary of state oil giant Saudi Aramco, offered 2.8 million barrels of ultra low sulphur diesel for loading in late July to early August
BJP deputy leader in Rajya Sabha S S Ahluwalia said the main aim of the opposition was to register its protest against the 'anti-people' policies of the government.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
With crude oil touching a record $72 per barrel, Indian Oil Corporation is seeking a Rs 5.6 per litre increase in petrol and Rs 7.6 a litre hike in diesel prices to offset the Rs 80-crore (Rs 800-million) revenue loss per day.
The government is considering giving public sector oil firms limited freedom in fixing petrol and diesel prices by setting a price band.
The Oil Ministry has proposed a Rs 3-4.50 per litre hike in diesel price and Rs 100 in LPG rates along with raising the number of subsidised cooking gas cylinders for households to nine a year from the current cap of six.
Time opportune before state polls as inflation is moderating.
A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.
The Left on Friday said it was not averse to a hike in petrol and diesel prices, which have been necessitated due to surge in crude oil prices
Petroleum Minister Murli Deora and Minister of State for Petroleum Jitin Prasada took charge on Friday.
In a move to protect the interests of national oil companies against the fluctuations in global crude prices, the government on Monday decided to grant these PSUs limited freedom to fix petrol and diesel prices.
Finance Minister P Chidambaram and Petroleum Minister Mani Shankar Aiyar may soon meet Prime Minister Manmohan Singh to decide on fuel pricing in the wake of spiraling international oil prices.
Making a case for raising prices of diesel, kerosene and LPG, the Reserve Bank on Tuesday said hike in rates of petroleum products is necessary to arrest fiscal slippages.
Petrol price on Friday inched closer to the Rs 100-a-litre mark in Mumbai while diesel crossed the Rs 91 mark after oil companies raised rates again. Petrol price was increased by 19 paise per litre and diesel by 29 paise a litre, according to a price notification by state-owned fuel retailers. The hike -- 11th this month -- pushed petrol and diesel prices to all-time high levels across the country. In Delhi, petrol rates climbed to Rs 93.04 a litre and diesel rose to Rs 83.80.
Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday. Petrol now costs a lifetime high of Rs 84.95 per litre in Delhi while diesel comes for Rs 75.13, according to a price notification from oil marketing companies. The price hike on Monday came after three days of unchanged rates. Prices were last hiked by 50 paise a litre in two instalments on January 13 and 14.
The government is likely to decide within the next two days whether to hike petrol and diesel prices to provide some relief to state-run oil marketing companies, Petroleum Minister Murli Deora indicated on Monday.
Petrol price on Saturday crossed the Rs 100-a-litre mark in Mumbai after the 15th increase in fuel prices this month. Petrol price was increased by 26 paise per litre and diesel by 28 paise a litre, according to a price notification of State-owned fuel retailers.
India, the world's third largest oil consuming and importing nation, in July bought $2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.
Petrol price inched towards the Rs 100-mark in Mumbai on Tuesday after fuel rates were hiked again. Petrol price was increased by 23 paise per litre and diesel by 25 paise a litre, according to a price notification of state-owned fuel retailers. The hike - 13th this month - pushed petrol and diesel prices to record-high levels across the country.
With rupee falling to new lows, losses on diesel and cooking fuel have widened to their highest levels this year, upsetting the government's subsidy maths.
Petrol price on Tuesday crossed Rs 99 a litre mark in Mumbai after oil companies raised petrol and diesel rates on surge in international oil prices. Petrol price was increased by 27 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. The hike - tenth this month - pushed petrol and diesel prices to an all-time high across the country. In Delhi, petrol rates climbed to Rs 92.85 a litre and diesel rose to Rs 83.51.
The BJP on Tuesday announced a nationwide agitation, including a two-hour 'rasta roko'(road blockade) on Wednesday to protest the hike in petrol and diesel prices and the UPA government's "failure to hold the price line".
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The government on Monday decided to hike petrol price by Rs 4 a litre and diesel by Rs 2 per litre
Car maker Volkswagen India on Monday said it will hike the prices of the diesel variant of its mid-sized sedan Vento by 2.2 per cent from July 1 to offset higher input costs.
The government is unlikely to raise petrol and diesel prices before the end of the current monsoon session of Parliament and may moderate the hike with a dose of excise duty cut, a top official said on Wednesday.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
However, truckers have spared other vegetables, fruits, fuel and milk from the strike.
A Group of Ministers is likely to consider this week a marginal hike in petrol and diesel prices and a cut in excise duty on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms incur every month.
The ministerial panel is now likely to meet on June 24 or 25.
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