In August, Hyundai recorded its highest ever domestic sales for the month with 54,396 units sold, marking a 23.6 per cent Y-o-Y increase. The Creta Electric currently anchors Hyundai's mass-market electric portfolio, while the Ioniq 5 caters to the premium end
The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
Petrol and diesel prices were on Thursday cut for the second straight day as international oil prices cooled fell on prospects of speedy recovery in consumption getting clouded by second wave of COVID-19 cases. Petrol price was cut by 21 paise per litre and diesel by 20 paise, according to a price notification of state-owned fuel retailers. Petrol now costs Rs 90.78 per litre in Delhi and a litre of diesel comes for Rs 81.10.
The government had in January authorised state-owned oil firms to hike diesel prices by small doses of up to 50 paisa per litre every month.
In its analysis of truck rentals and diesel prices in the country between September to November period, IFTRT said, the government's decision to reduce diesel price by Rs 2 per litre last year has not benefited the common man as freight rates have been maintained at high levels.
State-run Bharat Petroleum Corporation Ltd (BPCL) plans a significant capital expenditure of 25,000 crore for the financial year 2026-27, primarily for ongoing expansion projects. The company also stated that the recent 4-per-litre price hike in petrol and diesel has provided some financial relief amidst volatile crude oil prices and mounting losses.
Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of $140 per barrel. West Texas Intermediate crude futures, the US oil benchmark, rose to $130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of $139.13 at one point overnight, also its highest since July 2008.
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
Petrol and diesel prices on Friday touched an all-time high across the country after rates were hiked for the third consecutive day by 35 paise per litre each. The price of petrol in Delhi rose to its highest-ever level of Rs 106.89 a litre and Rs 112.78 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.63 a litre, while in Delhi, it costs Rs 95.62 per litre.
The government will require poll panel's nod if it decides not to effect a price increase.
The government is mulling a marginal hike in petrol and diesel price along with an excise duty cut on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms are incurring every month on selling fuel below cost.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
Travel time, too, has not fallen much after the abolition of octroi with trucks still queued up at regional transport offices and toll tax plazas.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
It also demanded increasing the number of liquefied petroleum gas cylinders per family to 12, instead of nine as decided by the government on Thursday.
The government on June 25 deregulated petrol price and said the same for diesel will be done soon. But with inflation rate continuing to remain at unmanageable levels, the government put-off the decision as any further hike in diesel price would lead to cascading effect.
On the 25th anniversary of that world-changing morning in New York, it is also for the rest of to reflect. Not only on those who were killed but also on why the event happened and what led to it and what came after it, asserts Aakar Patel.
There is no proposal on the anvil for an increase in prices of diesel, Reddy told reporters after taking charge of the new ministry.
India's retail inflation rose to 4.38 per cent in June, driven primarily by costlier food items, pushing it above the Reserve Bank of India's median target of 4 per cent for the first time under the new series.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
The government had in June deregulated the prices of petrol but did not take a decision on diesel, which is used by various industries and the transport sector.
Decrying the hike in diesel prices as "unjustified" action, Tamil Nadu Chief Minister J Jayalalithaa on Tuesday demanded its roll back and withdrawal of powers granted to oil companies to regulate fuel prices.
Petrol price on Friday was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates. The price of petrol in Delhi rose to its highest-ever level of Rs 103.54 a litre and to Rs 109.54 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 92.12 in Delhi and inched closer to the Rs 100-a-litre mark in Mumbai. It currently costs Rs 99.92 a litre in Mumbai.
India Inc has said the decision to hike in diesel price was "inevitable" and this would help in fiscal consolidation.
This will have an impact on inflation as everyone in the value chain passes on the costs.
Trinamool Congress, a key constituent of the United Progressive Alliance, on Thursday opposed the hike in diesel prices, saying it was not consulted about the step and demanded its rollback. "We were not consulted for this and we are unhappy with the decision to hike diesel prices," said Railway Minister Mukul Roy.
Government-owned oil firms on Saturday increased petrol and diesel prices by Rs 1.10 and Rs 1.42 per litre respectively in step with the rise in international fuel prices.
Indian oil marketing companies are incurring significant losses, selling petrol at a Rs 14 per litre loss and diesel at Rs 18 per litre, as elevated global crude oil prices, exacerbated by the West Asia crisis, outpace capped retail fuel rates, according to rating agency Icra.
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.
Diesel price on Friday was hiked by 20 paise per litre - the first increase in rates in over two months - as international oil prices neared their highest since 2018. Price of diesel was hiked to Rs 88.82 per litre in Delhi and to Rs 96.41 in Mumbai, according to a price notification of state-owned fuel retailers. Petrol price was not changed. It costs Rs 101.19 a litre in Delhi and Rs 107.26 in Mumbai.
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.
Union Finance Minister Nirmala Sitharaman has warned that the ongoing West Asia crisis is not merely a geopolitical issue but will directly lead to higher fuel costs for common people and businesses, impacting shipping, input availability, and export orders.
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 are unlikely to be reduced in line with falling international prices as the government is working on a stable pricing regime.
After two days of lull, petrol and diesel prices on Thursday were again hiked by 35 paise per litre, sending retail pump prices to their highest ever level across the country.
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.
The Trinamool Congress has launched a sharp attack on the Narendra Modi government over rising fuel prices, economic concerns, and exam irregularities, accusing the Centre of betraying citizens.
petroleum minister has announced that fuel prices would not be hiked and talks with allies on the issue were on.
