The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
The rates are hikes by almost 8 per cent.
'In all these years of rupee depreciation, of rising oil prices, of inflation caused by import dependence, not one leader had the courage to look the people in the eye and say: Please do this for your country.'
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
Passenger vehicle sales in India reached a record high of 4.7 million units in FY26, boosted by strong performances from major automakers and the implementation of GST 2.0.
Civil Aviation Minister Ram Mohan Naidu said the reduction in airport charges is aimed at containing airfare increases and supporting both airlines and passengers.
The government has chosen to profiteer off people's misery and suffering, Gandhi said.
The petroleum price hike triggered an uproar in the Rajya Sabha on Thursday with almost the entire Opposition staging a walkout after describing the decision as 'totally unwarranted' and demanding an immediate roll back. CPI- M leader Prasanta Chatterjee said the government had implemented the increase at a time when the country was in the grip of recession and demanded its withdrawal as the hike would only push up the prices of essential commodities.
In four hikes over four days, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.
Reliance Industries Limited (RIL) faced a challenging fourth quarter, with its energy business experiencing significant headwinds, leading to overall muted results and prompting analysts to adjust their outlook, even as consumer segments like Jio and retail demonstrated robust growth.
Technical Advisory Committee was for status quo in policy rate on little hope of government action.
State-run oil firms on Saturday hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in step with rising international oil prices.The ATF price charged from airplanes has been raised to Rs 69,227.08 per kilolitre (kl) in Delhi from midnight on Saturday, an Indian Oil Corp, the nation's largest retailer, said.
Opposition parties are demanding a full Parliament discussion on the West Asia conflict, criticising the government's silence and calling for a contingency plan to protect India's energy security and citizens.
International oil prices surged close to $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine, but petrol and diesel prices in India continue to be on freeze and are expected to rise once assembly elections in states like Uttar Pradesh end. Amid fears of supplies being disrupted because of Russian aggression, the price of futures contract for Brent crude oil with April delivery on London's ICE rose by 4.18 per cent to $99.38 per barrel on Tuesday morning, before paring some gains to settle just above $98. The last time Brent exceeded $99 per barrel was in September 2014. Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production.
The Trinamool Congress and the Communist Party of India (M) on Thursday opposed the proposed increase in the prices of LPG and other petroleum products recommended by an expert panel headed by former Planning Commission member Kirti Parikh, saying a new burden of raised prices would hit the common people hard.
Defending the government's decision to raise prices of petroleum products, the Plan panel said on Wednesday it would suck money from the system and ease inflationary pressure in the long run.
The Planning Commission on Saturday sought to play down fears that the hike in excise duty on petroleum products would lead to a surge in inflation.
Price hikes of controlled petroleum products such as diesel, cooking gas and kerosene have been happening annually in the month of June, irrespective of the companies' losses.
The oil ministry is in fact of the view that the government should bear the entire burden of the revenue losses incurred by the oil marketing companies, after the increase in prices is effected.
Brent crude oil price surged 4 per cent on Friday, following tension between Iran and the US. Airlines, however, have been unable to pass on the price increase to customers due to the soft demand.
Finance minister Pranab Mukherjee, is also believed to be in favour of decontrolling auto fuel prices to limit the government's subsidy outgo but a decision is unlikely in the next 7-10 days as United Progressive Alliance managers build political consensus on the issue, an oil ministry official said.
After the two hikes, the ATF prices had risen to above September levels, the official said. The three oil firms revise jet fuel prices on the first and the 16th day of every month based on the average global oil price in the previous fortnight.
The government ruled out any major jump in petrol and diesel prices after the elections, but said a review to bring the domestic prices in line with the raw material cost will be done by the new government.
A litre of petrol in Delhi will cost Rs 57.31 from Monday.
West Bengal Chief Minister Mamata Banerjee has demanded Prime Minister Narendra Modi's resignation, alleging manipulation of voter lists during the Special Intensive Revision (SIR) in West Bengal. She also questioned the abrupt resignation of Governor C V Ananda Bose and accused the BJP of anti-women policies and spreading misinformation.
Indian stock markets tumbled sharply with the Sensex falling 800 points and nearly 4 lakh crore wiped out in a single session. Here are the 6 key factors, including rupee weakness and global cues, behind the crash.
S&P Global Ratings has increased India's GDP growth forecast for the next fiscal year to 7.1 per cent, citing private consumption, investment, and exports as key drivers. However, the agency also cautioned that the conflict in the Middle East could strain India's fiscal position due to higher energy prices.
Parliament failed to transact any business on Monday as the Opposition members created uproar over hike in fuel prices and demanded immediate rollback.
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.
Domestic jet fuel prices are up 7%, but are still 14% lower on a y-o-y basis. While lower fuel prices have brought respite to airlines, their non-fuel costs are rising because of rupee depreciation
Opposition MPs in the Rajya Sabha criticised the Modi government's economic policies, citing the LPG crisis, lack of energy security, and concerns over the Economic Stabilisation Fund.
The cement sector may be looking at better realisations and higher volume offtake going by the trends of the October-December quarter of the 2022-23 financial year (Q3FY23), a recent price hike, and the promise of a continued infrastructure thrust in FY24. In Q3, revenues rose by an aggregate of 17 per cent year-on-year (YoY), but Ebitda (earnings before interest, tax, depreciation and amortisation) per tonne, fell by 14 per cent YoY while profit after tax (PAT) rose by 23 per cent YoY. Expenses were up 30 per cent per tonne YoY - power and fuel costs in particular - and that's no surprise given the rise in fossil fuel prices.
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.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
India Inc has said the decision to hike in diesel price was "inevitable" and this would help in fiscal consolidation.
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.
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.
Petrol and diesel prices on Sunday were hiked for the fourth straight day by 35 paise per litre each, pushing pump rates to new record high across the country with states with high incidence of local taxes such as Madhya Pradesh having the costliest fuel. The price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre and Rs 115.15 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel now costs Rs 98.07 a litre in Delhi and Rs 106.23 in Mumbai.
IndiGo operator InterGlobe Aviation had a mildly encouraging third quarter in financial year 2026 (Q3FY26).
