'There will be a series of rate hikes, but the pace and quantum will depend on how the economy in the US and the rest of the world behave.'
Maharashtra Congress chief Nana Patole on Thursday said if actors Amitabh Bachchan and Akshay Kumar do not take a stand on the issue of fuel price hike, then screening of their films and shootings would not be allowed in the state.
Both TMC and CPI-M today walked out from Rajya Sabha opposing fuel price hike.
The government is likely to take a decision on revising fuel prices by the end of this month, petroleum minister Murli Deora said on Monday.
Oil companies choose to skip the revision this time.
The price of subsidised cooking gas was on Tuesday hiked by over Rs 2 per cylinder, the sixth increase in rates in five months, while that of jet fuel was raised by a steep 7.3 per cent in step with global trends.
Prime Minister Shigeru Ishiba's sudden resignation after only a year in office has thrown Japan into political turmoil, raising doubts about how the country will handle economic and regional challenges, observes Dr Rajaram Panda.
Opposition leaders led by senior Congress leader and Member of Parliament Rahul Gandhi on August 3 took out a cycle march to the Parliament as a symbolic protest against the rising fuel in the country.
Finance Minister Pranab Mukherjee on Wednesday said that the government would talk to its allies on the issue of fuel price hike but gave enough hints that a rollback would be difficult.
With the losses incurred by oil marketing companies (OMC's) on selling regulated fuels below their market prices (under-recoveries) reaching alarming levels, an urgent corrective action, like hiking the price of diesel, has become imperative, says a Crisil study.
Rates have been on the upswing since October, 2016.
The Monetary Policy Committee (MPC) may go for a hike of up to 0.25 per cent in the reverse repo rate at which the RBI absorbs excess liquidity and leave the repo rate at which it lends, to narrow the policy rate corridor, a British brokerage said on Thursday. "Growth concerns amid spread of the Omicron variant and relatively benign inflation out-turns provide the RBI with enough room to maintain its growth-supportive monetary policies," analysts at Barclays said, ahead of the resolution announcement next week. The RBI will hike the reverse repo rate by 0.20-0.25 per cent, given its liquidity management actions, it said.
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.
'In the luxury car segment, the adoption of EVs is almost double compared to the mass market.'
Rising crude oil prices and muted passenger traffic in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24) have raised concerns about the profitability of listed aviation players. These two concerns have caused the stock of InterGlobe Aviation (IndiGo), the largest player in the sector, to slip by 11 per cent since its highs at the end of July. Nuvama Research expects yields to cool down in the near term due to seasonality, rising crude oil prices, and higher capacity.
The issue of price rise is a worry for every government -- it is a political volcano. But the United Progressive Alliance on Friday steeply hiked the fuel price. Will people react? Or do they remain silent and suffer? Abhishek Mande talks to experts to 'read' the pulse.
The recent price correction in broader markets has hit cement companies hard. So far in the current month, smallcap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. On the contrary, largecap companies, while registering losses for the month, have seen a softer blow.
The goverment on Wednesday ruled out any increase in petrol and diesel prices despite international crude oil prices touching an all-time high.
Ahead of the much anticipated meeting of a high power panel of ministers, Oil Minister S Jaipal Reddy on Friday said his ministry has made no specific proposal on increasing auto and cooking fuel prices.
The Maharashtra government has decided to reduce the value added tax (VAT) on petrol and diesel by Rs 5 and Rs 3 per litre respectively, Chief Minister Eknath Shinde said in Mumbai on Thursday.
Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as State-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.
The finance ministry has rejected a cut in duties to avoid an increase in petro prices even as Petroleum Minister Mani Shankar Aiyar will begin a consensus-building exercise within the UPA for a fuel price hike.
India's purchase of US crude oil has picked up in 2025 and could easily double their previous levels, government officials said on Wednesday. The surge comes in the wake of the then-incoming Donald Trump administration's announcement that it would consider hiking tariffs on a reciprocal basis, and pushed some countries, especially those with large trade surpluses with the US, to buy more of its energy.
"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.
Move comes in view of big debt overhang in two sectors; companies unwilling.
Move comes in view of big debt overhang in two sectors; companies unwilling.
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
Petroleum retailers in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad, among other cities, will start supplying Euro-IV compliant auto fuel from April 1.
Brent crude oil prices have risen to about $116 a barrel from about $103 a barrel on July 1.
Jet Airways on Wednesday said that it has raised the fuel surcharge on tickets by Rs 400 across all domestic sectors. The newly decided fares have been made applicable from June 17.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
Inflation in 'fuel and power' basket rose sharply to 11.22 per cent in May from 7.85 per cent in April as prices of domestic fuel increased in line with rising global crude oil rates.
The stormy second part of Budget Session continues. Both houses of Parliament have been facing continuous protests by opposition parties over issues like fuel price hike.
From the November 2014 price of $106 per barrel crude oil prices dipped to as low as $26 per barrel in January 2016 and remained flat for much of the year. Did the fuel prices reflect that?
The Railway Budget will be a tough balancing act for the minister, who needs to mobilise resources urgently to offset the burden of the recent diesel price hike.
The government has no immediate plans to raise petrol and diesel prices even though raw material costs have surged to their highest level this year, Petroleum Secretary R S Pandey said on Thursday.
The empowered group of ministers on fuel pricing is to meet this week to take a view on the price of diesel.
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