The new model, named M800 Duo will have dual fuel option of petrol as well as LPG, the company said in a statement. The new M800 will be available in two options--M800 Standard with LPG, priced at Rs 2.05 lakh ex-showroom Delhi and M800 AC LPG tagged at Rs 2,26,000.
Virtually securing the consent of Left parties, the government is likely to decide next week on a price hike of Rs 4 per litre for petrol and Rs 3 a litre for diesel while sparing cooking gas and kerosene.
Petrol prices may be raised by about Rs 2 per litre and diesel rates cut by Rs 0.30 a litre if a proposal to free auto fuel prices from state control is approved by the incoming cabinet.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
Automobile retail sales in India increased by 37 per cent in April on a low base of COVID-hit April last year, automobile dealers' body FADA said on Thursday. Total sales across categories rose to 16,27,975 units in April, as compared to 11,87,771 units in the year-ago period. On a year-on-year basis, all vehicle categories including passenger vehicles and two-wheelers were up as compared with April last year.
The sharp increase in commodity prices on account of the Russia-Ukraine war has put automakers in a fix. After the frequent price hikes in the current fiscal, manufacturers fear that any more price increases may further dent the already weak demand in certain segments. "We have taken several hikes and cannot immediately do it again. "We will have to closely watch the situation and act accordingly," said an official at an auto firm, declining to be identified. Even for companies like Tata Motors Passenger Vehicles, which has had a strong volume run and a robust order book, passing on the entire costs has been tough.
The government is likely to hike prices of petrol and diesel by Rs 4 and Rs 2 per litre, respectively, as global crude oil prices continued to surge.
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.
State-owned oil companies on Tuesday slashed jet fuel prices by over 3 per cent as an appreciating rupee made imports cheaper.
Upstream oil firms bear one-third of the revenue that retailers lose on selling diesel, domestic LPG and Kerosene at government-controlled rates.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
Jet Airways on followed its smaller rival SpiceJet and hiked fares by a steep 25 per cent to mitigate the impact of the sharp fall in the rupee value and a near 15 per cent spike in oil prices of late.
Indian Airlines on Tuesday announced a hike of Rs 200 on air fare with immediate effect on all international sectors and domestic routes leading to international destination in view of continuing trend of increase in fuel prices.
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.
Ruling out any immediate hike in the air fares despite 'worrying scenario' of rising fuel costs, Indian Airlines on Monday said it may make net profits this fiscal if the buoyancy in the air travel continues.
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.
The price of Compressed Natural Gas (CNG) may be hiked by up to Rs 2 per kg in the next few days as rupee devaluation has pushed up input cost.
Apart from around 100 MPs of the Congress, leaders of several opposition parties including Trinamool Congress, Nationalist Congress Party, Shiv Sena, Communist Party of India-Marxist, Communist Party of India, Rashtriya Janata Dal and Samajwadi Party attended the meeting.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
"The company is losing Rs 238 crore (Rs 2.38 billion) a day on retail fuel sales," Gyan Chand Daga, director ( marketing), IOC, said in Mumbai today. Oil marketing companies collectively lost around Rs 77,000-78,000 crore (Rs 770-780 billion) during last year, according to estimates. Retail prices of diesel and petrol were hiked in February for the first time since June 2006 to lower the burden of record crude oil costs on state oil refiners.
Mukesh Ambani-owned Reliance Industries Limited, which closed down fuel pumps in UP last month due to mounting losses, has denied plans of converting the defunct outlets into malls. The company was forced to shut the outlets as the petrol and diesel sold there were costlier by nearly Rs 10 and Rs 6, respectively, vis-a-vis public sector retailers.
Bharatiya Janata Party spokesman Shahnawaz Hussain on Saturday said the country is not being run by a government, but a private limited company whose basic job is to protect the interests of oil companies and not the common people. He was addressing a news conference at the party headquarters in New Delhi on Saturday. He demanded that the union government must immediately rollback the fuel price hike.
Watch all the action from both House of the Parliament.
'In the luxury car segment, the adoption of EVs is almost double compared to the mass market.'
Election results on Friday will determine the strength of the ruling coalition party Congress which will also determine market direction.
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
Petrol price on Friday scaled to Rs 102 per litre in some parts of Rajasthan and Madhya Pradesh after rates were raised for the fourth straight day after ending more than two-week-long hiatus during assembly elections in states like West Bengal. On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers. This took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73.
The nationwide protests on Wednesday against fuel price hike and Foreign Direct Investment in retail brough life to a standstill in major cities. The strike call has been given by both the National Democratic Alliance and the Third front parties. Here's what the situation was like in major cities across the country.
The Bal Thackeray-led Shiv Sena today took to the streets to protest the fuel price hike and FDI in retail sector by the Centre and asked the Trinamool Congress and the Nationalist Congress party to withdraw support to the United Progressive Alliance government.
Petrol price on Friday crossed the Rs 100- per-litre mark in Chennai as well as in some places in Punjab and Kerala after fuel prices were hiked yet again. Petrol is priced at over Rs 99 a litre in Delhi and Kolkata -- the only metro cities which haven't seen the Rs 100 mark yet. Petrol price was hiked by 35 paise per litre on Friday but there was no change in diesel rates, according to a price notification of state-owned fuel retailers.
An unusual Congress protest against rising LPG prices.
As part of country-wide fill-the-jail campaign against fuel price hike, a number of BJP leaders and workers on Friday courted arrest in Punjab and Haryana.
India Against Corruption on Friday alleged that the opposition to the hike in diesel price by political parties was a "drama" and demanded immediate rollback of the increase in fuel price.
The two-wheeler sector has been underperforming its peers on the volumes front for over five quarters now. Even in the March quarter, Bajaj Auto and Hero MotoCorp posted a 17-24 per cent YoY decline in volumes, the sharpest in the listed auto universe. The ongoing impact of frequent price hikes, all-time high fuel prices, and muted rural sentiment has led to the lacklustre showing by two-wheeler makers. What has aggravated the situation for two-wheeler companies, which get almost all their sales from the internal combustion engine or ICE-based units, is the traction for electric two-wheelers (EV).
Since international oil prices have fallen, the government's subsidy payout will fall by almost Rs 50 per cylinder to Rs 240.
Diesel and cooking gas (LPG) prices are unlikely to be hiked even after the end of the Monsoon Session of Parliament next week as the government is wary of taking such a decision at a time when it already has political battles on hand.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
Especially after the recent hike in petrol prices, car makers are trying to come up with frugal options that can make up for the spiralling fuel prices.
State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil).
According to reports, the Congress Core Group meet that lasted for almost two hours at the Prime Minister's 7, RCR residence saw the top party leaders deliberating over the political situation arising out of the Trinamool Congress's decision to withdraw support to UPA government.
