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.
The government on Thursday allowed state-run oil majors to fix diesel prices on their own in order to reduce an expanding subsidy bill and budget deficit. Oil companies announced a dual price mechanism while hiking the rates.
India Inc on Friday said major announcements made by government, including operationalisation of 51 per cent FDI in multi-brand retail, are huge "mood lifters", besides dispelling the impression of any policy paralysis in the government.
The Opposition is likely to raise the issues of fuel price hike, the Bhopal gas tragedy case, unrest in Kashmir and talks with Pakistan. It is also likely to attack the government over a series of train accidents in recent months, including the one today in West Bengal.
Here is a low down on the most searched hatchbacks online across the nation in February.
Major domestic airlines on Wednesday said they were considering imposing a fuel surcharge and hiking air fares following the announcement of a Rs 1,600/kl rise in jet fuel prices from midnight on Wednesday.
Bankers see stable interest rates in near future but are worried about the spiralling global oil prices that is exerting pressure on domestic prices and exchange rate.
Let's have a look at the key expectations from the budget and how our wallet and stock investments could be affected.
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.
Expressing concerns over rising prices of essential commodities globally, Finance Minister P Chidambaram on Friday favoured adjustments in domestic policies to contain inflation. Pointing to global oil prices touching new highs, the finance minister said: "It is important to factor in price increase and adjust our policies so that inflation doesn't get out of hand."
The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
IndiGo share price today: IndiGo share price fell as much as 4.8 per cent to a low of Rs 4,275 per share on the BSE in Monday's intraday trade as investors booked profit in the stock post a its April-June quarter (Q1) results for financial year 2024-25 (FY25). The stock ended 1.36 per cent lower at Rs 4,430 as against a 23-points gain in the benchmark BSE Sensex. The selling also got exacerbated as the management commentary, post Q1FY25 results, highlighted that inflationary pressure could likely dent July-September (Q2FY25) performance.
Petroleum Minister Murli Deora is likely to meet Finance Minister P Chidambaram later this week to seek greater compensation for oil companies, who are currently losing about Rs 450 crore (Rs 4.5 billion) a day on fuel sales. Indian Oil, Bharat Petroleum and Hindustan Petroleum are likely to see doubling of revenue loss on sale of petrol, diesel, domestic LPG and PDS kerosene to Rs 150,000 crore. The three fuel retailers together lost Rs 77,304.50 cr on fuel sale in 2007-08.
Is this price-rise artificial? What do you think is causing it? Hoarding by unscrupulous traders? Too many middlemen? Tell us.\n
Indian Oil Corporation, the country's largest oil retailing firm, is seeking an increase of Rs 4 per litre and Rs 5 per litre in prices of petrol and diesel to recoup the Rs 489 crore
With fewer passengers airlines bracing for a rise in operating costs due to a spike in crude prices
With the increased death rate in the ongoing second wave of Covid-19, domestic cement companies are in no better condition than they were in the April-June quarter of FY21 when the country faced nationwide lockdown. "This wave has had high death rate which has impacted the business. "We are in no better situation than last (year) April. "Deaths of drivers, dealers, contractors and also employees have hit the industry really very hard since April (FY22)," M Ravinder Reddy, director of Bharathi Cements said.
Prime Minister Mahinda Rajapaksa became the only member of the family to retain a cabinet position in his younger brother Gotabaya Rajapaksa's new cabinet of 17 ministers appointed on Monday, as the island nation was facing the worst economic crisis.
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
The government may not revise petrol and diesel prices on April 1 as Petroleum Minister Mani Shankar Aiyar, who has piloted a note on the issue for discussion in the Cabinet, will be out of the country at the next due date for revision in fuel prices
Reddy, who moved from urban development to the oil ministry, got down to tackling the task straightaway with a brainstorming session with senior ministry officials on Thursday.
Pakistan's opposition leader Nawaz Sharif on Tuesday gave the beleaguered government a 72-hour ultimatum to act on several demands, including rollback of a fuel price hike and probe into corruption scandals, failing which the Pakistan People's Party could be booted out from the Punjab government. Sharif, chief of the country's main opposition party the Pakistan Muslim League - Nawaz, did not link the demands to support for the PPP-led government at the centre.
Tata Steel was the biggest loser in the Sensex pack, sliding 8.59 per cent, followed by Tata Motors, Larsen & Toubro, Adani Ports, IndusInd Bank, Tech Mahindra, Reliance Industries, Sun Pharmaceutical, HCL Technologies, Tata Consultancy Services, Infosys, and NTPC, were the major laggards. On the other hand, Bajaj Finance, HDFC Bank, Nestle India, ICICI Bank, ITC, Asian Paints and Axis Bank were among the gainers.
Oil companies have slashed Aviation Turbine Fuel (ATF) prices by Rs 2,221 per kilo litre with effect from midnight on Wednesday.
Sources said the impact of the bandh is likely to be the worst in at least 10 states where the opposition was holding reins. The bandh is also expected to have total impact in states like Maharashtra.
Left planned nationwide protests over UPA government's economic policies.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
Indian Oil Corporation, the nation's largest fuel retailer, is likely to hike petrol prices by Rs 0.33 per litre from Tuesday. IOC Chairman B M Bansal said international crude oil prices have risen since the last price revision, necessitating an increase in domestic retail prices.
In an informal discussion with rediff.com late on Thursday evening, Kolkata-based economist Abhirup Sarkar discussed this burning issue.
Petrol and diesel price on Sunday was hiked again by 35 paise a litre and the auto fuels now cost a third more than the rate at which ATF is sold to airlines. The fourth straight day of 35 paise per litre hike sent petrol and diesel rates to record highs across the country. The price of petrol in Delhi rose to its highest-ever level of Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers.
Earlier, the apex bank had projected inflation at 5.5 per cent by March 2011, and the latest higher estimate is on account of the impact of fuel price hike,which it said, is likely to add a full 1 percentage point directly to the headline inflation numbers with the second round impact coming in the next few months.
A proposal in the Union Budget 2022-23 to raise excise duty on dirtier, unblended retail petrol and diesel has met with some resistance from the petroleum ministry. However, finance ministry officials say no such communication arguing against the levy of extra duty on diesel has been received from the oil ministry. Until there are discussions between the two departments, the proposal will not be tweaked in the Finance Bill. The Rs 2 per litre additional excise duty proposed on unblended fuels in the Finance Bill will result in a uniform hike of diesel prices across the country from October 1.
A state-wide shutdown spearheaded by the opposition Rashtriya Janata Dal Lok Janshakti Party combine in Bihar against the recent hike in fuel prices began on Saturday morning.Elaborate security arrangements have been made to prevent any untoward incidents. Essential services including hospitals, water supply and electricity supply have been exempted from the purview of the shutdown.The administration will try to keep all links to major towns open.
How effective are these strikes to solve an issue as vexing as this? Aren't strikes a bane for a nation already reeling under a heavy dose of inflation? Don't strikes put more pressure on an inflationary economic structure like India's?
The July 5 'Bharat Bandh' to protest fuel price hike is unlikely to get the support of all non-Congress non-United Progressive Alliance parties with Bahujan Samaj Party, Rashtriya Janata Dal, Lok Janshakti Party and Rashtriya Lok Dal so far maintaining a silence on which side of the political divide they are.
Watch all the action from both House of the Parliament.
In a bid to minimise the impact of recent fuel price hike on consumers, the Maharashtra government on Wednesday reduced Value Added Tax (VAT) on diesel and kerosene by two per cent.
Diesel rates were cut by 40 paisa to Rs 68.89 a litre. With this, the reduction in rates in last six weeks totals Rs 9.26 per litre on petrol and Rs 7.2 per litre on diesel.
