The issue of hike in fuel prices is expected to generate heat in the Parliament meeting on Wednesday after a four-day break. This became clear with the opposition planning a series of meetings to strategise its protests and demand rollback in the Lok Sabha and the Rajya Sabha.
Petrol and diesel prices are unlikely to be hiked in the near future, with Finance Minister P Chidambaram agreeing in-principle to share a third of the revenue loss that state-run oil firms incur on sale of fuel
Domestic air passenger traffic touched 1.25 crore in January this year, an increase of 96 per cent compared to the year-ago period, according to rating agency Icra. However, it said the traffic remained around 2 per cent lower compared to the pre-Covid levels -- January 2020. The traffic stood at 64 lakh in January last year. Icra is maintaining a negative outlook on the Indian aviation industry, reflecting the view that the financial performance of Indian airlines is likely to remain under pressure in the near term, even though the recovery in domestic passenger traffic has been healthy.
Diesel prices should be immediately hiked by Rs 4-5 per litre, the Kirit Parikh Committee has recommended while favouring continuation of existing pricing principles for controlled petroleum products.
In the Rajya Sabha, Chairman M Venkaiah Naidu could not read out his customary closing remarks that sum up the business conducted in the House during the session, as Shiv Sena and other opposition MPs created a ruckus.
The company attributed the hike to depreciating rupee and rising input costs.
Supporters of Imran Khan's Pakistan Tehreek-e-Insaf party protest the hike in fuel prices in Pakistan.
Quibbling between the Centre and the states on who should provide more relief to consumers on fuel prices intensified with the latter asking the Union Government to give an account of accruals to it from the latest hike in petrol and diesel prices.
The wholesale price-based inflation declined for the fourth consecutive month to 10.7 per cent in September on softening in prices of food, fuel and manufactured items. The Wholesale Price Index-based inflation was 12.41 per cent in August and 11.80 per cent in September last year. This year, the Wholesale Price Index (WPI) touched a record high of 15.88 per cent in May. September is the 18th consecutive month of double-digit WPI inflation.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
Vegetable rates may ease from September, led by tomato prices, which have started showing signs of correction on the back of increased supply, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday. "Looking ahead, the spike in vegetable prices in July is starting to see a correction, led by tomato prices. "New arrivals of tomatoes in mandis are already softening the prices, coupled with proactive supply management in the case of onions.
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
Amul, Gowardhan raise prices by Rs 2 a litre; others might wait for some time.
Come July, mobile phone prices are expected to be dearer by up to 10 per cent due to the steep depreciation in the value of rupee against dollar.
After Rajasthan, Madhya Pradesh and Maharashtra, petrol price has crossed the Rs 100-per-litre mark in Leh, in almost all districts of Andhra Pradesh and parts of Telangana after fuel prices were again hiked on Friday. Petrol price was increased by 27 paise per litre and diesel by 28 paise a litre, according to a price notification of state-owned fuel retailers. The hike - 18th in the last one month - took fuel prices across the country to a historic high. In Delhi, petrol hit an all-time high of Rs 94.76 a litre, while diesel is now priced at Rs 85.66 per litre.
The Reserve Bank is expected to go for another rate hike of 0.40 per cent at the scheduled review of the monetary policy next week, a foreign brokerage said on Friday. The central bank's rate setting panel will follow it up with a 0.35 per cent hike in rates at the next review in August, or make it into a 0.50 per cent hike next week and a 0.25 per cent increase in August, to make the total quantum of rate hikes at 0.75 per cent, the report by Bofa Securities said. On May 4, the Reserve Bank of India (RBI) hiked rates by 0.40 per cent, and Governor Shaktikanta Das has already called a rate hike at the forthcoming review as a "no brainer" given the pressure to maintain its core mandate of inflation in the targeted band of under 6 per cent.
Petrol price inched towards the Rs 100-mark in Mumbai on Tuesday after fuel rates were hiked again. Petrol price was increased by 23 paise per litre and diesel by 25 paise a litre, according to a price notification of state-owned fuel retailers. The hike - 13th this month - pushed petrol and diesel prices to record-high levels across the country.
The monthly electricity bills of the majority of domestic consumers in Delhi -- who use more than 200 units and up to 600 units -- will be hiked by up to Rs 265 due to an increase in the power purchase adjustment cost (PPAC) levied by discoms in the city, officials said on Monday.
Youth Congress members staged a raucuous protest against the Modi government over rising inflation and the hike in fuel prices in New Delhi, December 1, 2021.
The activist Birinchi Bora drove into the venue of the street play dramatically in a motorcycle with another actor dressed as Goddess Parvati for their play on Saturday which had several Hindutva outfits up in arms demanding their arrest.
After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two fuels.
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
Domestic air passenger traffic grew 5.1 per cent year-on-year to an estimated 138.9 million in May and was significantly higher by around 14 per cent than pre-Covid levels, credit ratings agency Icra said on Thursday. Icra also said the outlook on the Indian aviation industry is stable amid the continued recovery in domestic and international air passenger traffic with a relatively stable cost environment and expectations of the trend continuing in FY2025.
Diesel is currently sold at a loss of over Rs 10.80 per litre.
Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,025.34 per kilolitre, or 4 per cent, to Rs 71,800.21 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
Petrol and diesel prices across the country soared to all-time high levels on Thursday as rates were hiked again in line with the spurt in international oil prices. Petrol price was increased by 30 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers. The price of petrol in Delhi rose to its highest-ever level of Rs 103.24 a litre and to Rs 109.25 per litre in Mumbai, the notification showed.
Robert Vadra on Wednesday claimed that he has been stopped from going to Lucknow to meet his wife and Congress general secretary Priyanka Gandhi Vadra, who has been detained in Sitapur while on her way to meet victims of violence in Lakhimpur Kheri.
In the meeting, which will be held virtually, party leaders will also discuss the current Covid and political situations.
Finance Minister Nirmala Sitharaman has said the recent interest rate hike by the Reserve Bank was not surprising for her but the timing was, asserting that the rising cost of funds will not impact the government's planned infrastructure investments. For the first time since August 2018, RBI had on May 4 delivered a blunt 40 basis points increase in key repo rate to 4.40 per cent, and also hiked the cash reserve ratio by 50 basis points to 4.5 per cent after an unscheduled meeting of the rate setting panel, citing increased inflation pressures following the Ukraine war and the resultant spike in crude oil prices. Retail inflation printed at 6.9 per cent in March and the April reading is forecast to top 7.7 per cent.
At least one person was killed and 12 others injured on Tuesday when the police opened fire to disperse angry anti-government protestors in Sri Lanka's southwestern region of Rambukkana, officials said.
Almost 40 per cent of a durable company's sales are achieved during the festival season
The wholesale price-based inflation declined to a 19-month low of 8.39 per cent in October, on easing prices of fuel and manufactured items. This is the first time in 19 months that WPI inflation print has come in single digit. Last was in March 2021 at 7.89 per cent. Since April 2021, WPI inflation remained in double digits for 18 months with September print at 10.79 per cent.
The government has readied a big legislative agenda for the Monsoon Session of Parliament beginning Monday even as the Opposition is raring to corner the ruling dispensation over a host of issues, including handling of the second wave of COVID-19, rise in fuel prices and farmers' stir.
Retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank's comfort level of 6 per cent for the seventh consecutive month. With retail inflation continuing to remain high despite a fall in prices of vegetables and edible oils, among other commodities in July, the Reserve Bank of India (RBI) might go for another rate hike in September. The Consumer Price Index (CPI) based retail inflation was at 7.01 per cent in June and 5.59 per cent in July 2021. It was above 7 per cent from April to June this fiscal.
Finance Minister Nirmala Sitharaman cut fuel subsidies while slapping additional fuel taxes on unblended transport fuels in the latest Union Budget. The former will hit the rural poor, households that secured a subsidised LPG connection under the Pradhan Mantri Ujjwala Yojana (PMUY), a programme that was partly instrumental in helping the Bharatiya Janata Party (BJP) win the 2019 general elections. The latter will pretty much hurt the entire population after it kicks in from October. That's what it looks like. Or, perhaps, it's not as it appears to be, at least on the subsidy front.
The wholesale price-based inflation eased for the third consecutive month in August to 12.41 per cent, on softening in prices of manufactured items, even as food items saw an uptick. The Wholesale Price Index-based inflation was 13.93 per cent in July and 11.64 per cent in August last year. August is the 17th consecutive month of double-digit wholesale price inflation (WPI).
Petrol and diesel prices on Friday rallied to their highest ever levels across the country, as fuel rates were hiked again by 35 paise a litre. The price of petrol in Delhi rose to its highest-ever level of Rs 105.14 a litre and Rs 111.09 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 101.78 a litre; while in Delhi, it costs Rs 93.87.
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