India, where energy consumption per person is among the lowest in the world, has little elasticity in its fuel use as it tries to power exports and agriculture to help boost its economy and stave off a currency crisis.
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
Instead of a rate hike, or even a pause, there could be a window for the RBI for an interest rate cut
Diesel cars though deliver a high mileage but are heavy on the pocket.
Banerjee, addressing a rally in Siliguri following her protest march over LPG price hike, said the prime minister made many "empty" promises over the years, and people no longer trust him.
A drive through a long endless dark tunnel best describes the journey of India's auto sector in 2013, during which the industry witnessed record spell of decline in sales, vehicle recalls and strikes.
In the wake of recent hike in airline fares owing to rise in aviation turbine fuel prices, the Civil Aviation Minister Praful Patel on Thursday met Union Finance Minister P Chidambaram and sought reduction in excise duty on the fuel in the Budget.
Inflation declined for the fourth consecutive week ended May 21 to 5.38 percent mainly due to cheaper primary articles, including food and fuel products, even as fears that it could spurt looms large over an imminent price hike in fuels.
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Tata Steel was the biggest gainer in the Sensex chart, rising 2.39 per cent, followed by Tata Motors, Power Grid, Reliance Industries, UltraTech Cement, NTPC, Nestle, HUL, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank and Asian Paints. In contrast, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel, Bajaj Finserv, ICICI Bank, Infosys and Titan were among the laggards.
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The introduction of fuel adjustment component in passenger fares will merely add Rs 450 crore.
Price of petrol may go up by Rs 4.70 a litre and diesel by Rs 2.30 a litre.
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
Fast-moving consumer goods (FMCG) sales continued to be lower in June compared to May with urban sales witnessing a steeper decline than rural. Sales of goods from shampoos to biscuits stayed lower due to inflationary pressures on commodities. This pushed consumer companies to continue taking price hikes, thus impacting demand, according to data by Bizom.
Air travel will now become a little expensive as the government has decided to increase the lower limit on airfares by five per cent amid rising aviation turbine fuel (ATF) prices, Civil Aviation Minister Hardeep Singh Puri on Friday. The upper limit on airfares will remain as it is for now. Just a month back, the Centre had increased the lower and upper limits on domestic airfares by 10-30 per cent due to rising ATF prices. While announcing resumption of scheduled domestic flights in May last year, the aviation ministry had placed limits on airfares through seven bands classified on the basis of flight duration.
General Motors India on Thursday posted 4.32 per cent decline in sales at 8,901 units in February. The company had sold 9,303 units in the same month of 2010, General Motors India said in a statement.
A 14.2-kg LPG cylinder that consumers will have to buy after they exhaust their enhanced quota of 9 subsidised bottles in a year, will cost Rs 942 from today, according to Indian Oil Corporation.
Home-grown automobile major Mahindra & Mahindra, whose sales are predominantly driven by diesel-powered utility vehicles, has said an increase of Rs 5 a litre in the price of the fuel or a differential of up to 20 per cent with petrol price will not impact vehicle sales.
After the hit of the pandemic, India Inc is now worried about the adverse impact of inflation and higher commodity prices on their revenues and margins. The inflation scare is the strongest among manufacturers of consumer goods such as automobiles, consumer durables, and fast-moving capital goods (FMCG). Companies across sectors fear they will not be able to pass on the hike in input costs to their consumers due to weak demand, which, in turn, would lead to a hit on margins and profitability in the forthcoming quarters.
The Shiv Sena has spurned Congress' request to participate in the bandh.
In a chat on rediff.com on Thursday, market expert Vinay Mahajan offered some valuable tips about investing in the stock markets.
In a chat on rediff.com on Thursday, market expert A Shyamsunder offered some valuable investment tips.
In an hour-long chat on rediff.com on Thursday, financial expert Abhinav Angirish offered some Budget-related tips.
In a chat on rediff.com on Wednesday, banking and insurance expert G V Nageswara Rao replied to Budget-related tax queries.
What effect will the Budget have on food prices? And on prices of other things? Has the FM given with one hand and taken away from the other? During a chat on rediff.com on Wednesday, economist Ajit Ranade replied to many such queries.
In an hour-long chat on rediff.com on Wednesday, economist Siddharth Shankar replied to many Budget-related queries.
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The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
With the economy heading for a double-digit inflation due to the spiralling food prices and costlier fuels and manufactured articles, the Reserve Bank is expected to hike its key policy rates next month, say leading economists.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
Every 10 per cent rise in crude oil price will shave off around 0.2 percentage point (pp) from India's GDP growth and widen the current account by 0.3 per cent, says Nomura.
This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
The power and fertiliser companies should be prepared to pay higher prices of natural gas as the petroleum ministry favours economic pricing of the fuel, an official said on Thursday.
After three consecutive hikes, state-run oil companies on Thursday reduced jet fuel or ATF prices marginally by about one per cent in tandem with international rates for the same.Indian Oil, Bharat Petroleum and Hindustan Petroleum cut aviation turbine fuel (ATF) price by Rs 311 per kilolitre in Delhi to Rs 31,615 per kl with effect from midnight tonight, an IOC official said.
'Food grain availability for India's poorest is now approaching levels that haven't been seen since the British left. This has everything, sadly, to do with the rapacity of India's elites,' says Raj Patel, author, Stuffed and Starved.
Since end-May there has been volatility in the foreign exchange market.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
While tenants can't escape the impact of rising rentals entirely, they can adopt a few strategies to reduce the impact.
Is she, like the AIADMK's Jayalalithaa with the Vajpayee government in 1998, playing bully to a government that she knows cannot survive without her Parliamentary support? Or is there a greater scheme behind her erratic actions? Discussing the mercurial Mamata Banerjee on the Rediff Chat is Senior Editor Indrani Roy, a long-time watcher of Bengal and Mamata politics.
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