The information technology and telecom ministries spent a whopping Rs 53.14 lakh on petrol in two years, according to a RTI report.
The government on Friday said it will not increase prices of domestic cooking gas (LPG) and kerosene despite the Budget cutting to half the subsidy on the two mass consumed cooking fuels from April 1.
Retail inflation crossed the RBI's comfort level and rose to 5.21 per cent in December on increase in prices of food items.
The initial purchase cost for an electric car may be high, but savings on fuel will help it pay back for itself in just a couple of years, if not faster.
Even as growth in traffic on chartered flights has fallen 6 to 8 per cent over the past year, rising fuel prices are forcing private charter operators to raise tariffs a substantial 20 per cent from September 1. India has more than 50 non-scheduled operators, which include helicopter operators like Global Vectra, aircraft operators like Ran Air and Taj Air and companies like Deccan Aviation Ltd that fly both helicopters and aircraft.
Congress, Samajwadi Party, Trinamool Congress, Bahujan Samaj Party and Left MPs stormed into the Well of the House, saying the people were being cheated.
Realtors' body CREDAI on Monday said the cost of construction has gone up by 20-25 per cent, mainly during the last 45 days, due to steep rise in prices of raw materials like steel, and builders will be forced to increase property prices from next month by an average 10-15 per cent. CREDAI-MCHI, the Maharashtra chapter of CREDAI, demanded that the central as well as state governments consider giving relief to the industry by reducing stamp duty and GST rates, besides allowing input tax credit (ITC) to developers. The association said it would not advise member developers to stop construction works as of now, but if the price rise continues then builders would have no option but to halt works at project sites and defer purchase of raw materials.
Benchmark BSE Sensex rose by over 379 points on Tuesday as gains in oil & gas, banking and auto shares helped the barometer continue winning run for the third straight session. The 30-share BSE benchmark index advanced 379.43 points or 0.64 per cent to settle at 59,842.21. During the day, it jumped 460.25 points or 0.77 per cent to 59,923.03. The broader NSE Nifty climbed 127.10 points or 0.72 per cent to 17,825.25 as 42 of its constituents advanced.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
Uber on Thursday said it is now showing trip destination to drivers before they decide to accept a ride to enable them to make informed choices as the ride-hailing app announced a host of new measures promising to improve platform experience for drivers as well as riders. Upfront destination feature is already live across 20 cities and will be expanded to all others, Uber said in a statement. The move assumes significance as the government recently warned cab aggregators, including Ola and Uber, of strict action unless they improve their systems and redress mounting consumer complaints.
The over-recovery on diesel for such companies reached Rs 3.56 a litre for the first fortnight of October.
IOC along with HPCL and BPCL took a hit of about Rs 4,500 crore from absorbing Re 1 a litre hike.
Petrol price had been cut 10 times since August 2014.
Reliance Industries Ltd-owned fuel retail outlets have threatened to launch an indefinite strike from Thursday protesting against the huge losses due to decrease in demand of its fuels.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
When oil prices collapse from $110 to $45, economic agents in India experience a large income windfall.
Railways had earlier hiked the freight rate by 5.7 per cent in April while linking the fuel adjustment component with goods tariff. FAC is linked with fuel and energy prices and calculated accordingly.
No change in retail prices as oil marketing firms to absorb increase
The FIIs' stake in Reliance Industries has increased from 20.22 per cent at the end of the March 2007 quarter to 20.85 per cent at the end of the June 2007 quarter, according to the BSE's shareholding pattern data.
In no case can the UPA government pamper the private oil companies to make windfall profits and at the same time increase the price of petrol and diesel and burden the people further
Prices of both petrol and diesel rose for the first time in over 12 months as oil marketing companies raised rates to make up for rising cost of production. The rupee-dollar exchange rate also played spoilsport. Petrol price was on Monday hiked by 5 paise per litre and diesel by 10 paise a litre.
The domestic car market, which sees sales of almost one diesel car for every petrol car sold, will see demand for diesel-powered cars to hit the roof.
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While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
Air travel became costlier on Tuesday with major Indian carriers hiking fuel surcharge on tickets, ranging from Rs 150 to Rs 250 for domestic travel and $15 (Rs 825) for a one-way international ticket, following an almost eight per cent increase in jet fuel prices.
While the share of diesel vehicles sales in the overall passenger car industry has already fallen sharply, sales of CNG vehicles have shown a compound annual growth rate of 15.5 per cent over the past five years.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
An Empowered Group of Ministers (EGoM) may go with Oil Minister Murli Deora's proposal to free petrol prices from government control, which would trigger a hike of Rs 3.73 a litre, official sources said.
The increase in prices of jet fuel by about nine per cent would put an additional burden of Rs 550 crore (Rs 5.5 billion) on national carrier Indian and the airline has asked the government to consider levying a fuel surcharge on air travel or hiking
Food inflation further eased to 16.04 per cent for the week ended April 24, as arrival of rabi (winter) crops cooled down prices of essential items.
More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
Economists expect the Reserve Bank to hike its key short-term lending and borrowing rates on July 27 to tame rising inflation, which is already in double-digits.
Navratri and Onam saw flat sales, but industry hopes to turn the corner with a cracker of a Diwali.
According to sources privy to the information, default rates have touched 5-6 per cent in the past six months as against the usual 1-2 per cent. Banks and other lending organisations agree that there has been a rise in delinquency rates, but the increase has only become significant during the past one month following the fuel hike. Fuel costs account for about 60 per cent of the total operating expenses of truckers.
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
