The jet fuel rate will go up by Rs 104 per kilolitre in Delhi to Rs 32,303, an IOC official said. The increase comes on the back of a 1.8 per cent hike in rates on May 16. On May 1, state-run oil firms marginally reduced the price by one per cent, which had brought the rates in Delhi down to Rs 31,614.51 per kl. In Mumbai, home to the nation's busiest airport, the rate will go up from Rs 33,138 per kl to Rs 33,261 per kl.
India's services sector growth slowed in March, reaching a 14-month low, according to the HSBC India Services PMI. The slowdown reflects weaker new business intakes and rising input costs, particularly in fuel, transport, and logistics.
'It would be similar to what happened during COVID-19.' 'They are not just losing income, but being pushed into distress.'
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
West Bengal Chief Minister Mamata Banerjee on Friday opposed the fresh hike in fuel prices, saying it will put the common man in great difficulty.
Responding to concerns raised by Leader of the Opposition Rahul Gandhi in the Lok Sabha, Petroleum Minister Hardeep Puri said it is the foremost priority of the government that the kitchens of over 33 crore families, especially the poor and the underprivileged, do not face any shortage of gas.
India has raised concerns with Iran over the safety of merchant shipping after two vessels were fired upon in the Strait of Hormuz, prompting them to turn back.
The recurrent increases in fuel prices over the past 10 days are eating into the margins of transporters, who will be forced to pass on the hikes to their customers. This, in turn, is set to make the prices of daily consumables and other goods dearer, affect consumption, and slow economic growth, said transporters and analysts. Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT).
'India's ties with Israel have to do with defence and general technology.' 'The war changes nothing in what India and Israel hope to get from the relationship.' 'It's not as though India will get significantly more benefits from Iran if India abandons Israel at this time.'
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
'Mobius made EMs investable and India his most enduring belief.'
Reliance Industries is expected to report largely flat performance for its fourth quarter (January-March, Q4) of FY26, with weakness in the oil-to-chemicals (O2C) business and muted retail growth likely to offset steady gains in the telecommunications segment.
Gold and silver prices experienced a significant drop in the national capital due to a global selloff driven by inflation concerns, central bank policies, and geopolitical tensions.
According to police, CPI-M legislator K Bhimrao and other party supporters were arrested from Guindy railway station in Chennai.
IOC and other state retailers had on September 16 raised jet fuel price by 2.5 per cent.
US Vice President J D Vance stated that while progress was made during peace talks in Islamabad, it is now up to Iran to further the discussions and address US concerns regarding its nuclear ambitions.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
Karex, the Malaysian company that makes roughly one in five of the world's condoms -- about five billion a year, supplying Durex and Trojan among others -- announced this week that it is raising prices by up to 30 percent. The reason is the Strait of Hormuz.
It constitutes over 40 per cent of an airline's operating costs.
Domestic jet fuel prices are up 7%, but are still 14% lower on a y-o-y basis. While lower fuel prices have brought respite to airlines, their non-fuel costs are rising because of rupee depreciation
Revive growth by taxing fuels less and lowering interest for productive loans.
What could be more uncertain than Virat Kohli's agonising wait for a century for over two years? Perhaps it's what you will pay tomorrow morning to fill your vehicle's tank. Pump prices have joined cricket scores as the country's favourite discussion topic. Steep increases invite widespread protests, while moderate additions make the government anti-reformist. The ongoing fuel price conundrum is no different.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
India has denied making any payments to Iran to secure safe passage for its vessels through the Strait of Hormuz, following reports that Indian vessels were fired upon in the region.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday said that he favoured a hike in the fuel prices to offset the increase in international crude prices. "The only viable strategy is to pass on the subsidy (oil) burden to the consumers, while providing targeted subsidy to the needy. And if we do not do it, investments in social sectors will be affected," he said.
On October 31, the government exempted jet fuel from 5 per cent import duty. Indian Oil, Bharat Petroleum and Hindustan Petroleum cut jet fuel or aviation turbine fuel price from November 1 in Delhi by Rs 9,429.87 per kl to Rs 47,017.93 per kl, in line with fall in international oil prices.
As of now, no firm has launched a flex-fuel vehicle in India, as these models are more expensive than comparable petrol-run vehicles.
Earlier on Wednesday, an expert group, headed by former Planning Commission member Kirit Parikh, suggested freeing of fuel prices.
ATF in Delhi will cost Rs 56,324.79 per kilolitre, an increase of Rs 77.93 per litre or 0.13 per cent, from Rs 56,246.86 per kl, an official of the Indian Oil Corporation, the nation's largest fuel retailer said.
Gold prices experienced a significant drop in futures trading due to global selloff, inflation concerns, and a strong US dollar. Analysts predict a continued downward trend amid geopolitical tensions and potential rate hikes.
Hike comes on back of a massive 6.14 per cent increase in rates effective from March 16 in line with rising crude oil prices.
The cost of the war is being counted not in the corridors of power in Washington or Tehran, but in Firozabad's darkened furnace rooms, Howrah's idle casting sheds, and a barbershop in Kochi where the wait is suddenly, inexplicably, an hour long, notes Prem Panicker in his must read blog on the Iran War.
The government has suspended its directive requiring airlines to offer at least 60% of seats on flights without additional charges, following industry concerns about the impact on fares and pricing structures.
ATF price in Delhi has been raised to Rs 53,309.30 per kilolitre from Rs 47,048.86 per kilolitre, an Indian Oil Corporation, the nation's largest fuel retailer, said. In Mumbai, the price rose by Rs 6,536.35 a kilolitre to Rs 55,191.58 per kilolitre.
The Congress took out marches and observed bandh at several places on Saturday to protest against rising fuel prices.
The Bharatiya Janata Party-led NDA and Left Parties, including the CPI-M and CPI, have organised a 'Bharat Bandh' on Monday to protest against rising inflation and the hike in prices of petrol, diesel and cooking gas.
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