Finance Minister P Chidambaram and Petroleum Minister Mani Shankar Aiyar may soon meet Prime Minister Manmohan Singh to decide on fuel pricing in the wake of spiraling international oil prices.
State oil companies have raised aviation turbine fuel (or jet fuel) prices by 2.86 per cent in line with rising international oil prices.
The Rajya Sabha witnessed a heated debate between the opposition and the government regarding a discussion on the West Asia crisis, with accusations of political maneuvering and failure to uphold the dignity of parliamentary positions.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
Parliament failed to transact any business on Monday as the Opposition members created uproar over hike in fuel prices and demanded immediate rollback.
A Group of Ministers is likely to consider this week a marginal hike in petrol and diesel prices and a cut in excise duty on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms incur every month.
The Indian rupee weakened against the US dollar due to rising crude oil prices, geopolitical tensions in the Middle East, and foreign fund outflows.
The meeting of the group of ministers on fuel prices scheduled for Saturday has been put off, even as the core group of UPA alliance is likely to meet on Monday morning and may discuss the issue. External Affairs Minister Pranab Mukherjee, who heads the GoM on fuel prices, had on January 17 indicated a meeting at 1700 hours today for re-convening the inconclusive GoM meet of that day.
A source said on Tuesday that 'petroleum ministry is likely to propose deregulation of petrol prices and gradual phasing out of subsidies on diesel to ease burden on public sector oil marketing companies' -- indicating a possible hike of Rs 3 per litre in petrol rates.
India's power demand rose 4.5 per cent year-on-year (Y-o-Y) to 143 billion units (BUs) in January, marking the highest consumption for the month since 2010, primarily on the back of severe cold wave conditions across northern and eastern regions of the country.
A neutral monetary policy stance, heavy government borrowing, and issuers adjusting to a higher-for-longer yield environment have set the stage for a largely stable corporate bond market in 2026.
US Energy Secretary Chris Wright said that long-term oil supplies are 'abundant' and there are no worries regarding that, but in the short term, there is a need to get oil on the market.
Let us start with ourselves. If we can reduce our LPG consumption by half, the problem is solved. Reduce wastage. Alter eating styles. Diversify methods of food preparation, suggests Vice Admiral Biswajit Dasgupta (retd).
The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
The 'rescue' operation occurred within kilometres of Iran's underground tunnel complex at Isfahan, assessed by the IAEA and US intelligence as holding a substantial portion of the country's 60 per cent enriched uranium stockpile. Retired senior US military officers have highlighted that the mission's footprint -- hundreds of special operators, multiple heavy-lift aircraft deep inside Iran -- appears outsized for recovering a single airman. Prem Panicker continues his must read blog on the Iran War.
By all available indications, the White House drafted a face-saving note and handed it, ready-made, to Islamabad. Pakistani Prime Minister Shehbaz Sharif was supposed to then post it in the guise of a plea urging Trump to extend the deadline by two weeks 'to allow diplomacy to run its course'. Trump would then graciously accept Pakistan's 'request' and declare a ceasefire. Sharif dutifully posted the message on X. Except that he, or whoever was handling the account, forgot to delete the tell-tale first line visible in the edit history: 'Draft - Pakistan's PM Message on X'. Prem Panicker's must read blog on the Iran War.
Petrol is currently sold at a loss of Rs 6.68 per litre and diesel at Rs 5.81 per litre. Naik said the Vajpayee government had given Navratna oil firms the freedom to decide fuel prices.
This may come as a surprise to many. Retail price inflation in petrol was the lowest at 10.21 per cent in March since November 2020. In diesel, it scraped the bottom of the barrel at 5.19 per cent in the last month of 2021-22 since February 2020. Even liquefied petroleum gas (LPG) was at a nine-month low of 9.97 per cent in the month.
Domestic airlines may soon be able to hedge their risk of jet fuel prices. The government is considering a proposal to allow Indian carriers to hedge the price risk of aviation turbine fuel purchased from oil marketing companies in the country.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
Foreign portfolio investors (FPIs) infused Rs 22,615 crore into Indian equities in February, marking the highest monthly inflow in 17 months, driven by factors such as the interim India-US trade deal, correction in domestic market valuations, and strong corporate earnings.
Petroleum Minister Murli Deora on Monday hinted at a hike in fuel prices, asserting that a final call on it would be taken by the Group of Ministers in the meeting to be held in New Delhi on June 7.
The Maharashtra municipal elections showed a troubling shift, where votes were traded for cash, convictions no longer mattered, and ideology became an afterthought, observes Ramesh Menon.
The delegations from the US and Iran head to Islamabad on Friday, carrying a ceasefire that is already fraying, a Strait that is technically open and practically closed, and a negotiating agenda that would challenge even parties actually negotiating in good faith, which these groups are not. Prem Panicker continues his must read blog on the Iran War.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
Both Houses met for the first time in the second part of Budget Session and saw repeated adjournments as the Opposition continued protests.
Crude prices are hovering near $100 a barrel level after hitting a six-month low of $98 on Thursday. Petroleum Secretary R S Pandey said that crude prices are expected to fall even further.
Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
A core group of ministers on Wednesday held inconclusive deliberations on a proposal to raise fuel prices, necessitated by a spike in global crude prices that threatens to spawn an oil import crisis.
The ministerial group is to look into pricing of some essential commodities, including petrol, diesel, domestic cooking gas and PDS kerosene. The GoM also includes Defence Minister A K Antony, Finance Minister P Chidambaram, Railway Minister Lalu Prasad, Road Transport, Highways and Shipping Minister T R Baalu and Consumer Affairs Minister Sharad Pawar.
SpiceJet COO says ATF price cut is need of the hour.
Jet, Kingfisher, SpiceJet in the red during September quarter, despite 20 per cent rise in passenger numbers.
Public sector oil firms on Tuesday slashed aviation turbine fuel prices by 7.9 per cent in line with fall in international oil prices.
Lower crude oil prices are expected to bring down jet fuel rates by 10 per cent in September, but passengers are unlikely to get the benefit as airlines are reluctant to reduce their fares.
International oil prices have been hovering at that level for a while and have prompted the government to think of another round of price reduction. Petroleum minister Murli Deora had said in Mumbai on Saturday that petrol, diesel and LPG (cooking gas) prices could be reduced by Rs 5 a litre, Rs 3 a litre and Rs 25 a cylinder, respectively.
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