The Reserve Bank of India (RBI) has announced a record surplus transfer of Rs 2.87 trillion to the central government for FY26, driven by increased income and an expanded balance sheet, despite a reduction in the contingent risk buffer (CRB) to 6.5 per cent.
The authority has termed it an unfair trade practice under the Consumer Protection Act, 2019, pointing out that only applicable taxes can be added to the price mentioned in the menu.
'Even last year, when India bought gold, the physical quantity was much less than the previous years.'
Public sector oil firms on Tuesday slashed aviation turbine fuel prices by 7.9 per cent in line with fall in international oil prices.
Jet, Kingfisher, SpiceJet in the red during September quarter, despite 20 per cent rise in passenger numbers.
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.
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.
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.
The International Energy Agency (IEA) has proposed immediate demand-side measures, including remote work, lower speed limits, and reduced air travel, to mitigate the impact of a global oil supply shock caused by Middle East disruptions.
Unfazed by ally Trinamool Congress' threat of even withdrawing support, Prime Minister Manmohan Singh today virtually justified the hike in petrol prices, saying there should be further movement towards deregulation of fuel prices.
Public sector oil firms have cut aviation turbine fuel (jet fuel) prices by up to Rs 745 per kilolitre or 1.85 per cent in wake of falling international prices.\n
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
India's manufacturing sector experienced a mild recovery in April, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) rising to 54.7 from 53.9 in March. However, inflationary pressures intensified, with input costs increasing at the fastest pace since August 2022, largely attributed to the Middle East conflict.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
In a relief to Murli Deora, the Election Commission on Tuesday gave him a clean chit, saying the Petroleum Minister did not violate the Model Code of Conduct when he referred to taking a decision on the fuel prices after assembly polls in six states.EC sources said that the Commission looked into the video clippings and found no substance in the complaint made against Deora.Deora came under attack last week for his remarks on fuel prices after the conclusion of assembly polls
FIA is a body of four established domestic private airlines -- Jet Airways, IndiGo, SpiceJet and GoAir.
This would signal the third straight month of contraction.
India's aviation sector is facing fresh turbulence, with rising fuel costs, the Ministry of Civil Aviation's free-seat directive, and geopolitical disruptions in West Asia clouding near-term earnings visibility.
The Indian rupee gained 2 paise to settle at 93.33 against the US dollar, driven by positive sentiment in domestic equity markets and renewed hopes for US-Iran talks, despite rising WPI and CPI inflation.
Markets will look for clear guidance on how the MPC interprets the uncertainty and what it implies for the future course of monetary policy, points out Rajeswari Sengupta.
Ahead of the CCPA meeting, National Conference, a key constituent of the UPA, on Thursday suggested a "balancing act" while taking a decision to hike fuel prices and said the increase should be such that it does not put burden on people.
US President Donald Trump is inclined to reject Iran's latest diplomatic proposal, which suggests restoring maritime traffic through the Strait of Hormuz while deferring nuclear programme concerns, according to CNN. Concerns remain over Iran's nuclear enrichment and internal government fractures.
In a statement issued in Mumbai, Athawale, a Bharatiya Janata Party ally and the Union Minister of State for Social Justice, said that he understands people are getting affected by the rising fuel prices.
Protests were held from coast to coast, with massive marches in major cities and smaller gatherings in suburban and rural areas across both traditionally Republican and Democratic states.
As of now, no firm has launched a flex-fuel vehicle in India, as these models are more expensive than comparable petrol-run vehicles.
The question is whether the clocks allow enough time for two deeply mistrustful sides to get there, and whether the surface calm holds long enough for the paddling to produce something before the ceasefire ends on April 22, notes Prem Panicker in his must read blog on the Iran War.
Reliance Industries Limited (RIL) faced a challenging fourth quarter, with its energy business experiencing significant headwinds, leading to overall muted results and prompting analysts to adjust their outlook, even as consumer segments like Jio and retail demonstrated robust growth.
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
Reliance Industries' digital arm, Jio Platforms, may see its initial public offering (IPO) delayed to the second half of fiscal 2027, according to CreditSights. The delay is primarily attributed to ongoing geopolitical tensions in the Middle East, which could impact market conditions and investor sentiment.
The demonstration was staged at the Alka Talkies Square in the city where the women lit the earthen stove fire using wood and kerosene and offered the tea without milk to the bystanders, even as party workers raised anti-government slogans denouncing the fuel price hike.
'Once the market decides it wants to go up, it goes up -- no amount of bad news can really hold it back.'
Jet fuel prices are about 33% lower than the same period a year ago.
With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy on Tuesday said there is an immediate need to raise fuel prices, but refused to say when the hike will actually take place.
'What exactly is on the prime minister's mind, we do not know. But it feels like the government wants the country to be prepared for unseen challenges ahead.'
Financial services majors Citi and HSBC said the long awaited government decision to hike fuel prices is a positive step, although it will fan the already high inflation and may not prevent fiscal slippage.
India's oil minister Murli Deora said on Saturday that the\ngovernment would consider a downward revision of fuel prices if international crude\nprices came down.
Hitting out at the government, BJP on Wednesday scored a "double century" on price rise and questioned the "silence" of Congress President Sonia Gandhi on the "burning issue".
India's manufacturing sector growth slowed to a four-year low in March, impacted by cost pressures, competition, market uncertainty, and the Middle East conflict, according to the HSBC India Manufacturing PMI.
Several members had moved adjournment motions to raise the issue, but Speaker Meira Kumar said she has not accepted the demand.
In June, the government had decontrolled petrol, causing a hike of Rs 3.5 per litre, and increased diesel prices by Rs 2 a litre, LPG by Rs 35 a cylinder and kerosene by 3 a litre -- amid protests by opposition parties.
