Faced with opposition from within the ruling coalition, the government has put-off till at least next week a decision on raising fuel prices that have been necessitated due to crude nearing $100 a barrel globally. The petroleum ministry has planned to take to the Cabinet this week a proposal to either marginally raise petrol and diesel prices or cut duties to offset the impact of raising international oil prices but the proposal is not being pursued this week.
She charged the government with profiteering at the expense of the people, saying its duty was to help them in times of crisis and not make profits out of their hard-earned money.
India could save $1 billion in crude oil imports annually if the country switches 10 per cent of its diesel usage in the transport sector to liquefied natural gas.
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
Retail inflation inched up to 0.71 per cent in November on rising prices of vegetables, protein-rich items, and fuel, government data showed on Friday. The consumer price index (CPI)-based retail inflation had fallen to a record low of 0.25 per cent in October, mainly due to lower prices helped by GST rate cuts and a favourable base.
When asked if it would not be good for farmers as they would be rid of an anti-farmer government, CPI general secretary A B Bardhan said that the farmers would continue to die as there would be nobody to save them.
The Central government is stuck between the devil and the deep blue sea as far as the runaway fuel prices are concerned.
Within a day of the announcement of the increase in fuel prices by Union government, the electronic-bike manufacturers have witnessed record sales in their bikes and received lot of enquiries for setting up dealers network across the country. "Hike in petrol prices is a positive development for the e-bike industry and we expect it will boost the sales of battery driven bikes by at least 5-10 per cent," Avon Cycles Senior Manager (Marketing), U S Dubey said.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
The next review to raise rates rates in slated in December.
The Kremlin has stated that India is free to purchase oil from any country, dismissing claims that India agreed to reduce Russian oil imports. Russia maintains that energy trade with India benefits both nations and contributes to international energy market stability.
The Election Commission on Wednesday issued notice to Petroleum Minister Murli Deora for his remarks on effecting a fuel price cut after the conclusion of assembly elections next month. The opposition Bharatiya Janata Party had approached Chief Election Commissioner N Gopalaswami over the issue contending that the announcement amounted to violation of the Model Code of Conduct enforced by the commission.
The demonstration was staged at the Alka Talkies Square in Pune 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.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
The Rajya Sabha was adjourned twice while the opposition parties staged a walkout in Lok Sabha on Tuesday, voicing their protest against the increase in the prices of petrol, diesel and cooking gas LPG.
The rates are hikes by almost 8 per cent.
India's ailing aviation sector can finally hope to get some relief. The Union Minister of Civil Aviation, Praful Patel has announced that a Group of Ministers (GoM) has been formed to look into the issues faced by the aviation sector.
Wholesale price inflation (WPI) stayed in negative territory for the second consecutive month at (-) 0.58 per cent in July, as prices of food articles and fuel saw deflation, even though prices of manufactured items increased, government data showed on Thursday.
The core dilemma remains: Why provide further stimulus to an economy that is already booming at an 8 per cent growth rate? asks Rajeswari Sengupta.
ATF price in Delhi has been raised by Rs 272.77 to Rs 42,452.02 per kilolitre, an Indian Oil official said.
The fall in international oil prices has resulted in handsome margins for state-owned firms on petrol and diesel sales, but not all of it would be reflected in the cut in the retail selling price, as Finance Ministry wants to take away some of the gain by raising excise duty.
Dominic Xavier offers his take on the Petrol and diesel prices which surged to highest levels in seven years on Tuesday.
In December 2010, the price of the fuel in Delhi was Rs 45,240 a kilolitre.
Mukherjee presented the Union Budget in the Parliament on Friday.
The carrier's total income rose over 28 per cent to Rs 8,229.4 crore in the three months ended December 2018.
"My understanding is that the rules are weighted in favour of big cars, even though smaller cars emit fewer emissions per passenger, use less material, and consume less fuel," Bhargava said in an interview with Business Standard.
The airline industry remained largely undecided on the exact quantum of increase in fares following the hike in ATF prices. Industry sources, however, said the prices might increase by Rs 150 for short haul routes and Rs 300 for long haul routes.
'In India's competitive automotive market, staying relevant means continuously raising the bar.'
People in Iran have taken to the streets as daily life has become increasingly difficult. Rising prices of food, fuel and basic necessities, job scarcity, and the falling value of money have fuelled wider anger and anti-government unrest in the capital Tehran and other Iranian cities.
After natural gas prices, the government looks set to bite the bullet on auto fuel prices, with a panel of ministers scheduled to meet on June 7 to decide on freeing petrol and diesel prices.
The best way for India to prepare is by preserving and strengthening the RBI's hard-won credibility, point out Rajeswari Sengupta and Vaishali Garga.
Edtech unicorn PhysicsWallah on Thursday fixed a price band of Rs 103-109 per share for its upcoming initial public offering (IPO), aiming for a valuation of over Rs 31,500 crore at the upper end. The company's Rs 3,480-crore maiden public offering will open on November 11 and conclude on November 13 and anchor investors will be allocated shares on November 10, according to its public announcement.
India's decision to import LPG from the US helps it to diversify sources as it reduces almost full reliance on West Asian countries for supply of the country's primary cooking fuel.
Maruti Suzuki, Hyundai, Mahindra and Toyota reported low single-digit sales growth for the month owing to weak market sentiment
Wholesale price inflation (WPI) returned to the positive zone after two months at 0.52 per cent in August, as prices of food articles and manufactured items inched up, government data showed on Monday. WPI-based inflation was (-) 0.58 and (-) 0.19 per cent in July and June, respectively.
Gandhi said the one paisa cut in petrol rates was not a "suitable response" to the fuel challenge he threw to the prime minister a few days ago.
If crude prices have increased, retail petro product prices should go up.
Wholesale price inflation (WPI) came in at (-) 0.32 per cent in November, driven by an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday.
Deloitte India on Thursday projected India's economy to grow 6.7-6.9 per cent in the current fiscal amid buoyant demand and policy reforms. Indian economy grew 7.8 per cent in the April-June quarter of current fiscal.
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