The price of subsidised cooking gas was on Tuesday hiked by over Rs 2 per cylinder, the sixth increase in rates in five months, while that of jet fuel was raised by a steep 7.3 per cent in step with global trends.
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
Sri Lanka may extend its contract with Indian Oil Corporation for import of diesel and jet fuel during February-April.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
IOC, BPCL and HPCL on Thursday afternoon stopped ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. AI flights from these places were tanking up from other airports.
But demand has shown signs of pick up in the last 10 days of April after the government allowed resumption of economic activity beyond the urban municipal limit.
The cost of non-subsidised LPG -- the one that consumers buy after exhausting their quota of 12 bottles of 14.2-kg at below market price -- has been cut by Rs 100.5 to Rs 637.
Made from Jatropha crop, the fuel has been developed by the CSIR-Indian Institute of Petroleum, Dehradun.
The kerosene subsidy is expected to decline by 40 per cent from Rs 7,595 crore in 2016-17 to Rs 4,500 crore this financial year.
The growth, however, may not indicate a major revival of economic activity.
India, the world's third largest energy consumer, has enough petrol, diesel and cooking gas (LPG) in stock to last way beyond the three-week nationwide lockdown, as all plants and supply locations are fully operational, Indian Oil Corp (IOC) chairman Sanjiv Singh said.an Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite the loss of his father on the day the 21-day lockdown was declared, said there was no shortage of any fuel in the country and customers should not resort to panic booking of LPG refills.
Officials said the oil marketing companies had provided data to the Income Tax department.
It takes 8 hours on a plane from Plymouth, United Kingdom to New York. But 16-year-old Greta Thunberg took 15 days to reach the Big Apple as she hitched a ride on a zero-emissions yacht, making the entire trip without leaving a carbon footprint.
Aviation turbine fuel to now cost more.
In Mumbai, jet fuel costs Rs 71,940.36 per kl as against Rs 73,306.89 per kl previously, IOC said.
Banking services, insurance premium and investment management are likely to cost more.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Stocks and sectors impacted most by GST.
The company's multi-modal, $200-million Pune manufacturing plant is expected to go on stream by mid-2014.
Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
In five monthly reduction, non-domestic LPG rates have been slashed by Rs 170.5 per cylinder, bringing the price at three-year lows.
Air fares to go up as ATF price is hiked by 8.2%.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Companies write off investments, shed assets as initial projections go haywire
The US President said his Administration has invested in clean energy.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
It is the seventh reduction in jet fuel rates since August
The public has benefited from this decline in crude oil, which has translated into lower prices of petrol and diesel.
'The large scale and widespread shrinking of the labour force in November, the peaking of unemployment in October and the fall in lead indicators in October and November point towards a worsening of the slowdown of the Indian economy in the third quarter of 2019-20,' says Mahesh Vyas.
India's enemies be warned: The Rafale deal will bring a sea change in India's defence preparedness.
Indian state's generosity is not restricted to its poorest citizens.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
Auto stocks Hero MotoCorp and Mahindra & Mahindra gained 1-2 per cent on the back of strong sales in the month of September.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
It is a multi-faceted car which can be enjoyed on the racetrack, for daily use and even on the long highway trips.
Axis Bank emerged as the biggest gainer in the Sensex pack, surging 6.62 per cent, followed by SBI at 5.88 per cent.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
Sensex, Nifty slightly upbeat, midcaps to rule markets this week.
