Indian Oil Corporation (IOC), the nation's biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
RBI Governor Shaktikanta Das on Friday said that inflation is on a declining trajectory, as it has fallen by 170 basis points from its January 2020 peak. Retail inflation fell to four-month low of 5.91 per cent in March over the previous month, mainly due to easing food prices.
Petroleum Minister Mani Shanker Aiyar will meet Finance Minister P Chidambaram on Tuesday to chalk out the ways and means of mitigating the crisis created by the spurt in crude oil prices.
According to DMK, the voters are already consolidated on ideological lines, hence the impact of anti-incumbency, whether against the BJP Centre or the DMK state may not be too much, notes N Sathiya Moorthy.
It is the seventh reduction in jet fuel rates since August
The prime minister was seen wearing a light blue "sadri" jacket as he sat in the Rajya Sabha in the morning.
In Haridwar, where he performed 'Ganga Aarti' at the famous Har Ki Pauri Ghat, Gandhi said, "We will give you a chief minister who comes to you, listens to your problems and runs the government accordingly."
Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets.
The umbrella body of over 40 farmer unions said at a press conference that two days before the session begins, a "chetavani patra" (warning letter) will be given to all the opposition MPs to protest the laws inside the House.
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.
Yadav also pressed for the caste census which, he said, would be a major issue in the 2024 Lok Sabha polls.
'To summarise, PM Modi's failures in the last nine years can be categorised under 'durniti' (bad policies), 'anyay' (injustice) and - perhaps most importantly - 'badniyat' (ill intention)'
The government's subsidies on food, fertilisers, LPG and kerosene are pegged at Rs 5.96 lakh crore in the current fiscal, over 2.5-fold jump from the initial budget estimates as the Centre distributed additional foodgrains free of cost to help poor mitigate the impact of COVID-19 pandemic. In February 2020 Budget, presented in the pre-COVID scare, the government had estimated the subsidy bill at Rs 227,794 crore. However, all the budget estimates, have undergone major revisions as the country imposed strict lockdown to check the spread of COVID-19.
Several BJP leaders in the past have raised a demand for changing the name of the country from "India" to "Bharat".
Cheque payments will be safer; the limit for contactless card transactions hiked.
Slamming the Bharatiya Janata Party government for spurt in prices of essential commodities during its 45-day rule, Opposition Congress on Monday took potshots at Prime Minister Narendra Modi for riding to power on promise of controlling inflation yet doing nothing on it.
In an era of falling interest rates, major trade unions on Friday pitched for restoring 12 per cent return on small savings schemes
You suffered the pain of walking for miles. But the Modi-Yogi governments acted irresponsibly and turned their faces away and closed their eyes, despite the pain of the people: Sonia
Gandhi was unusually more proactive and practically led the Opposition protest against the rise in the prices of petrol, diesel and LPG cylinders during the Question Hour.
Announcing the start of day-time domestic commercial operations, the Airports Authority of India said on Saturday night that decision on night operations would be taken on Sunday.
In absolute terms, prices will go up by Rs 5,500 to Rs 47,000, depending on the model and prevailing prices.
The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! points out Dr Shreekant Sambrani.
All households are entitled to get 12 cylinders of LPG or liquefied petroleum gas.
Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month.
The Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced. In its August policy, the central bank had estimated inflation to be at 5.7 per cent due to supply side constraints, high crude oil and raw materials cost.
Modi said the country needs to increase domestic output of energy.
Find out how India cooks in this data-driven story.
Petrol price on Friday crossed the Rs 100- per-litre mark in Chennai as well as in some places in Punjab and Kerala after fuel prices were hiked yet again. Petrol is priced at over Rs 99 a litre in Delhi and Kolkata -- the only metro cities which haven't seen the Rs 100 mark yet. Petrol price was hiked by 35 paise per litre on Friday but there was no change in diesel rates, according to a price notification of state-owned fuel retailers.
As oil marketing companies (OMCs) stare at huge under-recoveries, India is facing fuel shortage across the country with states like Rajasthan, Madhya Pradesh, Karnataka Uttarakhand, Gujarat and Haryana being the worst hit. The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources. Government and state-run companies denied reports of any crisis or supply-side issues on the availability of fuel.
The Centre will soon write to the states to bring uniformity in the Value Added Tax on oil products so that benefits of price cuts filter down to the masses.
He also held another meeting with a delegation of civil society organisations as part of his outreach and they expressed their commitment to peace and assured that they would work for restoring normalcy in Manipur.
As one moves towards Vadnagar, local issues such as high prices of cattle feed and inflation becomes louder.
India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
Given that the BJP made all these moves and that these moves were presumably approved by Modi if not directed by him, who should accept the responsibility for the party's rout? asks Aakar Patel.
A major reason for the decline in the consumption of kerosene was an increase in the number of LPG consumers in rural India after the government launched the Pradhan Mantri Ujjwala Yojana. in 2016.
India has a history of jugaad, and retrofitting vehicles is one such manifestation of the legendary Indian skill. Not so long ago autorickshaws and small Marutis used to strap on subsidised LPG cylinders and power themselves to a cheap ride. There were the odd explosions, lives were lost, but the jugaad continued. Then compressed natural gas (CNG) was introduced in Delhi following a court order. Initially, customised CNG kits were fitted to conventional (internal combustion engine or ICE) autos cheaply, enabling commuting at less than half of what you would cough up for diesel. The industry is better organised now with Suzuki and Hyundai designing CNG-fired vehicles, and Mahindra and TVS manufacturing liquefied petroleum gas (LPG)-powered three wheelers.
Opposition parties created an uproar over its demand to hold a discussion on the steep rise in the prices of petrol, diesel and LPG cylinders.
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
