Costlier fuels, including LPG, pushed up inflation to 5.38 per cent for the week ended December 6 -- the fourth week in a row that saw rising inflation -- even as prices of vegetables, rice and some edible oils declined.
The rising oil prices, growing awareness about environment friendly cars has turned the attention of car manufacturers to alternative fuels like LPG, electric cars and dual fuel cars.
Rural inflation running higher than urban: HSBC
The Maruti WagonR is set its boxy look and sport a new one though the new model will see prices go up.
Petroleum Minister Ram Naik is likely to meet Finance Minister Jaswant Singh on January 30 to seek excise duty cut on petroleum products in view of excessive volatility in international crude oil prices.\n\n\n\n
Public sector oil companies lost Rs 9800 crore (Rs 98 billion) in the first six months of 2004-05 fiscal for selling petroleum products below the import cost, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
In politics, if your objective is only winning elections, just Chanakya neeti might do. For governance you need both, Chanakya neeti and Ram Rajya. You can neither beat up the farmers into submission, nor dismiss them as 'Khalistanis', asserts Shekhar Gupta.
Food inflation, at almost 17 per cent, along with the rise in fuel prices will be a bitter pill for consumers.
The government has raised the security deposit paid by consumers for new LPG connection to Rs 850 per cylinder following higher prices paid by the distributors in procuring cylinders.
State-owned Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are collectively losing Rs 2.65 billion (Rs 265 crore) per day on selling fuel below cost and may end the fiscal with a Rs 874.4 billion (Rs 87,440 crore) revenue loss.
The reading for June WPI inflation was revised to 5.66 percent from 5.43 percent earlier.
The Cabinet Committee on Economic Affairs may consider slashing customs duty on petrol and diesel from 15 per cent to 10 per cent.
In line with the Centre's expectation of a benign price level, inflation fell further to 5.11 per cent in the penultimate week of 2004-05 fiscal, but was higher than 4.53 per cent a year-ago.
Indian Oil Corporation on Tuesday said it may lose over Rs 25,000 crore (Rs 250 billion) in revenues this fiscal on selling fuel below imported cost.
The oil cartel's decision to maintain the production ceiling at its 2016 level, despite the recovery of the world economy, will ensure shortfalls in supply and high oil prices in the foreseeable future, warns Ambassador D P Srivastava.
These are initiatives not commonly seen in economic administration.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
The government has taken a number of steps to stem the depreciation of rupee including moderation in demand of non-essential imports and enhancing supply of capital flows, Finance Minister P Chidambaram said.
Public sector oil firms have seen losses on fuel sale widening to about Rs 170 crore (Rs 1.7 billion) per day on firming international oil prices and may end the fiscal with over Rs 49,000 crore (Rs 490 billion) in revenue loss.
The Shiv Sena has spurned Congress' request to participate in the bandh.
Re-instatement of 5% custom duty on crude imports will help.
Attractive pricing coupled with improving prospects make the offer lucrative
Prime Minister Narendra Modi on Saturday said the target date for achieving 20 per cent ethanol-blending with petrol has been advanced by five years to 2025 to cut pollution and reduce import dependence.
IOC and sister PSUs Bharat Petroleum and Hindustan Petroleum are losing Rs 4.60 on sale of every litre of petrol and Rs 2.33 per litre of diesel currently, IOC director (marketing) G C Dagga told reporters in New Delhi.
The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
In August, wholesale prices rose 3.74 per cent year-on-year.
Petrol, that had in April/May witnessed 11-12 per cent growth in consumption, in fact saw a six per cent fall in demand at 8,02,500 tons in June, oil ministry officials said.
Petroleum Minister Murli Deora is likely to meet Finance Minister P Chidambaram later this week to seek greater compensation for oil companies, who are currently losing about Rs 450 crore (Rs 4.5 billion) a day on fuel sales. Indian Oil, Bharat Petroleum and Hindustan Petroleum are likely to see doubling of revenue loss on sale of petrol, diesel, domestic LPG and PDS kerosene to Rs 150,000 crore. The three fuel retailers together lost Rs 77,304.50 cr on fuel sale in 2007-08.
Based on this settlement, the Supreme Court has disposed of the case on February 20.
Congress on Monday announced a slew of populist measures including sops to farmers, students, unemployed youths, minorities, raising subsidised LPG cylinders from 9 to 12 and constitution of Vidhan Parishad in its manifesto for the Madhya Pradesh assembly elections.
ONGC and Oil India might be hit because of this additional burden which they might have to take because of crude going to $100 per barrel.
'BPCL has always been spoken about as a multinational company though it is State-run... this sets our work culture also apart.'
Diesel prices have cumulatively risen by Rs 10.68 a litre in 17 instalments since January 2013 when the United Progressive Alliance government had decided on the monthly hikes.
Indian Oil Corporation said it is losing Rs 90-100 crore per day on fuel sales as the government has not allowed the company to raise retail prices in line with international rates.
Link between oil exploration and markets can be used by India to great advantage.
Continuing decline in food prices, including vegetables, pulled wholesale price inflation to a five year low of 1.77 per cent in October.
Indian Oil Corporation, the country's largest oil firm, on Wednesday said it is losing about Rs 54 crore (Rs 540 million) every day on sale of petroleum products.
