A foreign brokerage warns that sustained crude oil prices above USD 100 per barrel could push India's inflation above the RBI's tolerance level, potentially triggering interest rate hikes.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise by this weekend.
Petrol would cost Rs 33.49 per litre in Delhi while diesel Rs 22.12 per litre.
The Trinamool Congress has launched a sharp attack on the Narendra Modi government over rising fuel prices, economic concerns, and exam irregularities, accusing the Centre of betraying citizens.
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
The campaign for elections to 51 urban local bodies, including four municipal corporations in Himachal Pradesh, concluded on Friday, with key issues including infrastructure, tourism, and fuel prices taking centre stage.
In four hikes over four days, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
Notwithstanding the demand of the Left parties, Petroleum Minister Mani Shanker Iyar on Friday asserted that there would be "no rollback" of the hike in petro products prices.
Cooking gas LPG price on Wednesday was hiked by Rs 15 per cylinder in line with a surge in international fuel prices. Rates of both subsidised and non-subsidised LPG prices were hiked, oil company officials said. Cooking gas now costs Rs 899.50 per cylinder in Delhi.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
The Indian government has increased the export duty, or windfall tax, on diesel to Rs 55.5 per litre and on aviation fuel (ATF) to Rs 42 a litre, effective immediately, to boost domestic availability and prevent exporters from exploiting global price differences.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
The GoM meet on fuel price hike remained inconclusive. The ministers evaluated various options of fuel hike but failed to arrive on a decision.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
Petrol price has been cut by Rs 3.05 a litre.
Trinamool Congress leader Abhishek Banerjee alleges the BJP-led government may increase fuel prices after the West Bengal assembly elections, accusing them of neglecting the common man and withholding funds from the state.
The proposed price increase, the first in 18 months, is likely to be in the range of Rs 2 per litre for petrol and Re 1 per litre for diesel, senior petroleum ministry officials said.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
BJP leader Mithun Chakraborty has criticised the West Bengal government over high fuel taxes and alleged security lapses, particularly concerning women's safety and border control.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each, taking the total increase in rates in the last two weeks to Rs 9.20 per litre. Petrol in Delhi will now cost Rs 104.61 per litre as against Rs 103.81 previously, while diesel rates have gone up from Rs 95.07 per litre to Rs 95.87, according to a price notification of state fuel retailers.
This is the time for India to plan forward fully, with the goal of Atmanirbharata, and energy security. The Persian Gulf is no longer a reliable source, points out Rajeev Srinivasan.
India's wholesale price inflation surged to 3.88 per cent in March, marking the fifth consecutive monthly increase, primarily driven by a sharp rise in crude petroleum, natural gas, and manufactured items amidst the West Asia crisis.
The government on Thursday hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers.
Trinamool Congress leader Abhishek Banerjee has warned of a significant increase in cooking gas and fuel prices by the BJP-led central government following the West Bengal assembly elections. He accused the BJP of neglecting the fuel crisis and challenged them to pledge no price hikes for the next five years.
The government has no plans to raise fuel prices in the immediate future and will take a decision in this regard at an "appropriate time", Petroleum Minister Murli Deora said on Tuesday. "An appropriate decision on fuel price will be taken at an appropriate time," Deora said at the Economic Editors' Conference in New Delhi.
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
Petrol prices were freed from government control last month, resulting in a Rs 3.50 per litre rate hike in Delhi.
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
Petrol price will go up by Rs 3.18 per litre, diesel by Rs 3.09.
The Left-leaning trade union CITU on Tuesday condemned the high-powered B K Chaturvedi Committee's call for raising fuel prices every month till they are in line with costs saying the panels' report should be outrightly rejected.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.
Let's see what the Indian car market has to offer in the diesel car section.
