If the present state of affairs continues, the tourism industry is likely to lose business worth Rs 10-20 crore per week.
Decrying the hike in diesel prices as "unjustified" action, Tamil Nadu Chief Minister J Jayalalithaa on Tuesday demanded its roll back and withdrawal of powers granted to oil companies to regulate fuel prices.
There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission
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 Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
The recent petrol and diesel price hike by the government did not go down well with the common people who expressed their\ndispleasure over this pre-Budget move. The prices were raised by as much as 10 per cent on Wednesday.
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 price will go up Rs 3.73 a litre if the domestic prices are aligned with international rates.
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 movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
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.
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
In four hikes over four days, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.
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.
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.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
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.
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.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
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.
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.
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.
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.
Petrol prices were freed from government control last month, resulting in a Rs 3.50 per litre rate hike in Delhi.
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
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.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
'In all these years of rupee depreciation, of rising oil prices, of inflation caused by import dependence, not one leader had the courage to look the people in the eye and say: Please do this for your country.'
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