Petrol price on Tuesday crossed Rs 99 a litre mark in Mumbai after oil companies raised petrol and diesel rates on surge in international oil prices. Petrol price was increased by 27 paise per litre and diesel by 29 paise, according to a price notification of state-owned fuel retailers. The hike - tenth this month - pushed petrol and diesel prices to an all-time high across the country. In Delhi, petrol rates climbed to Rs 92.85 a litre and diesel rose to Rs 83.51.
The government has allowed oil companies to raise diesel price by 50 paise a litre per month; bulk users to be charged market price.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
The Congress core group is meeting later in the evening where the implementation of Kirit Parikh Committee report on fuel pricing reforms may be discussed.
The government on Wednesday broadly hinted about a hike in petrol and diesel prices, saying although it has kept retail prices unchanged it cannot do so for long given the rise in crude oil rates.
State-run oil companies on Monday increased prices of diesel and petrol by Re 1 per litre each.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
The government ruled out any major jump in petrol and diesel prices after the elections, but said a review to bring the domestic prices in line with the raw material cost will be done by the new government.
State-owned oil firms are losing Rs 1.32 a litre on petrol as international oil rates have firmed up during the last two weeks.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
Minister of State for Food and Public Distribution Kantilal Bhuria told the Lok Sabha in a written reply that there was no immediate impact of the hike in petrol and diesel prices on essential commodities. Impact of some of the factors, including hike in prices of petrol and diesel could be felt only with a time-lag. While price of rice went up, prices of wheat, atta, chana dal, tur dal, sugar, mustard oil, vanaspati, milk & onion did not rise during the period under review.
There has been a marginal dip in the petrol prices.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
The government may not revise petrol and diesel prices on April 1 as Petroleum Minister Mani Shankar Aiyar, who has piloted a note on the issue for discussion in the Cabinet, will be out of the country at the next due date for revision in fuel prices
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
The government's decision to pass on the rise in oil prices to consumers not only inflates their petrol and diesel bills, it also fuels concerns over a possible economic recession, analysts said.
Angry over the 'steep hike' in fuel prices, the United Progressive Alliance's Left allieson Wednesday demanded a review of the decision as it announced a week-long nationwide agitation to protest the "unjustified burden" imposed on the common man.
PSUs to wait and watch, IndianOil says losing Rs 1.37 on every litre of petrol.
Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of $140 per barrel. West Texas Intermediate crude futures, the US oil benchmark, rose to $130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of $139.13 at one point overnight, also its highest since July 2008.
Petrol price on Friday scaled to Rs 102 per litre in some parts of Rajasthan and Madhya Pradesh after rates were raised for the fourth straight day after ending more than two-week-long hiatus during assembly elections in states like West Bengal. On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers. This took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73.
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
Jet fuel (ATF) price on Tuesday was hiked by 4.2 per cent but that of commercial LPG used in non-residential establishments such as hotels and restaurants was cut by Rs 115.5 per 19-kg cylinder reflecting global energy trends. Aviation turbine fuel (ATF) price was hiked by Rs 4,842.37 per kilolitre, or 4.19 per cent, to Rs 120,362.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. This reverses a 4.5 per cent cut in jet fuel prices affected last month.
With the government not continuing with lower excise duty beyond December 31, major car makers, including Maruti Suzuki, Hyundai, GM India and Honda have raised vehicle prices by up to Rs 127,000.
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
The government on Monday ruled out any immediate increase in petrol and diesel prices despite a spurt in international crude oil prices.
Though the international crude prices were going up, the United Progressive Alliance government's approach was that the subsidy on petroleum products should continue as in the case of food and fertilisers.
Amid the crisis in Libya, increase in fuel prices would become 'inevitable' if crude oil remains at $100 per barrel, Prime Minister's Economic Advisory Council chairman C Rangarajan said on Monday.
The government on Tuesday ruled out any rollback of last month's increase in prices of petrol, diesel and LPG, and said a policy for pricing of major petroleum products was under review.
With the government giving limited freedom to state-run oil companies to fix auto fuel prices within a narrow price band, petrol prices are set to go up by Rs 0.57 per litre and diesel by Rs 0.92 per litre from August 1.
In June, the government had decontrolled petrol, causing a hike of Rs 3.5 per litre, and increased diesel prices by Rs 2 a litre, LPG by Rs 35 a cylinder and kerosene by 3 a litre -- amid protests by opposition parties.
Amid a spate of government proposals at its door, the Election Commission has asked all Union government departments to route their proposals through the Cabinet Secretariat.
From the November 2014 price of $106 per barrel crude oil prices dipped to as low as $26 per barrel in January 2016 and remained flat for much of the year. Did the fuel prices reflect that?
The price of diesel in Delhi will be hiked by 57 paise.
The nationwide strike on Tuesday called by the Left parties against the hike in petrol and diesel prices evoked a mixed response with it getting unruly in some parts of the country.
The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.
Most of the participants in our poll believed that the hike in petroleum product prices is a positive trigger for companies.
Against the backdrop of the Trinamool Congress' threat to pull out of United Progressive Alliance over the petrol price rise, Nationalist Congress Party chief Sharad Pawar on Sunday backed the government on the issue.
The Left on Friday said it was not averse to a hike in petrol and diesel prices, which have been necessitated due to surge in crude oil prices
Petrol and diesel prices were raised for the second day in a row on Wednesday as state-owned fuel retailers resumed daily rate revision after a more than two-week long hiatus during assembly elections in states like West Bengal. Petrol price was increase ford by 19 paise per litre and diesel by 21 paise a litre, according to a price notification of state-owned fuel retailers. Petrol in the national capital now costs Rs 90.74 a litre and diesel comes for Rs 81.12 per litre.
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