Indian Oil Corporation, the country's largest oil retailing firm, is seeking an increase of Rs 4 per litre and Rs 5 per litre in prices of petrol and diesel to recoup the Rs 489 crore
Petrol and diesel price hike appears to have delayed impact as inflation rose to 4.14 per cent in the week ended July nine mainly due to costlier food and non-food products and minerals.\n
Petroleum ministry has sought an increase of Rs 2.50 per litre in petrol and Rs 1.30 per litre in diesel prices in line with hike in tax rates announced in Budget and asked oil firms to bear the impact of surge in global oil prices.
The ministry is preparing a draft note for consideration of the CCPA on pricing of diesel, kerosene and LPG, official sources said.
Taking on the Bharatiya Janata Party for criticising the United Progressive Allaince government's decision of foreign direct investment in retail and fuel price hike, Congress general secretary Digvijay Singh charged the opposition with adopting double standards over issues when in power and outside it.
The empowered group of ministers on fuel pricing is to meet this week to take a view on the price of diesel.
Admitting that hiking the prices og petrol diesel and LPG was a "difficult" decision, Finance Minister P Chidambaram
The government on Thursday ruled out any rollback in hike in prices of petrol and diesel, saying a number of steps had been taken to contain the burden of increase on consumers.\n\n
The Union Cabinet is likely to review prices of petrol and diesel as crude oil price continue to move northward.
Oil Minister S Jaipal Reddy has written to Finance Minister Pranab Mukherjee demanding a hike in excise duty on diesel cars to make up for subsidised fuel being used in vehicles.
Inflation rises to 11.05 per cent for the week ended June 7, 2008, against 8.75 per cent in the previous week.
The decline in food inflation is mainly because of falling prices of pulses, wheat and potato, according to the official data released on Thursday.
After briefly maintaining prices at par with public sector oil marketing companies following the June 25 price hike, private fuel retailers Essar Oil and Reliance Industries are selling petrol and diesel at a premium of Rs 0.50 to 2.50 per litre in some states.
Leader of Opposition in the Lok Sabha, Sushma Swaraj will court arrest in Bhopal as part of Bharatiya Janata Party's nationwide 'jail bharo' agitation against hike in petrol prices and overall inflation on June 22, it was announced on Tuesday.
Rediff.com brings you a combined update of the effect of Thursday's Bharat bandh, called by the National Democratic Alliance, Left parties and Samajwadi Party to protest against the latest hike in petrol prices, from various parts of the country.
Photographs of how Bharat observed the Bandh, from across the country.
Banks witnessed thin business in the nation's financial capital on Thursday following the nationwide bandh called by NDA and Left parties against the steep hike in petrol prices last week.
UPA ally DMK also opposed the move and demanded withdrawal of the hike.
The unprecedented hike in petrol prices has helped the Left and the Right to make common cause on Thursday for a nationwide protest, described by the Bharatiya Janata Party and its allies as Bharat Bandh and by Left as All India Protest Day.
Petroleum Minister Murli Deora on Tuesday said petrol and diesel prices will not be increased "as of now" even as he began consultations with Finance Minister P Chidambaram on ways of mitigating the spurt in global oil prices.
Aviation turbine fuel to now cost more.
Petroleum Minister Ram Naik on Friday said oil companies will revise prices of domestic LPG only after Finance Minister Jaswant Singh replied to the Budget debate in Lok Sabha on Tuesday next.\n
Petroleum retailers in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad, among other cities, will start supplying Euro-IV compliant auto fuel from April 1.
If crude prices have increased, retail petro product prices should go up.
Police used water canons to disperse a group of Bharatiya Janata Party protesters when they tried to break barricades to march towards Parliament to protest the hike in petrol prices.
Jet fuel prices on Friday were hiked by 2 per cent - the seventh straight increase this year - to an all-time high, reflecting a surge in global energy prices. Aviation turbine fuel (ATF) - the fuel that helps aeroplanes fly - was hiked by Rs 2,258.54 per kilolitre, or 2 per cent, to Rs 1,12,924.83 per kl in the national capital, according to a price notification by state-owned fuel retailers. There was, however, no change in the price of petrol and diesel on Friday.
Samajwadi Party on Thursday accused the Uttar Pradesh government of using dirty drain water to disperse protesting SP workers during the Bharat bandh on Monday.
Petrol, diesel, LPG and kerosene prices are unlikely to be revised immediately as the Congress-led Government, which is yet to assume office
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
The issue of price rise is a worry for every government -- it is a political volcano. But the United Progressive Alliance on Friday steeply hiked the fuel price. Will people react? Or do they remain silent and suffer? Abhishek Mande talks to experts to 'read' the pulse.
In some countries, where distances are greater in cities and public transport functions well, people are switching to public transport more often, 30 per cent Indians sees this also as an option to deal with the hike in fuel prices.
The government must be complimented for finally showing some determination in biting the bullet on petroleum prices. It must now stand its ground and ride the wave of political protests that are bound to be staged by an Opposition waiting to return to relevance.
The government on Friday ruled out an immediate increase in petrol and diesel prices in line with rise in international oil prices.
Supporters of Imran Khan's Pakistan Tehreek-e-Insaf party protest the hike in fuel prices in Pakistan.
Basket of crude up 6%, while rupee has depreciated nearly 14% leading to losses
The company would roll out the BS-VI range of products and an automatic transmission version of its latest car 'Triber' next year.
India, which imports over 80 per cent of its oil needs, spent $87.7 billion on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
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