Basket of crude up 6%, while rupee has depreciated nearly 14% leading to losses
Supporters of Imran Khan's Pakistan Tehreek-e-Insaf party protest the hike in fuel prices in Pakistan.
The new model, named M800 Duo will have dual fuel option of petrol as well as LPG, the company said in a statement. The new M800 will be available in two options--M800 Standard with LPG, priced at Rs 2.05 lakh ex-showroom Delhi and M800 AC LPG tagged at Rs 2,26,000.
In the midst of her speech, punctuated by critical comments against the United Progressive Alliance government for hiking petrol prices and also the West Bengal's Left Front government, Mamta swayed and collapsed.
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.
The company would roll out the BS-VI range of products and an automatic transmission version of its latest car 'Triber' next year.
The government last month announced freeing of auto fuel prices from its control, resulting in a Rs 3.50 per litre hike in petrol prices as domestic rates got linked to global movements.
Costlier petrol, diesel and food products pushed up inflation to 4.14 per cent during the week ended June 25 but it was much lower than 6.95 per cent a year ago.
Finance minister Pranab Mukherjee, is also believed to be in favour of decontrolling auto fuel prices to limit the government's subsidy outgo but a decision is unlikely in the next 7-10 days as United Progressive Alliance managers build political consensus on the issue, an oil ministry official said.
Between January 2007 and March 2010 the price of milk rose seven times in Delhi. The story is similar elsewhere in the nation too. In the last one year, prices increased from Rs 17 to Rs 22 a litre. In some cities, like Mumbai, the rise has been steeper.
The quantum of hike had not yet been worked out, but it was likely to be Rs 2 a litre for petrol and Re 1 a litre for diesel.
Quibbling between the Centre and the states on who should provide more relief to consumers on fuel prices intensified with the latter asking the Union Government to give an account of accruals to it from the latest hike in petrol and diesel prices.
Inflation, as measured by the Wholesale Price Index, stood at 8.66 per cent in April.
The WPI inflation currently is ruling around 8.6 per cent. He said the duties like 5 per cent import duty on crude oil was abolished when international crude price touched a record high of $147 a barrel.
Mukesh Ambani-owned Reliance Industries Limited, which closed down fuel pumps in UP last month due to mounting losses, has denied plans of converting the defunct outlets into malls. The company was forced to shut the outlets as the petrol and diesel sold there were costlier by nearly Rs 10 and Rs 6, respectively, vis-a-vis public sector retailers.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
Flaying the Congress-led United Progressive Alliance government at the centre, and holding it responsible for the unabated price rise, BSP leaders made it a point to stress that, "none other than Mayawati can bring down the prices in the country."
With the rupee continuing to remain weak against the US dollar, losses on diesel have climbed to Rs 9.45 per litre, upsetting the government's subsidy maths.
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.
'Will Imran compromise with the army? We are all human beings. We all compromise.'
As soon as the House met at 2 pm, papers were laid on the table and two resolutions adopted amid slogan shouting and protest by Congress members.
Gandhi was unusually more proactive and practically led the Opposition protest against the rise in the prices of petrol, diesel and LPG cylinders during the Question Hour.
More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
Maruti is sticking to this strategy at a time when rival Hyundai is looking to make the most of the monopoly it will have in the compact diesel segment from April 1, 2020, when the BSVI emission norms kick in. The market leader's confidence stems from the rapid shift in favour of petrol in the PV segment. For newer models such as MG Hector and Seltos, nearly 75 per cent bookings are for petrol variants, Kia has 55 per cent from petrol variants. The change in customer preference from diesel variants to petrol has happened quickly over the past few years.
Maruti has improved its sales in the recent past.
The economic growth may have slowed to 3.5 per cent in fourth quarter of 2021-22 from 5.4 per cent in the previous three-month period due to the impact of higher commodity prices on margins, decline in wheat yields and on higher base, Icra Ratings said on Monday. The agency said the hiccups in the recovery of the contact-intensive services attributable to the third wave of Covid-19 in the country may have also affected the economic growth in the quarter. Even the gross value added (GVA) at basic prices (at constant 2011-12 prices) in Q4 FY2022 seems to have eased to 2.7 per cent from 4.7 per cent in Q3 FY2022, it said.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
Every 10 per cent rise in crude oil price will shave off around 0.2 percentage point (pp) from India's GDP growth and widen the current account by 0.3 per cent, says Nomura.
The Maharashtra government has decided to reduce the value added tax (VAT) on petrol and diesel by Rs 5 and Rs 3 per litre respectively, Chief Minister Eknath Shinde said in Mumbai on Thursday.
Slamming the Bharatiya Janata Party government for spurt in prices of essential commodities during its 45-day rule, Opposition Congress on Monday took potshots at Prime Minister Narendra Modi for riding to power on promise of controlling inflation yet doing nothing on it.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
China is slowing down, Europe is barely afloat and the US is meeting a larger chunk of its own demand.
If the current trend continues, diesel will be deregulated in three months.
The World Bank has suggested that cess on petrol and diesel be doubled to Rs 3 per litre to partly generate Rs 100,000 crore (Rs 1,000 billion) needed by 2011 for constructing roads and highways in the country.
In the meeting, which will be held virtually, party leaders will also discuss the current Covid and political situations.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
Sounding a note of caution, the Reserve Bank said on Friday said there is a risk of high wholesale price inflation (WPI) putting pressure on the retail inflation, albeit with a lag. In its annual report, the RBI said that the cost-push pressures from high industrial raw material prices, transportation costs and global logistics, and supply chain bottlenecks continue to impinge on core inflation. "The substantial wedge between wholesale and retail price inflation amidst a sharp rise in manufactured products' inflation poses the risk of a possible passthrough of input cost pressures to retail inflation with a lag, although slack in the economy is muting the pass-through," the central bank noted.
The government is likely to decide this week on a hike of Rs 2 to Rs 3 a litre in the prices of petrol and diesel, but spare kerosene and cooking gas prices from any increase.
The government, however, made it clear entry into classrooms with hijab will not be allowed.
