The Union Cabinet is believed to have approved a 'moderate' increase in the price of petrol and diesel in view of the surge in international crude prices.
New prices are effective tonight.
Oil companies have welcomed the hike in petrol and diesel as it will help them cut losses on sale of fuel.
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
The Congress government had always tried to deal blow to poors, the Bihar Chief Minister said, adding the price of petrol would also increase inflation and it will add to the people's misery.
With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy said on Tuesday there was an immediate need to raise fuel prices.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
Uttar Pradesh Chief Minister Mayawati on Tuesday staged a statewide protest against the steep hike in petrol prices announced by the Congress-led United Progressive Alliance-l government.
The price of petrol was on Saturday hiked by a steep Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against United States dollar made imports costlier.
The Prime Minister-appointed B K Chaturvedi panel is believed to have suggested raising fuel prices every month to bring them at par with production cost and has sought imposition of a 'Super Profit Tax' on oil fields awarded before 1999.
India has significantly reduced Aviation Turbine Fuel (ATF) prices for international airlines by 27% due to easing global fuel benchmarks, while simultaneously increasing commercial LPG and 5-kg cylinder prices to record highs.
As the government announced a Rs 7.50 per litre hike in petrol price from midnight, anger was written on the faces of many people.
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
The ministry, however, clarified that there was no change in the prices of kerosene and LPG.
Trinamool Congress will not remain in the United Progressive Alliance government if prices of petro products are hiked again, party chief Mamata Banerjee said on Tuesday.
The new prices are effective from Sunday midnight.
The Left parties on Friday asked Prime Minister Manmohan Singh for a rollback in petroleum prices and said the Budget should conform with the Common Minimum Programme.
Passenger vehicle sales in India are estimated to have surged by nearly 25 per cent in June 2024, reaching approximately 4 lakh units, with Maruti Suzuki, Tata Motors PV, and Mahindra & Mahindra leading the growth, despite concerns over geopolitical tensions and monsoon impact.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
Asked if petrol and diesel prices would be raised on October 15, the next due date for auto fuel price revision, Aiyar said: "Only God knows and the prime minister know."
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
After two days of lull, petrol and diesel prices on Thursday were again hiked by 35 paise per litre, sending retail pump prices to their highest ever level across the country.
Petrol price has been hiked by Rs 1.63 per litre, excluding VAT, with effect from midnight tonight.
In five hikes, petrol price has gone up by Rs 2.74 per litre and diesel by Rs 2.83.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
Public sector oil marketing company Indian Oil Corporation (IOC) will raise prices of petrol by 27 paise a litre, - for the first time since decontrolling petrol prices.
Petrol and diesel prices were on Monday hiked by 40 paise a litre each, taking the total increase in rates in the last two weeks to Rs 8.40 per litre. Petrol in Delhi will now cost Rs 103.81 per litre as against Rs 103.41 previously, while diesel rates have gone up from Rs 94.67 per litre to Rs 95.07, according to a price notification of state fuel retailers.
State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil).
Petrol price in Delhi was hiked to Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19, according to a price notification from State oil marketing companies. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Petrol price on Thursday crossed the Rs 100-a-litre mark in Thane district of Maharashtra, while it was hovering a tad below that level in Mumbai, after fuel prices were raised again.
Sources say that this is a part of the government's efforts to mitigate the spurt in global oil prices.
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
India's consumption stocks, which have outperformed the broader market, are now facing significant pressure due to a gradual rise in fuel prices and the potential for higher inflation. Analysts warn that companies may be forced to pass on increased input costs to consumers, potentially hurting demand across both staples and discretionary categories, with a looming threat of deficient monsoon rainfall further exacerbating inflationary concerns.
Oil firms had last revised petrol prices on December 1.
A hike in the prices of petrol and diesel is unlikely before June 15 as the Congress-led government does not want a showdown with its allies in the first session of Parliament beginning June 2.
The hike, effective Monday midnight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.
Prime Minister Manmohan Singh ruled out any rollback in hike in petrol and diesel prices, saying the economy has the capacity to absorb the increase without triggering an inflationary spiral. Singh also made it clear that following populist fiscal policies for long harmed the economy, two days after key United Pogressive Alliance allies Trinamool Congress and Dravida Munnetra Kazhagam made a strong pitch for the rollback.
