The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Heightened geopolitical uncertainties will lead the Reserve Bank's rate-setting panel to opt for a status quo at the next week's meeting, Axis Bank's chief economist Saugata Bhattacharya said on Monday. Bhattacharya said he had earlier expected a tightening action at the policy meet scheduled for April 6-8 but the increased uncertainties on the geopolitical front due to the Russian invasion of Ukraine and its impact on commodity prices makes him now think that RBI will defer such an action. He said the central bank's Monetary Policy Committee (MPC) may hike rates in the second half of FY23 by up to 0.50 per cent.
Diesel prices are raised every month by up to 50 paise per litre to trim the losses. Rates were last raised on August 1 after which losses had dipped to Rs 1.33.
Diesel prices have cumulatively risen by Rs 10.68 a litre in 17 instalments since January 2013 when the United Progressive Alliance government had decided on the monthly hikes.
The government has partially deregulated diesel price allowing a hike of 40-50 paise a litre per month for retail customers and nearly Rs 11 for bulk consumers, a step that is feared will have a cascading effect on inflation.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
Irked by angry reactions to his Facebook post on 'World UFO Day' on Wednesday, Finance Minister Arun Jaitley withdrew the message within hours.
Increase in taxes on luxury cars will not have any effect on the demand
Hyundai Motor India expects its SUV range to gain further traction in the domestic market with demand for personal mobility gaining momentum post the second wave of COVID-19, according to a senior company official. The company, which already leads the SUV space with models like Venue, Creta, Tucson and recently launched Alcazar, is looking to maintain its lead in the segment which is growing with each passing month.
The price of the Indian basket of crude oil jumped as much as 78 per cent to cross $50 a barrel last week, from a multi-year low of $28 in January.
Financials declined amid profit taking while energy shares fell after the government hiked excise duty on transport fuels.
Noting that oil prices had gone down after the BJP-led government came to power in May 2014, before they went up, Prasad said it is a problem whose solution is not in its hands.
The prices of petrol and diesel have been recently hiked and more can be expected in coming months. A few tips on how to make your litre of petrol go the distance.
The Sikkim Government has confirmed that 14 people have died so far in the flash floods that occurred in Sikkim in the early hours of Wednesday.
Indian Oil Corporation (IOC), the nation's biggest oil firm, on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
One hopes, though one is not optimistic, that this action to some extent corrects the lunacy which has infected our national media and has damaged our nation, notes Aakar Patel.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
Not only do you need an effective and independent regulator, you also need competition to flourish.
What the railways need to do is to establish a clear link between higher fares and better service, says T N Ninan.
Large trade deficit and rupee decline against the US dollar are putting pressure on the CAD, and these steps are likely to have a positive impact on the external sector.
The logic of deregulation was that the consumer was protected no matter what the price of crude. But now the reverse has happened. The government is protected no matter what the price of crude, observes Aakar Patel.
From April 2020, manufacturers will have to hike prices of diesel cars sharply to accommodate the costs incurred in the transition to BS VI emission norms, and widening the gap between a diesel and petrol car.
Rajya Sabha proceedings were adjourned for the day on Monday amid protests by Opposition parties over their demand to revoke the suspension of 12 members of the House.
The oil sector has been quite lucky for the Modi government. It has often provided an opportunity to the government to mend its finances, notes A K Bhattacharya.
For the first time in more than a decade, diesel demand has declined this fiscal as monthly price hikes and increased power generation clipped consumption, Indian Oil Corporation (IOC) Chairman R S Butola said.
'They would not have had to impose GST on wheat, rice, buttermilk etc. if they had not toppled governments. People do not have to face inflation'
The MPC headed by RBI Governor Urjit Patel said that the recent excise duty cut by the government on petrol and diesel will help contain inflation.
India's economic growth is now 'extremely fragile' and needs all the support that it can get, as private consumption and capital investment are yet to pick up, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Friday. Varma further said out of the four engines of growth for the economy, exports and government spending supported the Indian economy through the pandemic, but other engines need to pick up the baton now. " I like to think in terms of the four engines of growth for the economy: exports, government spending, capital investment and private consumption. "...while exports cannot be the main driver of growth because of the global slowdown, government spending is necessarily limited by fiscal constraints," he told PTI.
I admire Kejriwal's intelligence but pity the fact that he had to use all the ingenuity and scheming to achieve his revenue enhancement goal, says Sudhir Bisht.
The government's decision to hike diesel price by Rs 5 has shocked the nation.
The issue united the entire Opposition with Swaraj as also Left leaders like Gurudas Dasgupta, Samajwadi Party chief Mulayam Singh Yadav and Rashtriya Janata Dal president Lalu Prasad addressing an impromptu joint press conference outside Parliament House.
As fuel prices continue its northward march with petrol and diesel being sold at Rs 80.73 and Rs 72.83 per litre in the national capital, at least 21 opposition parties, led by the Congress have staged a Bharat Bandh protesting the rise in fuel prices and depreciation of the rupee.
Budget is widely seen as a test of Prime Minister Narendra Modi.
The government has readied a big legislative agenda for the Monsoon Session of Parliament beginning Monday even as the Opposition is raring to corner the ruling dispensation over a host of issues, including handling of the second wave of COVID-19, rise in fuel prices and farmers' stir.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
Indian Oil Corporation, the country's largest oil firm, lost about Rs 4,900 crore (Rs 49 billion) in revenues during the first quarter of the current fiscal on selling fuel below the cost.
He also attacked Modi on the CBSE question papers leak and on the 'leak' of assembly election date for Karnataka, saying Modi was silent on these issues too.
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