Sources said a meeting of heads of the oil marketing companies -- Indian Oil, Bharat Petroleum and Hindustan Petroleum -- was called off.
This is the third increase in two months
Joining the chorus against the steepest ever hike in petrol price, key United Progressive Alliance partner Dravida Munnettra Kazhagam on Friday announced a state-wide agitation on May 30, demanding a substantial reduction in the increase. The unprecedented increase of Rs 7.5 per litre of petrol has already sparked "spontaneous" protests by people against the government across the country, the party said.
Following the increase, petrol in Delhi will cost Rs 68.64 a litre.
This is the second hike in diesel price this month.
Oil companies have decided to hike petrol price by 70 paise per litre with effect from midnight tonight.
While GST on ICE vehicles was brought down significantly, for electric cars it remained at 5 per cent.
The hike in petrol price was necessitated because of increase in prices of crude oil in the international market, Union Finance Minister Pranab Mukherjee said.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
He said the states needed to also do their bit on reduction of petrol price.
Petrol prices may be raised by about Rs 2 per litre and diesel rates cut by Rs 0.30 a litre if a proposal to free auto fuel prices from state control is approved by the incoming cabinet.
Petrol price havock and Ash's Cannes outing
This is the fourth increase in rates in six weeks
The price reduction will be effective midnight tonight, announced Indian Oil Corp
The government is set to dump B K Chaturvedi panel's recommendation for a monthly increase in fuel prices till they are at par with costs, but may accept the high-powered committee's suggestions for imposing a tax on oil produced from fields awarded before 1999.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month.
Oil companies on Thursday again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
However, with competition catching up, is the new Venue up to the challenge of fending off its rivals?
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
Sharing concerns of the common-man, Oil Minister S Jaipal Reddy said the decision to hike petrol price was taken by the oil companies, but the government is conscious of the 'sense of disturbance' caused by it among the consumers.
Petrol prices are likely to be cut by over one rupee a litre early next week as appreciation in value of rupee against US dollar and fall in global oil rates has made imports cheaper.
Firm crude and weaker rupee mean more losses for oil marketing companies. Jet fuel also set to rise, stressing airline finances.
This is the fourth increase in auto fuel prices since May 1
This is the third reduction in rates this month
Petrol prices may be cut by Rs 2 a litre from on Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar.
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
Petrol price has been cut by Rs 3.05 a litre.
It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
The government on Monday decided to hike petrol price by Rs 4 a litre and diesel by Rs 2 per litre
Electric vehicle (EV) penetration in the luxury car segment has seen a drop by nearly 3 percentage points in the GST 2.0 era with the internal combustion engine versions offering better total cost of ownership, according to industry players. While the trend is also visible in the mass market segment, it is the entry luxury segment that is witnessing a more marked shift towards internal combustion engine (ICE) vehicles as price difference between EV and ICE widened under the new GST rates.
Fuel being a scarce resource hike in petrol and diesel is a given. But smart stock market investors can still benefit from these regular price hikes.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Petrol price has been cut by Rs 2.46 a litre with effect from midnight tonight.
Petrol prices may be cut by Rs 2 a litre from on Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar.
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