Key United Progressive Alliance ally Dravida Munnetra Kazhagam on Saturday condemned the petrol price hike and demanded that the government retain its control on the pricing of petroleum products, besides seeking a change in the pricing policy. Party chief M Karunanidhi said the issue had become similar to that of attacks on Tamil Nadu fishermen -- allegedly by the Sri Lankan navy -- with political leaders issuing statements expressing concern during such incidents.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
While petrol prices are de-controlled, diesel prices are partially deregulated.
Both sides have now revealed a preference for escalation over strategic defeat, and each new provocation narrows the space for the next pause. The Touska seizure, Iran's refusal to negotiate under blockade, Israel's strikes on Iranian oil infrastructure -- all of these add up to an increasingly untenable situation. This makes the wild card -- Trump and his motormouth -- more consequential than ever, notes Prem Panicker in his must read blog on the Iran War.
Trump has made it clear: the US will not lift its blockade of Iranian ports until a deal is signed.
Petrol price has been hiked by Rs 1.82 a litre, excluding taxes, with effect from midnight tonight.
Uttam Ghosh offers his take on the latest hike in fuel prices at a time when the economy is in its worst condition ever.
Petrol price cut by Rs 1.15 per litre while diesel rate hiked by Rs 0.50 a litre with effect from midnight on Thursday.
Slamming the Centre and the Tamil Nadu government over petrol price, actor Vijayakant-led Desiya Murpokku Dravida Kazhagam, the principal opposition in the state assembly, will stage a demonstration at Tiruchirappalli on June 1.
In a marginal relief to consumers, IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 per litre with effect from midnight today.
The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced.
"Oil marketing companies are to take decision depending on cost of their imports. It is market related as per as oil market companies are concerned on petrol," Mukherjee told reporters.
While RBI is still battling rising inflation, it now has the tough task of managing inflation in the light of increased petrol prices.
Earlier in April, the price was reduced by 85 paise per litre.
This is the third reduction in rates in one month.
The government will cut petrol and diesel prices after Assembly elections are over on December 24, Petroleum Minister Murli Deora said on Tuesday.
The Bhartiya Janata Party on Sunday asked the government to unveil a concrete action plan to curb inflation effectively in a month and demanded an immediate roll back in the hike of fuel prices.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
Tamil Nadu Petroleum Dealers' Association urged people not to panic-buy petrol or diesel, stating that 14 terminals in Tamil Nadu have enough stock to replenish 7,000-plus retail outlets as per their demand.
Households should moderate large discretionary expenses for the time being.
'They should prioritise essential spending. They should maintain an emergency fund covering 6 to 12 months of expenses.'
Petrol currently costs Rs 72.51 per litre in Delhi.
Petrol price was on Monday cut by 85 paise per litre with effect from midnight tonight, the second reduction in rates in two weeks.
The oil companies raised petrol prices by Rs 7.50 on Wednesday, a tough but unpopular decision which many see as a strong signal from the government that it's now stepping on the reform pedal.
The International Energy Agency (IEA) has proposed immediate demand-side measures, including remote work, lower speed limits, and reduced air travel, to mitigate the impact of a global oil supply shock caused by Middle East disruptions.
BJP leader Mithun Chakraborty has criticised the West Bengal government over high fuel taxes and alleged security lapses, particularly concerning women's safety and border control.
The reduction in rates is likely to be announced by the month end as per the practice of fortnightly revision in prices, and has been made possible due to appreciation of rupee against the US dollar.
Apart from the central ministries, other respondents include oil marketing companies, Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
On Friday govt increased the petrol price by Rs 1.40 a litre.
West Bengal Chief Minister Mamata Banerjee criticised the BJP after the central government failed to pass a Constitution amendment bill for women's quota in legislatures, accusing the BJP of using the bill as a political ploy to divide the country and Bengal.
The ministry of petroleum and natural gas on Friday reiterated that India has sufficient stock of crude oil, petrol and diesel, while ensuring an uninterrupted supply of LNG and LPG despite disruptions caused by the ongoing West Asia conflict.
Rahul alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country.
Sources said a meeting of heads of the oil marketing companies -- Indian Oil, Bharat Petroleum and Hindustan Petroleum -- was called off.
TMC leader Abhishek Banerjee accuses the BJP of attempting to alter West Bengal's demography by importing voters from other states ahead of the 2026 assembly elections, alleging a conspiracy to undermine the democratic rights of local residents.
The Rajya Sabha witnessed a heated debate between the opposition and the government regarding a discussion on the West Asia crisis, with accusations of political maneuvering and failure to uphold the dignity of parliamentary positions.
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.
This is the third increase in two months
Following the increase, petrol in Delhi will cost Rs 68.64 a litre.
Oil companies have decided to hike petrol price by 70 paise per litre with effect from midnight tonight.
This is the second hike in diesel price this month.
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.
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