India emerged reasonably well from 2025. But now, the oil shock and war-related supply disruptions have again driven funds out of India and significantly weakened the rupee, points out Ajay Chhibber.
Petrol price has been hiked by Rs 1.82 a litre, excluding taxes, with effect from midnight tonight.
The United States has temporarily lifted sanctions on the sale of Iranian oil already in transit to ease soaring global crude prices, making 140 million barrels available to the market.
Indian carmakers experienced a robust start to the new fiscal year, with an estimated 4.5 lakh passenger vehicles sold in April, marking a 27 per cent increase year-on-year, attributed to factors like GST 2.0, repo rate cuts, and income tax benefits.
Prime Minister Narendra Modi has urged for restraint in the use of petro products due to the West Asia crisis, emphasising the need to save foreign exchange and reduce the impact of war. He also highlighted India's progress in solar power and ethanol blending, while assuring support to Telangana's development.
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.
'At the first sign of real trouble, that money will move. There will be a run.'
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.
'Even last year, when India bought gold, the physical quantity was much less than the previous years.'
Uttam Ghosh offers his take on the latest hike in fuel prices at a time when the economy is in its worst condition ever.
"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.
Tata Motors emerged as the biggest gainer in the passenger vehicles (PV) market in the second half of FY25, following a GST rate cut in September, achieving the highest growth among major OEMs and overtaking Mahindra & Mahindra in volumes.
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.
A foreign brokerage warns that sustained crude oil prices above USD 100 per barrel could push India's inflation above the RBI's tolerance level, potentially triggering interest rate hikes.
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.
Amid escalating tensions with Iran, President Trump is urging nations dependent on Middle Eastern oil to deploy warships to the Strait of Hormuz to safeguard critical global energy supplies.
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The closure of the Strait of Hormuz has disrupted some 20 per cent of the global flows but even if it opens, damages to production facilities in the region will take time to repair, points out Sunita Narain.
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.
Even if there is an early agreement on a cessation of hostilities in West Asia, the price shock will not go away easily, points out A K Bhattacharya.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
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.
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 third increase in two months
The Indian government has doubled the daily quota of market-priced 5-kg LPG cylinders for migrant workers to ensure stable fuel supplies amidst global disruptions. This move prioritises household cooking gas and addresses the needs of migrant workers who often lack regular connections.
Oil companies have decided to hike petrol price by 70 paise per litre with effect from midnight tonight.
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.
This is the second hike in diesel price this month.
