Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
Petrol price will go up by Rs 3.18 per litre, diesel by Rs 3.09.
Cooking gas LPG prices may be hiked next week after under-recovery on the fuel widened to over Rs 100 per cylinder, sources said insisting that the rate hike, including the quantum of increase, is dependent on government permission. If allowed, this will be the fifth increase in cooking gas rates across all categories - households using subsidised gas for cooking and heating purposes, non-subsidised fuel and industrial-sized gas. LPG rates were last hiked by Rs 15 per cylinder on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder.
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
The price of petrol has risen by 83 paise per litre in the past nine days and diesel by 73 paise
The iconic brand is considering petrol powertrains for its entire Indian portfolio, which includes the Jeep Compass, Meridian, Grand Cherokee and Wrangler.
Terming the government's move to hike petrol prices as "callous", the CPI(M) on Friday demanded immediate roll back of the hike and restoration of the administrative regulation of petrol pricing.
The state has not touched diesel prices, fearing losing revenue to neighbouring states
Petrol costs more in India than Pakistan.
Petrol price is to go up by 30 paisa per litre, diesel by 18 paisa as government decides to hike petrol pump dealers commission.
There are 42 countries where the fuels costs more than India.
'In the luxury car segment, the adoption of EVs is almost double compared to the mass market.'
Taxes and duties on petrol and diesel in India are higher than developed countries like US and Japan and even neighbours like Pakistan, the Rajya Sabha was informed on Tuesday.
The new prices will be effective from Friday midnight.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
After Delhi, CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Re 1 due to rise in input costs. Mahanagar Gas Ltd, which retails CNG to automobiles and piped natural gas to households for cooking purposes in Mumbai and surrounding cities, said the increased prices will come into effect from the intervening night of July 8 and 9.
Fuel prices are likely to be hiked again after the Parliament's Budget session ends on May 22.
Although petrol prices are high in India, they are nowhere as high as in some countries in Europe.
The revision in rates announced by Indian Oil Corp is excluding VAT and the actual change will be higher after considering them
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
When it comes to the "all-new" Tata Altroz unveiled on Thursday, one might wonder if it's truly a complete overhaul or just a refreshed take on the familiar.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
After much persuasion by the UPA government in the aftermath of the petrol price hike, some Congress-ruled states made part-relaxations in taxes.
The growing rift between MSIL and rival automakers has complicated the government's efforts to finalise the CAFE norms.
The new prices are effective from Sunday midnight.
In the Upper House of Parliament, Chairman M Venkaiah Naidu did not allow adjournment notices moved by opposition members on the issue of price rise, prompting members of the Congress, the Trinamool Congress, the Left parties, the Dravida Munnetra Kazhagam, the Aam Aadmi Party, the Nationalist Congress Party, the Rashtriya Janata Dal and the Shiv Sena to create an uproar.
Earlier, the minister faced ire of Opposition members in Rajya Sabha as they accused him of not giving specific replies to questions on Aadhaar-based direct subsidy transfer to domestic cooking gas consumers.
With rising petrol and diesel prices driving up demand for its CNG vehicles, the country's largest carmaker Maruti Suzuki India plans to widen its CNG portfolio by offering the fuel option in four more models 'very shortly', according to a senior company official. The company, which plans to launch an electric vehicle (EV) in the Indian market by 2025, is also currently keeping a close watch on the country's EV ecosystem "to find out what is the best way of evolution" to be able to offer affordable EVs with hassle free charging infrastructure in order to clock high volumes for a sustainable business.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
However, it may still not change its stance on the policy rate as inflationary pressures are coming from high commodity prices.
The relentless rise in international oil prices that last week touched an all time high of $135 a barrel has forced the government to mull options to save state-run firms, which expect a revenue loss of Rs 200,000 crore (Rs 2000 billion) this fiscal on sale of petrol, diesel, domestic LPG and kerosene.
The government on Thursday hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers.
Billionaire Mukesh Ambani's Reliance Industries Ltd is estimated to have earned 724 million euros (about Rs 6,850 crore) from exporting fuel made from Russian crude oil to the US in one year, an European think tank said in a report. "From January 2024 to the end of January 2025, the US imported EUR 2.8 billion of refined oil from six refineries in India and Turkey that process Russian crude.
An Empowered Group of Ministers (EGoM) may go with Oil Minister Murli Deora's proposal to free petrol prices from government control, which would trigger a hike of Rs 3.73 a litre, official sources said.
The Israel-Iran conflict has entered a 'decisive phase' after the United States bombed three major Iranian nuclear sites Sunday morning, feel strategic affairs experts with some of them arguing it was Washington, DC's 'responsibility' to not get involved in the military standoff.
State-owned oil companies on Wednesday raised the prices of petrol and diesel by Re 1 per litre each, effective from midnight.\n\n\n\n
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
