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.
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 has been hiked by Rs 1.82 a litre, excluding taxes, with effect from midnight tonight.
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.
What we are watching is something different: A fog manufactured and maintained by the people who started the war, so that the question of why it was started never has to be answered, observes Prem Panicker in his must read blog on the war in the Middle East.
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 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.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
Apart from the central ministries, other respondents include oil marketing companies, Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
JSW MG Motor India will launch four new models this year, and is planning to invest between 3,000 crore-4,000 crore in the country over the next couple of years. The new models include a plug-in hybrid, an electric vehicle, the Majestor SUV and one additional model yet to be disclosed.
On Friday govt increased the petrol price by Rs 1.40 a litre.
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.
The New Tata Punch is a fantastic deal for first-time buyers. You get SUV capabilities and premium features like Clima Touch Automatic Temperature Control, an integrated air purifier, and rain-sensing wipers, says Rajesh Karkera.
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.
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.
On the back of an aggressive asset monetisation push, the government will press the throttle on the build-operate-transfer (BOT) model - under which private developers fund highway construction - for future highway development, Union Minister for Road Transport and Highways Nitin Gadkari said.
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.
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.
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