With rupee depreciation leading to jump in oil import bill, Petroleum Minister S Jaipal Reddy said on Tuesday there was an immediate need to raise fuel prices.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Petrol now costs Rs 59.99 per litre as against Rs 59.03 a litre previously.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter. Puri noted that petrol and diesel were deregulated during the UPA government.
Prices of electric vehicles (EVs) will be equal to those of petrol vehicles in the country within six months, Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
Petrol price on Thursday was hiked by 35 paise per litre and diesel by 15 paise, pushing rates to a new high across the country. Petrol in Delhi now costs Rs 101.54 a litre and diesel Rs 89.87 per litre, according to a price notification of state-owned fuel retailers. The increase comes after rates stayed mute for three days. Petrol price was last hiked on July 12, on a day when diesel rates had seen its first reduction in almost three months. The increase on Thursday neutralised the 16 paise price cut in diesel on July 12.
Trinamool Congress will not remain in the United Progressive Alliance government if prices of petro products are hiked again, party chief Mamata Banerjee said on Tuesday.
Petrol price may be cut by about Rs 1.60 per litre later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel.
The Prime Minister-appointed B K Chaturvedi panel is believed to have suggested raising fuel prices every month to bring them at par with production cost and has sought imposition of a 'Super Profit Tax' on oil fields awarded before 1999.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
Auto majors Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported robust sales in September as reduced price tags owing to GST rationalisation led to record demand in the Navaratri period. The month also saw Tata Motors and Mahindra & Mahindra settling at number two and three positions, respectively in vehicle wholesales ahead of Hyundai Motor India.
Reliance Industries Ltd on Thursday said it has halted the use of Russian crude at its export-only refinery in Jamnagar, Gujarat, as the company moves to comply with European Union sanctions. Reliance is India's largest buyer of Russian oil, which it processes and turns into fuel, such as petrol and diesel, at its giant oil refining complex at Jamnagar.
The government will consider cutting petrol and diesel prices, if crude oil prices fall below $50 a barrel.
This will be the sixth consecutive price cut for petrol since August.
Petrol price cut by 50 paisa a litre; diesel by 46 paisa.
Tata Motors Passenger Vehicles Ltd expects contribution of SUVs to its overall sales to go beyond 70 per cent with it making foray into the fast growing mid-sized segment with a premium positioning of its Sierra model, according to its Managing Director & CEO, Shailesh Chandra.
Petrol and diesel prices on Friday rallied to their highest ever levels across the country, as fuel rates were hiked again by 35 paise a litre. The price of petrol in Delhi rose to its highest-ever level of Rs 105.14 a litre and Rs 111.09 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 101.78 a litre; while in Delhi, it costs Rs 93.87.
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
IOC said the movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
After two days of lull, petrol and diesel prices on Thursday were again hiked by 35 paise per litre, sending retail pump prices to their highest ever level across the country.
The recent issues dogging West Asia have become a major cause for concern due to the spike in the crude oil prices.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
The hike, effective Monday midnight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.
Petrol price has been cut by 70 paise per litre with effect from midnight tonight.
The Congress is yet to form a government at the Centre but it faces the prospect of being credited with a highly unpopular decision of a one-rupee per litre hike in petrol and diesel prices.
Petrol and diesel prices were on Wednesday hiked by 80 paise a litre each, taking the total increase in rates in the last nine days to Rs 5.60 per litre. Petrol in Delhi will now cost Rs 101.01 per litre as against Rs 100.21 previously while diesel rates have gone up from Rs 91.47 per litre to Rs 92.27 according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
'Growth will definitely continue to come most from the sub-four-metre SUV segment, primarily because that is where the heart of economy and affordability is. Naturally, that will keep pushing the share of that segment (in overall PV sales) higher.'
The price of jet fuel (ATF) was sharply increased by 7.5 per cent on Tuesday, while the cost of LPG used in commercial establishments was reduced by Rs 58.50 per cylinder, reflecting shifts in international benchmark rates. After three rounds of price cuts, aviation turbine fuel (ATF) price was increased by Rs 6,271.5 per kilolitre, or 7.5 per cent, to Rs 89,344.05 per kl in the national capital - home to one of the busiest airports in the country, according to state-owned fuel retailers.
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
India, the world's third-largest oil consumer, spent 2.5 billion euro on buying crude oil from Russia in September, 14 per cent less than the previous month, a European think tank said. India remained the second-largest buyer of Russian fossil fuels in September behind China, according to the Centre for Research on Energy and Clean Air (CREA).
'We are seeing a lot of people with helmets visiting our showrooms.'
Petrol price was on Wednesday hiked by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre, reversing a two-month declining trend.
BMW India CEO says gradual five-year import duty cuts under new FTAs create buyer hesitation and urges government to announce year-wise rates instead.
The government will look into the issue of revising the petrol and diesel prices in view of the steep increase in international crude oil prices, the new Minister for Petroleum and Natural Gas Mani Shankar Aiyar said on Monday.
Leading automakers Maruti Suzuki, Hyundai, Mahindra, and Tata Motors saw a dip in dispatches to dealers in August amid dip in demand with many prospective buyers postponing their buys anticipating a reduction in vehicle prices on account of the new GST framework. The country's largest carmaker Maruti Suzuki India reported an 8 per cent year-on-year dip in dispatches of passenger vehicles in the domestic market last month.
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