A party MP speaking on the condition of anonymity said that such steep hikes will be damaging for the party and that a number of MPs particularly those from Lok Sabha are "unhappy" with it as they will have a tough time in their constituencies explaining the move.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
'Within six months I expect petrol, diesel, and electric vehicles (EVs) to reach cost parity,' says Union Minister for Road Transport and Highways Nitin Gadkari.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Opposing the steep hike in petrol prices and spiralling prices of commodities, National Democratic Alliance has called for a nation-wide bandh on May 31.
Petrol and diesel prices will go by Rs 2.50 and Rs 2 per litre respectively.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
Oil firms had last revised petrol prices on December 1.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
Prices of crude oil are rising in international market and that India has to import 80 per cent of its crude oil consumption.
Banerjee, the chief of Trinamool Congress, the second major partner of UPA government, however, said her party would not topple the government.
The hike in prices of petrol and diesel seems to have been put on the backburner with the price of the basket of crude oil that Indian refiners
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
With its Battery-as-a-Service (BaaS) model Tata Motors just redrew the EV battle lines, says Rajesh Karkera/Rediff.com
New prices are effective tonight.
On June 2, petrol was brought down by Rs 2.02 to Rs 71.16 a litre in the capital.
This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
Former Haryana Chief Minister Bhupinder Singh Hooda criticises the state government over alleged LPG cylinder shortages and black marketing, urging immediate action to alleviate public hardship. He also addresses concerns regarding farmers' MSP and the SYL canal issue.
Petrol price has been hiked by Rs 1.63 per litre, excluding VAT, with effect from midnight tonight.
The new Renault Duster with hybrid engine has an edge over its rivals despite having no diesel engine while the styling also appeals with its butch looks, says Somnath Chatterjee.
Domestic passenger vehicle dispatches from companies to dealers rose 13 per cent year-on-year to 449,616 units in January with demand remaining robust owing to GST rate rationalisation and subsequent dip in prices, industry body SIAM said on Friday.
A bench of Justice R Y Ganoo and Justice N M Jamdar ordered service of notices to the respondents, who apart from the central ministries also include the oil marketing companies, namely the Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd.
Amid growing street protest and unease in the party over the steep hike in petrol prices, Congress on Thursday hinted at a partial rollback as Oil Minister S Jaipal Reddy cut short his Turkeministan visit and met Sonia Gandhi's political secretary Ahmed Patel.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
Government schemes such as the PM E-Drive initiative, with allocations of around Rs 2,000 crore for charging points deployment, are helping accelerate rollout
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
The Cabinet Committee on Economic Affairs did not take up the issue of hike in petroleum prices on Thursday, Commerce Minister Kamal Nath said.
Petrol price on Friday was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates. The price of petrol in Delhi rose to its highest-ever level of Rs 103.54 a litre and to Rs 109.54 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 92.12 in Delhi and inched closer to the Rs 100-a-litre mark in Mumbai. It currently costs Rs 99.92 a litre in Mumbai.
The Indian government has revised its natural gas allocation priorities, placing LPG production alongside CNG and piped cooking gas at the top, due to disruptions in imported gas supplies caused by the conflict in West Asia.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
Actual reduction in price will be more after taking into account local VAT.
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
More than a week after state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
Prime Minister Manmohan Singh and UPA chairperson Sonia Gandhi discussed the Rs 225,040 crore (Rs 2250.40 billion) revenue loss oil PSUs face without raising price of petrol, diesel, LPG and kerosene and duty cuts this fiscal on three occasions but failed to give a clear verdict.
The Union Cabinet is believed to have approved a 'moderate' increase in the price of petrol and diesel in view of the surge in international crude prices.
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