India's consumer price index (CPI)-based retail inflation rate is likely to have cooled further in June, thus remaining below the 4 per cent target of the Reserve Bank of India (RBI) for a fifth consecutive month, giving the central bank wiggle room to focus on growth. Economists reckon that the decline is on account of easing prices in various categories of goods, especially food items, and a favourable base effect.
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
Oil companies have welcomed the hike in petrol and diesel as it will help them cut losses on sale of fuel.
Petrol and diesel prices on Sunday were hiked for the fourth straight day by 35 paise per litre each, pushing pump rates to new record high across the country with states with high incidence of local taxes such as Madhya Pradesh having the costliest fuel. The price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre and Rs 115.15 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel now costs Rs 98.07 a litre in Delhi and Rs 106.23 in Mumbai.
While the share of diesel vehicles sales in the overall passenger car industry has already fallen sharply, sales of CNG vehicles have shown a compound annual growth rate of 15.5 per cent over the past five years.
Petrol and diesel prices were on Monday hiked by 40 paise a litre each, taking the total increase in rates in the last two weeks to Rs 8.40 per litre. Petrol in Delhi will now cost Rs 103.81 per litre as against Rs 103.41 previously, while diesel rates have gone up from Rs 94.67 per litre to Rs 95.07, according to a price notification of state fuel retailers.
Diesel price on Friday was hiked by 20 paise per litre - the first increase in rates in over two months - as international oil prices neared their highest since 2018. Price of diesel was hiked to Rs 88.82 per litre in Delhi and to Rs 96.41 in Mumbai, according to a price notification of state-owned fuel retailers. Petrol price was not changed. It costs Rs 101.19 a litre in Delhi and Rs 107.26 in Mumbai.
Petrol and diesel prices will not be hiked immediately as the Cabinet on Friday did not discuss the issue, Defence Minister Pranab Mukherjee said.
In nine hikes, petrol price has gone up by Rs 5 per litre and diesel by Rs 4.87 a litre.
Petrol and diesel prices on Friday touched an all-time high across the country after rates were hiked for the third consecutive day by 35 paise per litre each. The price of petrol in Delhi rose to its highest-ever level of Rs 106.89 a litre and Rs 112.78 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.63 a litre, while in Delhi, it costs Rs 95.62 per litre.
In terms of safety, the Victoris has scored 5 stars in both GNCAP and BNCAP tests and that's a first for Maruti, observes Somnath Chatterjee.
Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.
A litre of petrol in Delhi will cost Rs 57.31 from Monday.
'In the January-August period, the share of hatchback in the overall PV industry sales was about 22.4 per cent. In the September-October period, the share of hatchbacks has come down to 20.4 per cent. In just October, their share was just 20 per cent. This is simple wholesale data from industry body SIAM.'
Petrol price on Monday neared Rs 100-a-litre mark in the national capital after the rate was hiked yet again. Petrol price was increased by 35 paise per litre while there was no change in diesel rates, according to a price notification from state-owned fuel retailers. In Delhi, the petrol price soared to Rs 99.86 per litre. Diesel rates were unchanged at Rs 89.36.
On the rise in petrol prices, Union Minister Alphons Kannanthanam queried, "Who buys petrol... somebody with car, somebody with a bike. Certainly, they are not starving... somebody who can afford to pay has to pay."
Finance Minister P Chidambaram on Friday discussed the issue of petrol and diesel pricing with Prime Minister Manmohan Singh.
The Left parties on Friday asked Prime Minister Manmohan Singh for a rollback in petroleum prices and said the Budget should conform with the Common Minimum Programme.
The Andhra Pradesh government has prepared an action plan for relief and essential supplies in pre-cyclone preparedness for Cyclone Montha, expected to cross the coast on October 28.
Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as State-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
While the Syros shines in many areas, its ride quality is a point of contention, notes Rajesh Karkera.
In five hikes, petrol price has gone up by Rs 2.74 per litre and diesel by Rs 2.83.
Petrol price will go up Rs 3.73 a litre if the domestic prices are aligned with international rates.
The government on Tuesday ruled out any immediate cut in petrol and diesel prices in line with fall in global oil prices, but said a reduction may be considered once crude prices fall below $50 a barrel.
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
International oil prices jumped to the highest level since 2014, topping $87 a barrel but domestic petrol and diesel prices remained unchanged for the 74th day in a row - a freeze that may be linked to ensuing assembly elections in states like Uttar Pradesh and Punjab. Brent - the key global oil benchmark - soared to $87.7 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global inventories are waning. The attack, some analysts believe, may lead to more hostile behaviour between the two power centres in the Middle East - Iran and Saudi Arabia.
The decision to hike petrol and diesel prices cannot be deferred for a very long time, Union Finance Minister P Chidambaram said on Tuesday.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
The offroad legend 2025 Mahindra Thar launched at an eye-popping Rs 9.99 lakh, writes Rajesh Karkera/Rediff.com.
The government will review petrol and diesel prices on January 31 and a reduction is likely if international crude prices fall further.
Asked if petrol and diesel prices would be raised on October 15, the next due date for auto fuel price revision, Aiyar said: "Only God knows and the prime minister know."
If elections are indeed around the corner, the government is unlikely to allow even a moderate hike in petrol and diesel prices.
The government said on Monday it is examining whether domestic petrol and diesel prices can be reduced in line with the fall in global crude oil prices.
Petrol price in Delhi was hiked to Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19, according to a price notification from State oil marketing companies. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Petrol and diesel prices were on Thursday cut for the second straight day as international oil prices cooled fell on prospects of speedy recovery in consumption getting clouded by second wave of COVID-19 cases. Petrol price was cut by 21 paise per litre and diesel by 20 paise, according to a price notification of state-owned fuel retailers. Petrol now costs Rs 90.78 per litre in Delhi and a litre of diesel comes for Rs 81.10.
Passenger vehicle dispatches from companies to dealers declined 9 per cent year-on-year to 321,840 units in August.
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