Elevated global crude oil and natural gas prices, driven by geopolitical developments in West Asia, could significantly influence the Government of India's fiscal position for 2026-27, according to a report by ratings agency Icra.
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
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
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Petrol price has been hiked by Rs 1.63 per litre, excluding VAT, with effect from midnight tonight.
The Indian government has issued a stern warning to industrial users who are reportedly procuring cheaper retail fuel instead of industrial-grade fuel, leading to significant losses for state-run oil marketing companies (OMCs) and potential local shortages. This diversion, driven by a substantial price difference between retail and bulk diesel, is adversely impacting OMCs, which are absorbing daily losses of approximately 550 crore to keep retail prices stable.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
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.
This is the time for India to plan forward fully, with the goal of Atmanirbharata, and energy security. The Persian Gulf is no longer a reliable source, points out Rajeev Srinivasan.
Union Finance Minister Nirmala Sitharaman has urged an increased focus on '3Fs'-fuel, fertiliser, and forex-to maintain India's economic resilience amidst the West Asia crisis, while also criticising those who spread pessimism.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
The Indian government and opposition are preparing for a contentious Monsoon Session of Parliament, with key issues including the Constitution Amendment Bill on delimitation and women's reservation, the alleged NEET paper leak, and a row over Ram temple donations set to spark heated debates.
The Cabinet Committee on Economic Affairs did not take up the issue of hike in petroleum prices on Thursday, Commerce Minister Kamal Nath said.
Trinamool Congress leader Abhishek Banerjee alleges the BJP-led government may increase fuel prices after the West Bengal assembly elections, accusing them of neglecting the common man and withholding funds from the state.
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Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
Actual reduction in price will be more after taking into account local VAT.
Despite its sub-4m footprint, the Gravite offers impressive cabin space, three usable rows, and practical storage solutions making it ideal for budget-conscious families, says Somnath Chatterjee.
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
India's Central government is likely to see its fertiliser subsidy bill double to a record 3.4 trillion in FY27, up from the Budget estimate of 1.7 trillion, due to surging global fertiliser prices exacerbated by the West Asia war. This significant increase, coupled with revenue losses from excise duty cuts for oil-marketing companies, is straining the government's fiscal space, though capital expenditure plans remain unchanged.
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.
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.
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.
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.
Mercedes-Benz India is exploring a larger role for plug-in hybrid electric vehicles (PHEVs) in its portfolio, with plans to potentially introduce the technology in more models beyond the newly launched S-Class plug-in hybrid. This strategy aims to cater to luxury car buyers who are hesitant about fully electric vehicles due to concerns over charging infrastructure and range.
Trinamool Congress leader Abhishek Banerjee has warned of a significant increase in cooking gas and fuel prices by the BJP-led central government following the West Bengal assembly elections. He accused the BJP of neglecting the fuel crisis and challenged them to pledge no price hikes for the next five years.
The government-controlled oil marketing companies (OMCs) decided to review retail prices of petrol on a monthly basis. However, the date for the next price review and the mechanism to fix the price are yet to be finalised.
The Trinamool Congress has launched a sharp attack on the Narendra Modi government over rising fuel prices, economic concerns, and exam irregularities, accusing the Centre of betraying citizens.
JSW Motors, part of the JSW group, is set to enter India's passenger vehicle market with plans to launch 15 new-energy vehicles (NEVs) over the next four years, with deliveries commencing from December 2026.
Uttar Pradesh Chief Minister Mayawati on Tuesday staged a statewide protest against the steep hike in petrol prices announced by the Congress-led United Progressive Alliance-l government.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
Petrol price was on Tuesday hiked by Rs 2.58 a litre and diesel by Rs 2.26 per litre, the second increase in rates this month.
The price of petrol was on Saturday hiked by a steep Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against United States dollar made imports costlier.
MNS president Raj Thackeray questions the fuel consumption during recent election campaigns, asking if austerity measures are only meant for the common people.
The ministry, however, clarified that there was no change in the prices of kerosene and LPG.
