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.
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.
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
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
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.
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
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.
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.
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.
Petrol and diesel prices across the country soared to all-time high levels on Thursday as rates were hiked again in line with the spurt in international oil prices. Petrol price was increased by 30 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers. The price of petrol in Delhi rose to its highest-ever level of Rs 103.24 a litre and to Rs 109.25 per litre in Mumbai, the notification showed.
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.
Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
Petrol and diesel prices on Thursday were hiked by 35 paise per litre each, the second consecutive day of increase that took pump rates across the country to record high levels. The price of petrol in Delhi rose to its highest-ever level of Rs 106.54 a litre and Rs 112.44 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 103.26 a litre; while in Delhi, it costs Rs 95.27 per litre.
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.
The ministry, however, clarified that there was no change in the prices of kerosene and LPG.
Petrol and diesel prices were hiked for the fourth consecutive day on Saturday by 35 paise per litre, pushing the total increase in rates on petrol to Rs 36 per litre and on diesel to Rs 26.58 since early May 2020 when taxes on the two fuels were raised to record levels. Petrol in Delhi now costs Rs 107.24 a litre and diesel comes for Rs 95.97, according to a price notification of state-owned fuel retailers. The latest increase that follows the unrelenting hike in international oil prices has pushed pump rates across the country to their highest-ever levels.
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.
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.
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.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
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.
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 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.
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.
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.
However, with competition catching up, is the new Venue up to the challenge of fending off its rivals?
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.
The government will consider cutting petrol and diesel prices, if crude oil prices fall below $50 a barrel.
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.
This will be the sixth consecutive price cut for petrol since August.
While GST on ICE vehicles was brought down significantly, for electric cars it remained at 5 per cent.
Petrol price cut by 50 paisa a litre; diesel by 46 paisa.
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.
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.
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.
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