In the sixth such hike in three months, petrol price has been increased by a steep Rs 2.35 per litre and diesel by 50 paise per litre on falling rupee and firming international oil prices.
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
Facing criticism for increasing the retail price of petrol, government-owned Indian Oil Corporation has said the desired increase was actually Rs 3.72 a litre but it chose to "soften the impact on customer" by increasing the price by only Rs 2.50 a litre.
The government, however, stood firm, ruling out any immediate rollback but promising to reduce the prices as and when the international crude prices drop. It went on to assert that the increase in the fuel rates was minimal, keeping in mind the 'interests of the aam aadmi.' Petroleum Minister Murli Deora said, "In view of the continuous rise in global crude prices, a marginal increase had become unavoidable."
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
Petrol price was hiked by 30 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers. The seventh straight day of price hike pushed fuel rates to a new record high. The price of petrol in Delhi rose to its highest-ever level of Rs 104.44 a litre and Rs 110.41 per litre in Mumbai, the notification showed. In Mumbai, diesel now comes for Rs 101.03 a litre; while in Delhi, it costs Rs 93.17.
After Delhi, CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Re 1 due to rise in input costs. Mahanagar Gas Ltd, which retails CNG to automobiles and piped natural gas to households for cooking purposes in Mumbai and surrounding cities, said the increased prices will come into effect from the intervening night of July 8 and 9.
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
Oil Minister Dharmendra Pradhan said the new timing of the price change was agreeable to the dealers and so daily price revision will be implemented from June 16
In a unique protest against fuel price hike, West Bengal Chief Minister Mamata Banerjee on Thursday rode pillion on an electric scooter to state secretariat Nabanna.
'Indian refiners can operate without Russian crude from a technical standpoint, but the shift would involve major economic and strategic trade-offs'
The government has chosen to profiteer off people's misery and suffering, Gandhi said.
Union Minister Nityanand Rai launched a scathing attack on Congress, stating that the party takes "pleasure" in insulting Bihar and its people.
The young man and his newly wedded wife got petrol in a five litre can as a gift.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
Maharashtra govt has announced an 80 paise cut in the price of petrol and a 30 paise cut in the price of diesel.
Petrol will cost less than Rs 18 a litre but for the duties levied by central and state governments, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
A graphic showing how the average prices for petrol and diesel have moved over the last ten years.
They registered their protest with a warning that any other such increase would make the party consider its future ties with the UPA.
On the hike in fuel prices, she accused the government of profiteering and said it is turning a disaster into an opportunity to fill its coffers. She also alleged that the government is breaking the back of the poor, the farmers, and the middle class due to its 'insensitivity'.
The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend.
The company is offering a total of 3 trims of this petrol variant along with the RXE trim; the other two trims are RXL and the top end RXZ.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
'You've got to understand it is not easy to die by suicide.' 'People commit suicide only when they lose everything and find no other way to live.'
The Renault Triber's USP remains its exceptional interior space and seven-seater capability, a combination rarely found in the 7 lakh to 10 lakh on-road price bracket in India.
Petrol prices in India are costlier than the United States but cheaper than European countries, Minister of State for Petroleum and Natural Gas R P N Singh said on Tuesday.
Diesel price on Monday went past the Rs 98-a-litre mark in a few places of Rajasthan as a relentless increase in fuel prices took rates to record-high levels. Petrol price was increased by 29 paise per litre and diesel by 26 paise a litre, according to a price notification of state-owned fuel retailers. The increase - 16th this month - pushed petrol and diesel prices to a fresh all-time high across the country. Sri Ganganagar district of Rajasthan saw petrol price climb to Rs 105.24 a litre and diesel to Rs 98.08 per litre.
"Petroleum Ministry has moved a Cabinet note for raising fuel prices but a decision will depend on what allies of the ruling alliance say," an official said.
Petrol and diesel prices in the national capital have been raised marginally following the state government's decision to levy sales tax on the two auto fuels.
Petrol prices are on the up and up while petrol car sales are going down and down. So what makes Volkswagen think that the market is in need of a petrol-powered Jetta?
The government may cut customs duty on petrol and diesel by 5 per cent each to avoid increasing prices that had been necessitated due to a spurt in international oil prices.
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
Ahead of the CCPA meeting, National Conference, a key constituent of the UPA, on Thursday suggested a "balancing act" while taking a decision to hike fuel prices and said the increase should be such that it does not put burden on people.
Prime Minister Narendra Modi on Friday announced a Rs 100 per cylinder cut in cooking gas LPG price to ease financial burden on households. Non-subsidised cooking gas price will be cut to Rs 803 per 14.2-kg cylinder in the national capital with effect from midnight of Friday/Saturday, official sources said. Prices vary from state to state depending on the incidence on local taxes.
Jet fuel or ATF price on Wednesday was cut by almost 6 per cent after four rounds of monthly increases since July, while commercial cooking gas (LPG) rates were raised by a steep Rs 101.5 per 19-kg cylinder in line with international benchmarks. However, the price of domestic LPG - used in household kitchens for cooking purposes - remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was cut by Rs 6,854.25, or 5.79 per cent, in the national capital to Rs 111,344.92 per kl from Rs 118,199.17, according to a price notification of state-owned fuel retailers.
petroleum minister has announced that fuel prices would not be hiked and talks with allies on the issue were on.
The comparisons were available for 12 countries.
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
This will compete with Ford Ecosport petrol
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
