Petrol price was hiked by Rs 1.50 a litre and diesel by 45 paisa a litre.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
One litre of petrol now costs Rs 64.76 while the diesel price is Rs 54.70 a litre in Delhi
The government is mulling a marginal hike in petrol and diesel price along with an excise duty cut on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms are incurring every month on selling fuel below cost.
State-run fuel retailers are losing about Rs 135 crore (Rs 1.35 billion) per day on sale of petrol, diesel, LPG and kerosene and the government is looking at proposals to make up for these losses, a senior official said.
Speaking to mediapersons in Lucknow, he said, "There is no mechanism with the central government to curb the rising price of vegetables including onion; that can be done by the state governments."
Jet fuel (ATF) price on Wednesday was hiked by 4 per cent in line with firming international oil prices but petrol and diesel rates remained on freeze for a record 10th month in running. Aviation turbine fuel (ATF) price was increased by Rs 4,218 per kilolitre, or 3.9 per cent, to Rs 1,12,356.77 per kl in the national capital, according to a price notification of state-owned fuel retailers. The increase follows three rounds of reduction since November.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
TMC MPs were told about the problem in running an economy of India's size and the problems of public finance.
With global crude oil prices climbing to their highest level in two-and-a-half years, Oil Minister S Jaipal Reddy on Friday said a ministerial panel will take a call on raising petrol and diesel prices.
Petroleum minister Mani Shankar Aiyar on Wednesday ruled out hiking petrol and diesel prices in step with the firming up of international oil prices and the increase in excise duties.
Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price, state-owned oil companies on Friday said they will roll back the increase in rate if the government gives a directive to that effect.
This trend is likely to gain pace with the new infrastructure cess on diesel vehicles.
Faced with the prospect of revenue loss on fuel jumping to Rs 700 billion (Rs 70,000 crore) next fiscal, Petroleum Ministry on Wednesday called for "harsh decisions" even as it hinted that cleaner Euro-IV fuel in 13 metro cities will cost more from April 1.
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
International crude oil prices may have eased but the government has no immediate plans to pass on the benefit to the consumers, as it wants to wait for the prices to stabilise further.
The government on Friday decontrolled petroleum prices to bring fuel costs in line with global oil rates after an Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee, met for the second time in less than three weeks to decide on raising fuel prices. Railway Minister Mamata Banerjee was absent again.
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State-owned oil firms are likely to announce reduction in rates, made possible because of softening in international oil rates, this evening, government and industry sources said.
According to reports, the price of petrol is expected to go up by Rs 5 and diesel by Rs 6.
When it comes to the "all-new" Tata Altroz unveiled on Thursday, one might wonder if it's truly a complete overhaul or just a refreshed take on the familiar.
Attributing the steep hike in petrol prices to declining value of rupee, Planning Commission on Wednesday said it will have immediate impact on the price situation but things will stabilise in the long run.
Petrol price was freed from government control in June 2010 but public sector companies continue to informally consult their parent Oil Ministry before taking a decision.
Prime Minister Manmohan Singh on Saturday hinted at replacing the current practice of fortnightly revision of petrol and diesel prices with a more stable pricing policy once the volatile international crude prices stabilise.
The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
Petrol and diesel prices are unlikely to be reduced in line with falling international prices as the government is working on a stable pricing regime.
The VW cars are well known in the country's car market for having sturdy body structures, which are combined with powerful fuel efficient engines and abundant comfort and safety features.
'In the luxury car segment, the adoption of EVs is almost double compared to the mass market.'
The Cabinet Committee for Economic Affairs is expected to meet on Wednesday evening to take this decision, given the cheap crude prices in the global market. The government had last cut petrol prices on December by Rs 5, and diesel rates by Rs 2 a litre.
In first clear indications of a further reduction in petrol and diesel prices, Petroleum Minister Murli Deora on Monday said the government was considering passing on the benefit of the fall in international crude oil prices to consumers.
"There is no immediate plan to decontrol diesel or LPG as they have cascading effect (on general prices)," Minister of State for Petroleum and Natural Gas R P N Singh told reporters in New Delhi.
Thirteen big cities, including Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Lucknow, Kanpur, Agra, Surat, Ahmedabad, Pune and Sholapur will move from Euro-III grade fuel to Euro-IV from Thursday.
Faced with huge under-recoveries, Indian Oil Corporation on Saturday sought an immediate upward revision of petrol and diesel prices to the the extent of Rs 10.50 paise per litre.
Billionaire Mukesh Ambani's Reliance Industries Ltd is estimated to have earned 724 million euros (about Rs 6,850 crore) from exporting fuel made from Russian crude oil to the US in one year, an European think tank said in a report. "From January 2024 to the end of January 2025, the US imported EUR 2.8 billion of refined oil from six refineries in India and Turkey that process Russian crude.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
A formal announcement is likely in Parliament on Wednesday. This will reverse half of the price hike in June, when petrol price was increased by Rs 4 and diesel by Rs 2.
Government may raise petrol price by Rs 2 a litre and diesel by Re 1 a litre this week, but a duty rejig to minimise impact of high international crude oil prices looks unlikely. The decision on this will be taken by the Cabinet headed by Prime Minister Manmohan Singh.
Facing difficulties in daily operations due to constant increase of fuel prices by oil marketing companies, the Consortium of Indian Petroleum Dealers' Association have threatened to go on a one-day strike.
Congress said ATF prices have been reduced by 31% while petrol only 16%.
