Jet fuel (ATF) price on Tuesday was hiked by 4.2 per cent but that of commercial LPG used in non-residential establishments such as hotels and restaurants was cut by Rs 115.5 per 19-kg cylinder reflecting global energy trends. Aviation turbine fuel (ATF) price was hiked by Rs 4,842.37 per kilolitre, or 4.19 per cent, to Rs 120,362.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. This reverses a 4.5 per cent cut in jet fuel prices affected last month.
After natural gas prices, the government looks set to bite the bullet on auto fuel prices, with a panel of ministers scheduled to meet on June 7 to decide on freeing petrol and diesel prices.
Petrol prices in Delhi rose by Rs 4 a litre, while diesel rates rose by Rs 2 a litre, Oil Minister Murli Deora told reporters after a meeting with Prime Minister Manmohan Singh in New Delhi.
Soaring fuel prices give birth to a jugaad system in Bihar's border towns abutting Nepal with residents smuggling in India-supplied cheaper petrol and diesel from the mountain kingdom.
The Congress has been accusing the government of distracting people with other issues to hide its failures and issues of price rise and unemployment.
India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.
Notwithstanding the demand of the Left parties, Petroleum Minister Mani Shanker Iyar on Friday asserted that there would be "no rollback" of the hike in petro products prices.
The announcements of price revision shall result in net incremental revenues to the tune of (Rs 14,700 crore) Rs 147 billion in FY05.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
'Could you please pass on the benefit to Indians by slashing #petrol prices to under 60? per litre? '
Amid protests from political parties over the hike in petrol prices, the government on Monday said the product was deregulated and the revision in the fuel rate was done by the oil marketing companies.
For now, the upside appears to offset damage done to exports by weaker global demand.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
Dominic Xavier offers his take on the Petrol and diesel prices which surged to highest levels in seven years on Tuesday.
Petroleum Minister Ram Naik on Wednesday hinted at reduction in prices of petrol and diesel in step with the fall in international oil prices, at the next fortnightly review due on April 15.
As Kolkata marches towards modernity, it is hard to imagine its streets without these cabs, notes Air Commodore Nitin Sathe (retd).
'We are seeing one of the highest discounts in recent years across companies.' 'October is a crucial month with several festivals coming up.'
Additionally, road cess on petrol was raised by Re 1 per litre each on petrol and diesel to Rs 10.
Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
Royal Enfield is planning to introduce its electric bike initially in developed markets such as Europe and the US where it anticipates better traction for the premium product, a top company executive said on Tuesday. Royal Enfield, a division of Eicher Motors, forayed into electric bike space on Monday with the unveiling of its first model under the all-new Flying Flea brand.
Jet fuel prices on Wednesday were cut by 1.3 per cent -- the first reduction after 10 rounds of price hikes -- on softening international crude oil rates. Simultaneously, prices of commercial LPG - used by business establishments such as hotels and restaurants - were reduced by Rs 135 per 19-kg cylinder. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been reduced by Rs 1,563.97 per kilolitre, or 1.27 per cent, to Rs 1,21,475.74 per kl (Rs 121 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
UPA's largest ally Trinamool Congress on Friday strongly protested the unilateral petrol price hike, but said it has not taken any decision to pull out of the government and entrusted party supremo Mamata Banerjee to have the 'final word' on the issue.
The Congress hit back at Nadda, saying his letter to Mallikarjun Kharge is a "4D exercise - denial, distortion, distraction, and defamation".
The company has the largest car park in EVs in India, estimated to be around 170,000 units. As a pilot, it has already started work with used online car marketplace Spinny.
It is the seventh reduction in jet fuel rates since August
Diesel likely to get cheaper in New Delhi
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
India's top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states, including Uttar Pradesh, Moody's Investors Services said on Thursday. State fuel retailers did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $120 per barrel compared to around $82 in early November when the hiatus began. "Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively," Moody's said in a report.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.
Carmakers Mercedes-Benz, Audi, Renault, Kia India and MG Motor on Wednesday announced plans to hike vehicle prices from January to partially offset the impact of rising input costs. They join the likes of market leader Maruti Suzuki India and Tata Motors, which have also made the year-end announcements to raise prices from next month. Audi India said it will increase prices of its entire model range by up to 1.7 per cent, while Mercedes-Benz India noted it will hike the prices by up to 5 per cent from January 1.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.
India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world's internationally traded crude oil.
Within a day of the announcement of the increase in fuel prices by Union government, the electronic-bike manufacturers have witnessed record sales in their bikes and received lot of enquiries for setting up dealers network across the country. "Hike in petrol prices is a positive development for the e-bike industry and we expect it will boost the sales of battery driven bikes by at least 5-10 per cent," Avon Cycles Senior Manager (Marketing), U S Dubey said.
Petrol prices have been cut in small doses on 20 occasions.
Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg but prices are still around 80 per cent more than those in April last.
Road Transport Minister Nitin Gadkari on Tuesday said rapid strides in technology and green fuel will reduce the cost of electric automobiles, bringing them at par with petrol-run vehicles in the next two years. Replying in the Lok Sabha on the Demands for Grants for Road Transport and Highways Ministry, 2022-23, Gadkari emphasised the need to shift to cost-effective indigenous fuel and hoped that this fuel will be a reality soon, bringing the pollution levels down and improving the overall situation in Delhi.
So far this year, around 839,545 electric vehicles have been sold, accounting for approximately 6.69% of the total 12,541,684 vehicles sold.
This may come as a surprise to many. Retail price inflation in petrol was the lowest at 10.21 per cent in March since November 2020. In diesel, it scraped the bottom of the barrel at 5.19 per cent in the last month of 2021-22 since February 2020. Even liquefied petroleum gas (LPG) was at a nine-month low of 9.97 per cent in the month.
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