Indian oil marketing companies are incurring significant losses, selling petrol at a Rs 14 per litre loss and diesel at Rs 18 per litre, as elevated global crude oil prices, exacerbated by the West Asia crisis, outpace capped retail fuel rates, according to rating agency Icra.
With global oil rates softening, state-owned oil companies may next week cut petrol price by about Rs 0.80 per litre which could be the first reduction since January 2009.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
Those in favour of a 15-day cycle for price adjustment argue that oil firms already have a mechanism of calculating the desired fuel prices on 1st and 16th of every month.
While the new Brezza keeps its tried and tested 1.5 litre NA engine, there is now an additional 1.0l turbo petrol unit with a 6-speed manual gearbox to tempt younger buyers, points out Somnath Chatterjee.
Petrol price was tonight hiked by about 35 paise per litre in line with firming raw material cost.
Union Finance Minister Nirmala Sitharaman has warned that the ongoing West Asia crisis is not merely a geopolitical issue but will directly lead to higher fuel costs for common people and businesses, impacting shipping, input availability, and export orders.
Indian Oil Corporation, the nation's largest fuel retailer, is likely to hike petrol prices by Rs 0.33 per litre from Tuesday. IOC Chairman B M Bansal said international crude oil prices have risen since the last price revision, necessitating an increase in domestic retail prices.
A new digital political phenomenon, the 'E20 Janta Party', is gaining traction on Instagram, mobilising Gen Z against the government's mandatory 20% ethanol-blended petrol (E20) and demanding Union Minister Nitin Gadkari's resignation.
Aviation fuel prices for domestic airlines remain unchanged, providing stability for local carriers, while commercial LPG and 5-kg cylinders see a significant rate hike due to rising international energy costs.
State-owned oil firms may hike petrol price by about Rs 0.50 per litre from June 16 as last month's steep increase in rates is not enough to cover the cost of raw material (crude oil).
US Vice-President J D Vance's unexpected phone call to Prime Minister Narendra Modi on August 8 has ignited speculation about a potential diplomatic overture, possibly seeking India's support amidst the escalating US-Iran conflict and a shifting global power landscape, suggests Ambassador M K Bhadrakumar.
'You can't be selfish when you're thinking about nature. It has to be good karma.' 'If we prevent textile waste from going to the landfills, it's good karma.'
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
Oil companies have cut petrol price by Rs 0.95 per litre with effect from midnight tonight.
The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.
The chief minister, however, justified the steep hike saying oil companies were incurring huge losses and the hike was necessary. She was on a private visit to Jammu.
Why the industry's public position changed is difficult to say. What the developments did establish, though, is that ethanol-blended petrol has become one of the country's most politically and commercially sensitive policy issues.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
Bajaj Auto, the sole player in India's CNG-powered motorcycle segment, has seen a dramatic drop in registrations for its Freedom 125 CNG bike, from a peak of 12,167 in November 2024 to just 1,211 in May this year, primarily due to reduced price arbitrage between petrol and CNG and growing availability challenges.
Here's what your favourite celebrities are tweeting.
The Indian National Lok Dal (INLD) held protests across Haryana against the fuel price hike, stating that inflation has severely impacted the common man. Protests were led by various INLD leaders across the state, with demonstrations including symbolic acts and confrontations with local authorities.
Petrol price has been reduced by about Rs 2 per litre, in line with falling international oil rates.
Petrol price on Sunday was hiked by 50 paise a litre and diesel by 55 paise, taking the total increase in rates since resumption of daily price revision less than a week back to Rs 3.70-3.75 per litre. Petrol in Delhi will now cost Rs 99.11 per litre as against Rs 98.61 previously while diesel rates have gone up from Rs 89.87 per litre to Rs 90.42, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
India's consumption stocks, which have outperformed the broader market, are now facing significant pressure due to a gradual rise in fuel prices and the potential for higher inflation. Analysts warn that companies may be forced to pass on increased input costs to consumers, potentially hurting demand across both staples and discretionary categories, with a looming threat of deficient monsoon rainfall further exacerbating inflationary concerns.
State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes.
A group of experts has voiced significant concerns regarding India's ethanol-blended fuel policy, citing potential negative impacts on land-use, agriculture patterns, food security, groundwater levels, and household incomes. They recommend a return to E10 fuel and a review of the policy's overall benefits versus costs to consumers and the environment.
Almost 38 per cent money goes to the state and central government of every litre of petrol you purchase.
Earlier in April, the price was reduced by 85 paise per litre.
Rather than complaining about the rise in petrol prices, Aditya Prasad suggests some really simple steps to deal with it.
While the starting price is the same as the Duster at Rs 10.4 lakh, the top-end is slightly cheaper at Rs 18.5 lakh for the 1.3l automatic.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
While corruption and inflation have made life difficult for the common man, the government's decision to hike petrol prices has only added fuel to fire, anti-graft crusader Anna Hazare has said. "My activists will support the Bharat Bandh called by the BJP and Left parties on May 30 to protest the petrol price hike," Hazare said while addressing a public meeting.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
India is significantly expanding its crude oil sourcing to Latin America, with Venezuela emerging as a major supplier, as geopolitical disruptions in the Middle East and the Strait of Hormuz compel the world's third-largest oil consumer to diversify its energy supplies.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
Petrol price on Wednesday neared all-time high after state-owned fuel retailers hiked rates after a nearly month-long hiatus. Petrol price was raised by 26 paise per litre and diesel by 25 paise a litre, according to a price notification from oil marketing companies. After this increase, petrol in Delhi climbed to Rs 83.97 per litre from Rs 83.71 previously. Diesel rates rose to Rs 74.12 per litre from Rs 73.87. In Mumbai, diesel touched an all-time high of Rs 80.78.
Belying expectations, petrol prices will not be cut on Friday despite there being a scope for reducing the rates by up to Rs 1.60 a litre.
Prime Minister Manmohan Singh on Tuesday said that diesel prices too will be freed from government control as part of 'much-needed reforms', but LPG and kerosene will continue to be subsidised.
