India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
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.
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.
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.
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.
Petrol price has been reduced by about Rs 2 per litre, in line with falling international oil rates.
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State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes.
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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 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.
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.
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
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.
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.
Almost half of the retail price of petrol of Rs 44.63 a litre in the national capital comprises taxes and duties, Minister of State for Petroleum and Natural Gas Jitin Prasada said.
State-owned oil companies are all set to hike petrol prices by around Rs 3 per litre which will be effective from midnight on Friday.
Petrol prices will not be raised this fortnight as state-owned oil firms apparently could not get political clearance for the over Rs 2 per litre hike in rates needed to achieve parity with the imported cost on account of the weakening rupee.
The steep hike in petrol prices evoked mixed reactions with a section of industry saying the move would further burden the comman man even as policy makers and experts felt the increase would benefit the economy in the long run.
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Petrol price on Thursday crossed the Rs 100-a-litre mark in Thane district of Maharashtra, while it was hovering a tad below that level in Mumbai, after fuel prices were raised again.
Petrol price may be reduced by about Re 1 per litre while diesel price may be hiked by 40-50 paisa a litre from March 15/16.
A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight tonight, said a statement by Indian Oil Corporation.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
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Diesel, which is sold at Rs 53.67 a litre in Delhi, will cost Rs 53.77 after the hike in commission.
Diesel rates were cut by 40 paisa to Rs 68.89 a litre. With this, the reduction in rates in last six weeks totals Rs 9.26 per litre on petrol and Rs 7.2 per litre on diesel.
Key United Progressive Alliance ally Dravida Munnetra Kazhagam on Saturday condemned the petrol price hike and demanded that the government retain its control on the pricing of petroleum products, besides seeking a change in the pricing policy. Party chief M Karunanidhi said the issue had become similar to that of attacks on Tamil Nadu fishermen -- allegedly by the Sri Lankan navy -- with political leaders issuing statements expressing concern during such incidents.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
While petrol prices are de-controlled, diesel prices are partially deregulated.
Uttam Ghosh offers his take on the latest hike in fuel prices at a time when the economy is in its worst condition ever.
Petrol price has been hiked by Rs 1.82 a litre, excluding taxes, with effect from midnight tonight.
Petrol price cut by Rs 1.15 per litre while diesel rate hiked by Rs 0.50 a litre with effect from midnight on Thursday.
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