More than a week after state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
Petrol prices are the most volatile across the world.
This trend is likely to gain pace with the new infrastructure cess on diesel vehicles.
The price of petrol is expected to come down to Rs 84.71 a litre and diesel to Rs 77.98
Perhaps for the first time, petrol in India costs more than the superior jet fuel (ATF) used in aeroplanes, as the government has levied a record excise duty on the fuel used in two-wheelers and cars.
The stock of Mahindra & Mahindra (M&M) has been touching successive all-time highs on the bourses and, over the past year, gained 81 per cent. While the S&P BSE Auto Index has not performed poorly, registering gains of 73 per cent, it still trails the company by 800 basis points (bps) during this period. There are multiple reasons why investors are beating a path to M&M's counter.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
Oil Minister M Veerappa Moily on Friday hinted at a reduction in price of petrol in next few days, the first cut in rates in over five months.
State-owned oil companies have virtually stopped producing premium or branded petrol and diesel as sales have plunged due to huge differential in rates when compared with non-branded or ordinary fuel.
Petrol costs more in India than Pakistan.
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Fill up the tanks of your cars and scooters before the weekend before petrol prices shoot up.
With Brent crude oil prices dipping below $100 per barrel, petrol prices may be cut by Re 1 a litre and there is also a likelihood of first reduction in diesel rates in seven years.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
One litre of petrol now costs Rs 64.76 while the diesel price is Rs 54.70 a litre in Delhi
Petrol, that had in April/May witnessed 11-12 per cent growth in consumption, in fact saw a six per cent fall in demand at 8,02,500 tons in June, oil ministry officials said.
With inflation at peak levels, a further rise in petrol prices would again lead to higher prices.
They are already on a two-day no-purchase strike since yesterday, won't work Sundays and govt holidays
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
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
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.
After today's reduction, petrol price has been cut by Rs 12.27 per litre cumulatively since August.
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
Safety standards are thrown to the wind as government urges consumers to use mobile wallets at petrol pumps, Shine Jacob & Karan Choudhury/Business Standard report from New Delhi.
'Today is a hugely emotional moment for a man who is sitting back in Chennai.'
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from next month.
The incident took place near Magdalla Port on Dumas road when a large number of truck drivers blocked the road demanding withdrawal of the new law on hit-and-run cases, Deputy Commissioner of Police (Zone-6) Rajesh Parmar said.
The retail selling price of petrol at Delhi would come down by Rs 1.82 a litre.
A graphic showing how the average prices for petrol and diesel have moved over the last ten years.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
This is the second hike in diesel price this month.
Prices of petrol were reduced 32 times and increased 21 times while diesel prices were slashed 19 times and raised 28 times since 2013.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
Dozens of Maoist guerrillas in Bihar's Gaya district blew up a petrol pump owned by gangster-turned-politician Bindi Yadav and tried to set ablaze an oil point, tanker and generator room, the police said. Four employees of petrol pump have been missing since the Maoist attack. Police sources said activists of the banned Communist Party of India-Maoist were behind the attack.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
Jet fuel or ATF price on Tuesday was hiked by a steep 8.5 per cent - the second increase in a month, while commercial cooking gas rate was cut by Rs 100 per cylinder in line with divergent trends in international benchmarks. Aviation turbine fuel (ATF) price was increased by 7,728.38 per kilolitre, or 8.5 per cent, in the national capital to Rs 98,508.26 per kl, according to a price notification of state-owned fuel retailers. Rates, which vary from state to state depending on the incidence of local sales tax or VAT, have been increased on firming up of global rates that followed four months of decline.
The fuel delivery scheme mainly targets consumers that buy in bulk.
Demand, supply imbalance and taxes influence petrol and diesel prices.
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