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Angry over the 'steep hike' in fuel prices, the United Progressive Alliance's Left allieson Wednesday demanded a review of the decision as it announced a week-long nationwide agitation to protest the "unjustified burden" imposed on the common man.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
The government will look into the issue of revising the petrol and diesel prices in view of the steep increase in international crude oil prices, the new Minister for Petroleum and Natural Gas Mani Shankar Aiyar said on Monday.
If approved, gas price will rise to $6.775 per million British thermal unit from $4.2 currently.
Sliding rupee against world currencies may force luxury car maker Mercedes Benz to go for price hike in future, a top official of the German auto maker said.
Allies and opposition parties tonight attacked the government over the hike in diesel prices saying it will further hit the common man and demanded an immediate rollback.
State-run Oil and Natural Gas Corporation will see its pre-tax profit growing by over Rs 1,822 crore (Rs 18.22 billion) on a 12 per cent increase in natural gas prices as recommended by the group of ministers.
State-run Oil and Natural Gas Corp has demanded a 12.5 per cent hike in price of natural gas it produces from fields given to it on nomination basis as it was incurring losses at the present permal units.
The government on Wednesday rolled back its decision to hike LPG price by Rs 5 every month.
Driven by GST reforms, robust festive demand, and softening raw material prices, the FMCG industry expects volume-based growth, supported by a mid-single digit revenue rise and improved operating margins in the December quarter.
The price of aviation turbine fuel, or jet fuel, in Delhi was hiked by Rs 2,797.41 per kilolitre (kl), or 4.5 per cent, to Rs 65,005.59, according to Indian Oil Corp, the nation's largest oil firm.
Public sector oil marketing companies currently lose Rs 11.65 per litre on diesel.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
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.
CNG price in Mumbai as well as several other cities in the country has been hiked by Rs 2 per kg but users in poll-bound Delhi have been spared for the time being, according to city gas firms. Indraprastha Gas Ltd, the firm that retails CNG to automobiles and pipes natural gas to household kitchens for cooking in the national capital and adjoining cities, over the weekend raised CNG price by Rs 2 per kg.
Jet fuel prices were on Thursday hiked by 3.8 per cent, the second increase in rates in as many months.
Overall economic activity continued to hold up in November with demand conditions remaining robust, thanks to strengthening urban demand, but manufacturing and rural demand showed some signs of deceleration even as services remained strong, according to an article on the State of the Economy written by Reserve Bank of India (RBI) officials in the central bank's December bulletin.
Petrol price on Monday neared Rs 100-a-litre mark in the national capital after the rate was hiked yet again. Petrol price was increased by 35 paise per litre while there was no change in diesel rates, according to a price notification from state-owned fuel retailers. In Delhi, the petrol price soared to Rs 99.86 per litre. Diesel rates were unchanged at Rs 89.36.
Diesel price was on Monday hiked by 50 paise per litre, excluding VAT, with effect from midnight tonight.
According to police, CPI-M legislator K Bhimrao and other party supporters were arrested from Guindy railway station in Chennai.
After a record-breaking year, India's automobile industry is entering 2026 on a relatively strong footing, with sales growth expected in the 6-8 per cent range. The outlook is underpinned by policy support, including GST rationalisation, easing monetary conditions, and income tax relief, which together are likely to improve affordability and sustain consumer demand across vehicle segments.
After two months of price cuts, the state-run oil companies on Friday hiked aviation turbine fuel (ATF) price by a steep 6.5 per cent in step with hardening international rates.
Exuding confidence that the economy will grow by 8.5 per cent in 2011-12, Finance Minister Pranab Mukherjee on Wednesday said the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.
Marico is expected to post high single-digit volume growth in the India business in the July-September quarter. However, it is expected to moderate sequentially, the company said in its quarterly update on exchanges.
State-run oil firms on Saturday hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in step with rising international oil prices.The ATF price charged from airplanes has been raised to Rs 69,227.08 per kilolitre (kl) in Delhi from midnight on Saturday, an Indian Oil Corp, the nation's largest retailer, said.
On Thursday, Petroleum Minister Murli Deora had also informed Parliament that the government under instruction from United Progressive Alliance Chairperson Sonia Gandhi is not proposing any fuel price increase despite crude nearing $100 a barrel mark. Crude oil prices have risen by almost 50 per cent since the UPA government assumed office, but only a fifth of that has been passed on to the customers.
Minister of State for Food and Public Distribution Kantilal Bhuria told the Lok Sabha in a written reply that there was no immediate impact of the hike in petrol and diesel prices on essential commodities. Impact of some of the factors, including hike in prices of petrol and diesel could be felt only with a time-lag. While price of rice went up, prices of wheat, atta, chana dal, tur dal, sugar, mustard oil, vanaspati, milk & onion did not rise during the period under review.
Trinamool Congress, a key constituent of the United Progressive Alliance, on Thursday opposed the hike in diesel prices, saying it was not consulted about the step and demanded its rollback. "We were not consulted for this and we are unhappy with the decision to hike diesel prices," said Railway Minister Mukul Roy.
The state-owned oil firms on Wednesday hiked jet fuel prices by a huge 3.6 per cent to Rs 46,876.58 per kl, making it the fifth straight increase in rates since October when international crude oil prices started rising.
The cumulative increase since the oil companies started the cycle on June 7 now totals to Rs 9.17 for petrol and Rs 11.14 for diesel.
The hike in prices of petroleum goods led to protests in several parts of the country and many state governments announced the withdrawal of value added tax on petroleum products to lessen the impact of the hike on the common man.
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.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
The government's decision to pass on the rise in oil prices to consumers not only inflates their petrol and diesel bills, it also fuels concerns over a possible economic recession, analysts said.
Though the international crude prices were going up, the United Progressive Alliance government's approach was that the subsidy on petroleum products should continue as in the case of food and fertilisers.
The government on Thursday hiked by 62 per cent the price of natural gas that is used to produce electricity, make fertilisers and turned into CNG to use as fuel in automobiles and cooking gas for household kitchens. This is the first increase in rates since April 2019 and comes on back of firming benchmark international prices but does not reflect the spurt in spot or current price of liquefied natural gas (LNG) witnessed during the last couple of weeks. The oil ministry's Petroleum Planning and Analysis Cell (PPAC) said the rates paid for gas produced from fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be $2.90 per million British thermal unit for the six-month period beginning April 1.
Left parties on Monday opposed any increase in petrol and diesel prices in step with the hike in global oil prices and higher taxes, and asked the government to restructure duties to protect the consumers.
The Union Cabinet will take a decision on pricing petroleum products when it meets on Tuesday, Finance Minister P Chidambaram said on Monday.
According to police, CPI-M legislator K Bhimrao and other party supporters were arrested from Guindy railway station in Chennai.
