The government on Friday asked the cement companies to initiate voluntary steps by May 15 to check spiralling cement prices and warned of an action in case of non-compliance.
A core group of ministers on Wednesday held inconclusive deliberations on a proposal to raise fuel prices, necessitated by a spike in global crude prices that threatens to spawn an oil import crisis.
Petroleum Minister Ram Naik on Tuesday ruled out any increase in petrol and diesel prices in the run-up to the General Elections saying international crude oil prices have eased.
Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerapa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014.
State-owned Oil and Natural Gas Corp (ONGC) will add about Rs 8,000 crore (Rs 80 billion) to its profits annually from near doubling of natural gas prices from next fiscal.
Stressing that there was no alternative except to raise the prices of petroleum products, Union Finance Minister, P Chidambaram, has said the oil companies will incur a loss of Rs 30,000 to Rs 40,000 crore.
India on Thursday charged some of the oil producing nations and companies with building inventories that resulted in "unjustifiable" rise in crude prices globally and impacting the economic growth of developing nations.
Major cement companies have hiked the cement prices in South India by Rs 8-10 for 50 kg bags.
Mumbai International Airport (MIAL) has proposed a significant increase in User Development Fee (UDF) for international passengers, while domestic passengers will be charged a UDF for the first time. However, MIAL also proposed a 35% reduction in landing and parking charges, aiming to balance infrastructure development with cost-effective air travel for airlines. The new tariff structure is subject to approval by the Airport Economic Regulatory Authority (AERA).
The Prime Minister's Economic Advisory Council on Wednesday favoured further increase in petroleum prices in line with the global trend.
The Centre on Wednesday increased the Dearness Allowance (DA) by 3 percentage points effective from July 1 this year, benefitting more than 1 crore employees and pensioners ahead of the Diwali festival. The Union Cabinet has approved to increase Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners by three percentage points of the basic pay/pension ahead of Diwali, Union Minister Ashwini Vaishnaw said after the Cabinet meeting.
Increase in input costs, exchange rates, and inflation has posed severe strain on the company's margins, it said.
Ford Motor India would announce an across the board price hike next month, a top company official said on Wednesday.
The Amaze accounted for more than half of Honda Car India's sales last month.
The government has no plans to raise fuel prices in the immediate future and will take a decision in this regard at an "appropriate time", Petroleum Minister Murli Deora said on Tuesday. "An appropriate decision on fuel price will be taken at an appropriate time," Deora said at the Economic Editors' Conference in New Delhi.
With international crude oil prices spiralling to a 12-year high at over $37 a barrel, Petroleum Minister Ram Naik pinned hopes on Finance Minister announcing some fiscal measures to avoid a certain increase in prices of petroleum products,
The Congress core group is meeting later in the evening where the implementation of Kirit Parikh Committee report on fuel pricing reforms may be discussed.
The Bharatiya Janata Party came down heavily on the United Progressive Alliance government on Monday, for its decision to announce the hike in petroleum product prices, before the budget presentation. BJP spokesperson Rajeev Pratap Rudy said that this was a gross violation of secrecy that is observed during the budget preparation exercise.
A fresh US executive order (EO) which seeks to bring down prices of prescription drugs in the country by up to 90 per cent -- on par with other developed nations -- will affect innovator companies, while sparing the Indian generic drug makers in the short term. US President Donald Trump signed the EO on Monday, directing the US Trade Representative and the Secretary of Commerce to act against foreign countries that "purposefully and unfairly undercut market prices", driving price hikes in the US.
The 11-member Indian Pharmaceutical Alliance has frozen the prices of all decontrolled medicines until March 31, 2005, in view of high inflation.
Utility vehicles leader Mahindra and Mahindra on Monday announced a nominal 0.5 per cent price hike across all models, expect for the premium sports utility vehicles XUV 500 and the Rexton from its Korean arm, despite falling sales, which dipped nearly 8 per cent in June.
The country's second biggest car maker Hyundai Motors will be hiking prices across its model range by up to Rs 15,000 from December end.
Every year, carmakers announce at the end of November or December their plans to increase prices of their vehicles by January.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
Mother Dairy hiked milk prices by Rs 2 per litre in the Delhi-NCR market effective Tuesday, citing an increase in its procurement rate of raw milk from producers. This is the fifth increase in milk prices since March, with the cumulative hike now totalling up to Rs 9 per litre, or 16 per cent, by Mother Dairy -- one of the leading milk suppliers in Delhi-NCR with volumes of more than 30 lakh litres per day. When contacted, R S Sodhi, MD of Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk under Amul brand and is a major player in Delhi-NCR, said that there is no plan to increase its milk prices in the near future.
The decision to hike petrol and diesel prices cannot be deferred for a very long time, Union Finance Minister P Chidambaram said on Tuesday.
The hike, effective Monday midnight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.
Reliance holds 67.03% of Jio Platforms Limited and the public listing would provide an exit to many investors.
With the central sales tax holiday enjoyed by it in Uttar Pradesh coming to an end, Honda Siel Car India has hiked the price across different models by up to Rs 5,000.
'Countries like Cambodia, Vietnam, Laos, and the Philippines have a 50 per cent increase in bookings.'
Technical Advisory Committee was for status quo in policy rate on little hope of government action.
Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price, state-owned oil companies on Friday said they will roll back the increase in rate if the government gives a directive to that effect.
Goods transporters and petrol dealers association in Maharashtra claimed on Wednesday that they were being denied fuel at petrol pumps which could impact prices of commodities. "Our vehicles across the state are getting only about 70 per cent of the fuel and as a result of which they are being delayed (to reach destinations)," Prakash Gavali, president of the Maharashtra Rajya Truck Tempo Tankers Bus Vahtuk Mahasangh, which represents transporters, said.
The company has not indicated the exact rise in prices of its models
Leading steel producers Tata Steel and state-owned Steel Authority of India Ltd on Tuesday agreed to hold their prices for 2-3 months after the government's top economic managers spoke out against the rising cost of steel and cement. Essar Steel said it too could look at a similar assurance. Finance Minister P Chidambaram told Parliament that cement and steel producers were acting like a cartel and the govt was looking at legal and administrative measures to deal with them.
Gold prices are expected to witness further consolidation in the coming week as investors brace for a slew of events, ranging from central bank meetings, including the US Federal Open Market Committee (FOMC) meeting's outcome, to global trade negotiations, analysts said.
