There has been a lot of political uproar over the recent petrol price hike since a week. But there could be some talk of rolling petrol prices back partially. It may be recalled that last week, oil marketing companies announced an 11 per cent hike in petrol prices to cut down their losses of around Rs 6-8 which they incurred on selling petrol. However, the hike didn't go well with...
12:40 PM, May 31, 2012
New Delhi: The UPA government may face more flak over the next few days. Sources have told CNN-IBN that after petrol a diesel price hike is on the cards as well. In fact the government may hike prices as early as June. Sources have also said that the timing will depend on the political scenario, the way the rupee moves as well as on the market conditions. CNN-IBN has also...
07:33 AM, May 26, 2012
New Delhi: A partial rollback in the petrol price hike is on the cards with the Central Government realising that the steep increase of over Rs 7.50 per litre could have a very heavy political cost. Sources say that while the Congress wants the rollback to be in the range of Rs 3-5, the government is likely to go ahead with a cut of around Rs 2-2.50 per litre. The...
02:56 PM, May 24, 2012
New Delhi: Congress has conveyed to the government that a hike in diesel prices was not advisable at the moment, according to sources. Congress also said that even though a hike in petrol prices was required, the timing was wrong. "Petrol price hike should not have taken place a day after the UPA-II report card was presented and Parliament session ended," Congress sources said. The Empowered Group of Ministers (EGoM)...
02:17 PM, May 24, 2012
Mumbai: The rupee fell to a fresh record low on Thursday as a sharp increase in petrol prices failed to lift investor sentiment even as it fueled expectations New Delhi might soon take the more politically fraught step of raising diesel prices. India's hefty subsidy bill for diesel, kerosene and LPG is a budget-buster that forces heavy government borrowing and weighs on investor sentiment. High global energy prices and a...
12:35 PM, May 24, 2012
New Delhi: Under pressure from its allies, the Opposition and the public over the steep hike in petrol price, the Congress has asked all its state governments to cut taxes on fuel prices. The move comes after the Opposition made it clear that it would launch nation-wide protests over Wednesday's Rs 7.50 hike in petrol price. If the Congress-ruled states follow the diktat, the states that are likely to benefit...
11:55 AM, May 24, 2012
Thiruvananthapuram: The dawn-to dusk hartal called separately by LDF and BJP in Kerala to protest the increase in petrol price partially affected normal life across the state on Thursday. Early reports from different districts said shops remained closed in cities and towns and private buses were largely off the roads. Private vehicles are plying and no violence has been reported from anywhere, police said. The pro-Left transport sector unions have...
10:21 AM, May 24, 2012
Prime Minister Manmohan Singh on Saturday hinted at a hike in fuel prices after the government appraised Parliament of the need to rationalise diesel prices. ...
02:55 PM, Apr 28, 2012
New Delhi: After three rounds of price hike, state-owned oil companies today announced a reduction in jet fuel prices by a marginal Rs 170 per kilolitre (kl). The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 169.3 per kl, or 0.25 per cent, to Rs 67,631 effective from Sunday midnight, Indian Oil Corp, making the announcement on behalf of the industry, said. The...
06:32 PM, Apr 15, 2012
New Delhi: Petroleum and Natural Gas Minister Jaipal Reddy has hinted at a hike in petrol prices. He said petrol prices needed to be relooked at. "Prices of all petroleum prices need to be looked at again. However, we are living in a real world, so for those decisions I will have to go to the group of empowered ministers. I can't say anything without meeting the ministers," Reddy said....
11:20 AM, Mar 23, 2012
New Delhi: Union Finance Minister Pranab Mukherjee on Monday hinted at a hike in diesel and cooking gas (LPG) prices after the budget session of Parliament, saying political consensus for it would be built after the session. "... After the Budget session of Parliament is over, I shall discuss with various state governments, Chief Ministers, leaders of political parties and try to work out an overall mechanism through which we...
05:52 PM, Mar 19, 2012
New Delhi: Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week. State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said. Oil firms had last revised petrol prices on December 1 after which rates have not been changed because of Assembly Elections. The industry, they said,...
08:52 PM, Feb 27, 2012
New Delhi: The new year could be beginning with a Rs 2 fuel price hike. Oil companies will be meeting on Monday to revise rates of petrol but would need a political clearance given that Assembly elections are round the corner. Experts say a hike of over Rs 2 is needed because of the weakening rupee. A hike of about Rs 2.10-2.13 per litre in petrol price is needed because...
08:13 AM, Jan 01, 2012
New Delhi: Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move. While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline - against which domestic petrol prices are benchmarked - have also increased, a...
03:18 PM, Dec 14, 2011
New Delhi: With global crude rates coming down, petrol price has been cut by Rs 0.78 per litre, the second reduction in two weeks. The reduction, which will be effective from midnight, was lower than the anticipated cut of Re 1 per litre because of drop in rupee and firming of international prices during the past 48 hours. Petrol in Delhi will cost Rs 65.64 per litre as against Rs...
08:24 PM, Nov 30, 2011
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