New Delhi: Jet fuel prices were on Wednesday cut by 5.3 per cent, the second steep reduction in rates in one month. Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,545.94 per kilolitre (kl), or 5.35 per cent, to Rs 62,649.95 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
The reduction in rate, made possible due to declining international oil prices, came on back of a 5.5 per cent (Rs 3884.98 per kl) cut in rates from April 1. Softening of international oil prices had yesterday led to a Rs 3 per litre reduction in petrol rates and Rs 54.26 per cylinder cut in price of non-subsidised domestic cooking gas price.
The two rounds of cut in prices follow a 2 per cent (Rs 1,324.84 per kl) increase in price from February 1 and a 3.8 per cent (Rs 2,519.83 per kl) hike in rates from March 1. In Mumbai, jet fuel will cost Rs 64,624.69 per kl as against Rs 68,331.91 per kl previously.
Rates at different airports vary because of differential in local sales tax or VAT. Kolkata would see price cut of Rs 3657.88 to Rs 72,514.02 per kl, while it will cost Rs 68,191.73 in Chennai as against Rs 71,986.32 per kl previously....
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09:17 PM, May 01, 2013
Citigroup cut its regional stock ratings for Asia and for Central Eastern Europe, Middle East and Africa (CEEMEA), but raised Latin America to "overweight", adding that emerging market equities are unlikely to match their 2012 performance this year due to less attractive valuations. Citigroup said it remains moderately bullish on emerging market equities, however, expecting a full-year gain of 9 per cent in dollar terms and projecting total returns of...
03:49 PM, Jan 10, 2013
New Delhi: Sulking Science and Technology Minister S Jaipal Reddy on Monday said anybody handling the ministry of petroleum and natural gas would be "totally frustrated". "I was the minister of petroleum and natural gas. Anybody who handles this portfolio will be totally frustrated as nobody knows why the oil prices increase," he said at the International Bio-energy Summit in New Delhi. Reddy pointed out that India imported 75 per...
02:10 AM, Nov 06, 2012
New Delhi: The Central Government is in a bind over the increasing fuel prices as several UPA constituents are opposed to the move. Even as state-run oil companies like Hindustan Petroleum, Bharat Petroleum and Indian Oil Corporation say they are losing around Rs 15/litre on sale of diesel and approximately, incurring losses of Rs 200 crore each day on sale of this fuel, political pressure may force the government to...
01:05 PM, Sep 11, 2012
New Delhi: The prices of diesel, kerosene and LPG are likely to be hiked, according to sources. Sources say diesel prices are likely to be hiked by Rs 4 to 5 per litre, while the price of LPG is expected to be hiked by Rs 50 per cylinder. Oil companies will take the final decision on the price of petrol. According to sources, Finance Minister P Chidambaram and Petroleum Minister...
10:05 AM, Sep 11, 2012
New Delhi: The Centre may finally bite the bullet and hike fuel prices soon. Oil minister Jaipal Reddy speaking on Friday, though, ruled out an immediate hike, but he warned of painful decisions that need to be taken. The Oil Ministry has circulated a Cabinet note on fuel price hike. Finance minister P Chidambaram is reportedly pushing for a hike in fuel prices. A final decision will be taken after...
02:25 PM, Sep 07, 2012
New Delhi: India's wholesale inflation unexpectedly fell in July to a near three-year low but economists doubt the drop will be enough to persuade the RBI to cut interest rates at its September meeting to try to revive the struggling economy. Inflation dropped to 6.87 per cent in July from 7.25 per cent in June as domestic petrol and vegetable prices fell in July. But global oil prices have been...
02:17 AM, Aug 15, 2012
New York: Fears of violence in the Persian Gulf escalated, pushing the price of oil higher. The Obama administration slapped Iran with more sanctions aimed at stifling its nuclear program. Traders, who worry that the sanctions will eventually lead to a military conflict in the Gulf, responded by buying oil. "This just puts the risk back out there," said Phil Flynn, an oil analyst with Price Futures Group. Oil prices,...
07:36 AM, Jul 13, 2012
Mumbai: The Reserve Bank of India (RBI) has some room to reduce policy rates following a moderate core inflation and soft global oil prices, a deputy governor said on Monday. Subir Gokarn was speaking to television channel CNBC-TV18 on the sidelines of a investor conference in Mumbai. The 10-year benchmark bond yield fell to its lowest level in two-and-half months at 8.31 per cent in early trade on expectations of...
02:19 PM, Jun 04, 2012
New Delhi: Strange but true, the subsidy on kerosene, LPG and diesel is twice the total budget of the ministries of rural development, drinking water and sanitation and, more than the budget of the Defence Ministry, Minister for Rural Development and Drinking Water Jairam Ramesh said on Friday. In his own words: "The total subsidy on diesel, kerosene and LPG comes to Rs 1,90,000 crore. Whereas, the total budget for...
07:17 PM, May 25, 2012
New Delhi: Petroleum Minister Jaipal Reddy on Friday defended the hike in oil prices and said that the government will watch the international situation for a few days before taking a decision on the issue. The minister added that a partial rollback of the prices was not likely soon. Reddy said, "India is facing the twin crisis of rupee devaluation against US dollar and a substantial increase in the international...
05:57 PM, May 25, 2012
Amid speculation that a partial rollback of petrol prices is likely due to political pressure, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will adversely affect the fiscal deficit target leading to price increase in general. In an interview with Karan Thapar on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a way, that in the...
04:28 PM, May 25, 2012
How guilty is the government of mishandling the situation on petrol prices? ...
09:23 PM, May 24, 2012
New Delhi: Amid rising global crude oil prices, Finance Minister Pranab Mukherjee on Wednesday warned of "disastrous consequences" if corrective steps are not taken to deal with the problem as India cannot afford import of large quantities at high prices. "Petroleum prices are increasing by leaps and bounds. We cannot keep them under any carpet. If we do not take corrective measures, we will have to face disastrous consequences," he...
09:34 PM, May 16, 2012
New Delhi: State-run oil companies have served an ultimatum to the government that they will raise petrol prices by Rs 9.6 a litre if excise duty is not cut or they are not provided compensation for Rs 49-crore per day loss on fuel sale. "We have been very patient, not raising prices since December despite our cost of production spiralling. But there is a limit to which we can borrow...
06:30 PM, Apr 17, 2012
New Delhi: State-owned oil companies' losses on petrol sales have climbed to Rs 7.65 per litre but they may not raise fuel prices on Saturday pending a clarification from the government on duty reduction and subsidy compensation. "We are losing about Rs 7.65 per litre on petrol and after adding 20 per cent sales tax, the desired increase in rates in Delhi is Rs 9.18 per litre," a top oil...
06:23 PM, Mar 31, 2012
Washington: US President Barack Obama vowed on Friday to forge ahead with tough sanctions on Iran, saying there was enough oil in the world market - including emergency stockpiles - to allow countries to cut Iranian imports. In his decision, required by a sanctions law he signed in December, Obama said increased production by some countries as well as "the existence of strategic reserves" helped him come to the conclusion...
09:44 AM, Mar 31, 2012
New Delhi: Finance Minister Pranab Mukherjee, while replying to the Union Budget in the Lok Sabha on Tuesday, said that the Gulf crisis has impacted prices and availability of oil and hinted that imports will become difficult if crude prices rise to $150-200 per barrel. He also informed the House that volatility in oil prices will have impact on inflation. The Finance Minister has also informed the House that a...
06:01 PM, Mar 27, 2012
Geneva: The global aviation industry could run up losses of over USD 5 billion this year if oil prices spike by more than anticipated in light of the tensions building up over Iran's nuclear programme, the industry's trade group said on Tuesday. The International Air Transport Association, or IATA, says it now expects earnings will likely decline to USD 3 billion in 2012. That's down from December's forecast of USD...
05:43 PM, Mar 20, 2012
New Delhi: Deputy Chairman of the Planning Commission Montek Singh Ahluwalia commenting on the current rift between the Trinamool Congress and the Congress on the Budget 2012 said that nobody quite says that they are going to agree something unless they agree or until they are ready. Speaking to Karan Thapar on Devil's Advocate, Ahluwalia said that we should wait for the reforms to show their results. Karan Thapar:Hello and...
07:25 PM, Mar 18, 2012
