New Delhi: In a welcome relief, the petrol price was slashed by Rs 3 on Tuesday evening, effective from midnight. The petrol price was slashed as crude oil became cheaper in international market.
Earlier reports had suggested that the petrol prices may be slashed by up to Rs 2 effective from May 1.
Following are the revised prices of petrol in four metros, effective from midnight. Delhi Rs 63.09, Kolkata Rs 70.35, Mumbai Rs 69.73, Chennai Rs 65.90 (All rates in Rs/litre).
This is the fourth cut in less than two months. Petrol prices were last cut by Rs 1 per litre on April 15, the third reduction in a month. Earlier in April, the price was reduced by 85 paise per litre....
more
07:49 PM, Apr 30, 2013
Mathura: Villagers in Mathura have helped unearth a crude oil racket worth hundred of crores of rupees. Oil was being siphoned off from the main pipeline of Indian Oil Corporation between Salayan in Gujarat and the Mathura refinery. An FIR has been registered against three persons for allegedly pilfering crude oil. A person named Mukesh had taken some land from Dharmendra near the pipeline in the village and used to...
10:53 AM, Apr 13, 2013
The Cabinet will take up the crucial shale gas exploration policy in two weeks, Petroleum Minister M Veerappa Moily said Sunday. ...
06:40 PM, Mar 24, 2013
Finance Minister P Chidambaram appealed to people not to buy so much gold as a way of reducing hefty imports, speaking on television a day after his 2013/14 budget surprised traders by keeping gold import duty unchanged at 6 per cent. ...
05:17 AM, Mar 02, 2013
Pakistan on Monday signed an agreement on handing over operations of the strategic Gwadar port to a Chinese company. President Asif Ali Zardari, speaking on the occasion, expressed confidence that the agreement will give new impetus to Pakistan-China relations, Radio Pakistan reported. ...
12:03 PM, Feb 19, 2013
New Delhi: India will pay Rs 30,000 crore to state-owned fuel retailers forced to sell at cheaper government-set rates in the first half of the year, said three sources who saw the finance ministry's confirmation letter. The government fixes retail prices of liquefied petroleum gas, kerosene and diesel to protect the poor, leading to revenue losses at state-run Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. The payout...
08:50 AM, Nov 09, 2012
Power Minister Veerappa Moily has ruled out a rollback citing the compulsion of rising crude prices. ...
03:35 PM, Sep 18, 2012
Lower energy costs are always good news for growing economies. And international oil and coal prices have come down significantly in the past few months. The price of a barrel of Brent crude, to which two-thirds of the world's oil varieties are benchmarked, has tumbled from about $120 to under $100, falling almost as quickly as it did in late 2008. The reason is simple"since March, the world has been...
12:46 PM, Jun 30, 2012
New Delhi: In a major relief for the common man, the petrol prices have been slashed for the second time after the steep hike of Rs 7.54 per litre on May 24. Following the cut, while petrol gets cheaper by Rs 2.46 in the national capital, the price reduces by Rs 3.13 in Mumbai. The cut is based on global crude prices and the exchange rate of the rupee vs...
12:04 AM, Jun 29, 2012
Bhopal: Union Minister of State for Commerce and Industries, Jyotiraditya Scindia on Saturday said the BJP, which was strongly criticising recent hike in petrol prices, should not forget that the prices had gone up 35 times during the six years of NDA rule. When the BJP-led NDA was in power, a barrel of oil in the international markets used to cost only $ 12, Scindia said. The cost of an...
12:09 PM, May 26, 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: Succumbing to US pressure, India has decided to cut crude oil import from Iran by over 11 per cent this fiscal to 15.5 million tons. India, which imports 80 per cent of its crude oil and relies on Tehran for 12 per cent of those imports, shipped 18.50 million tons of oil from Iran in 2011-12, Minister of State for Petroleum and Natural Gas RPN Singh said in...
02:13 PM, May 15, 2012
New Delhi: India's trade deficit is seen at $185 billion in the 2011/12 fiscal year on higher crude import bill, the trade minister said citing provisional data, which may worsen the country's current account balance and further weaken the rupee. Asia's third-largest economy imports nearly 80 per cent of its crude oil needs, leaving it vulnerable to the vagaries of the oil market. "The trade deficit is primarily because of...
02:47 AM, Apr 14, 2012
Tehran: Iran can manage its economy even without crude exports, President Mahmoud Ahmadinejad claimed on Tuesday as Tehran cut off oil sales to Greece, the third European nation to be hit by an Iranian retaliatory measure ahead of EU's oil embargo. Iran had warned in February that it might extend an earlier embargo imposed on Britain and France to other European countries, after the EU set a ban on Iranian...
04:37 PM, Apr 10, 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
New Delhi: Amid concerns over rising crude oil prices, Finance Minister Pranab Mukherjee on Saturday said the government would take and implement "some difficult decisions" in the coming months. "In meeting the targets under the (expenditure) roadmap, I am conscious of the fact that the government would need to take and implement some difficult decisions in the coming months," Mukherjee said at an event organised by FICCI. "We cannot go...
04:43 AM, Mar 25, 2012
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) on Friday said its profitability will be impacted by Rs 4,500 crore as Finance Minister Pranab Mukherjee raised cess on crude oil production. "The effect of increase in cess on crude oil (from Rs 2,500 per ton to Rs 4,500 per ton) is about Rs 4,500 crore annually," ONGC Chairman and Managing Director Sudhir Vasudeva said on sidelines of 7th Asia...
12:32 AM, Mar 24, 2012
New Delhi: Crude prices have spiked to their highest levels since 2008 on fears that the West's tensions with Iran have the potential to disrupt supplies through the Strait of Hormuz. The price of oil has risen 15 per cent since the start of the year. Analysts say that oil prices also face longer-term pressure due to increased demand from China and other emerging economies - a concern voiced by...
09:58 AM, Mar 03, 2012
Washington: The United States is having "very intense and very blunt" conversations with India, China and Turkey on reducing their dependence on Iranian oil, the Secretary of State Hillary Clinton has told lawmakers. Clinton, testifying before a Congressional committee on Tuesday, said the US is asking these countries to take specific measures that would reduce their dependence on Iranian oil adding. But, without naming one, she did acknowledge that this...
11:19 AM, Feb 29, 2012
Mumbai: If crude oil prices continue to rise, India will be impacted by not only higher inflation and trade deficit, but by subsidies, and any move towards easing monetary policy will have to take this into consideration, rating agency Care said on Tuesday. "The easing of monetary policy will have to be reviewed in case (oil) prices start going up. Our country in particular will be affected by just not...
08:52 PM, Feb 28, 2012
