New Delhi: Indian Oil Corporation on Thursday slashed petrol price by Rs 2.46, to be effective from midnight. State-owned oil firms, which had last month hiked petrol price by a massive Rs 7.54 a litre, had on June 3 cut rates by Rs 2.02 per litre. Petrol in Delhi will cost Rs 67.78 a litre with effect from midnight as against Rs 70.24 a litre, three oil marketing companies announced...
07:38 PM, Jun 28, 2012
New Delhi: Finance Minister Pranab Mukherjee is expected to announce measures to boost the economy and shore up the falling rupee. Government sources have said that the reserve Bank of India (RBI) is considering hiking the corporate bond FII limit to over $ 30 billion. The RBI is also considering a cut in withholding tax on corporate bonds. However, no cut in excise is being considered yet, according to sources....
11:14 AM, Jun 25, 2012
Oil Minister Jaipal Reddy said that the government was watching the rupee's movement closely. The Indian currency fell to an all-time low of 57.12 against the US dollar on Friday. ...
07:59 PM, Jun 22, 2012
New Delhi: The Bharatiya Janata Party (BJP) will launch a one-day jail bharo agitation on Friday across the country during which party leaders and workers will court arrest to protest against the hike in prices of essential commodities and petrol products. BJP Vice-President Mukhtar Abbas Naqvi on Thursday said in a statement that June 22 will mark the culmination of the Jan Sangarsh Abhiyan (Public Struggle Campaign), which began on...
07:50 AM, Jun 22, 2012
New Delhi: The government is expected to file a reply in the Bombay High Court on Wednesday regarding a PIL against hike in petrol prices. The court had last week sought a response from the Centre, Petroleum and Finance Ministries on a PIL that claims the hike was illegal as it wasn't endorsed by Parliament. The PIL, filed by Rajendra Phanse, submitted that the petrol prices were hiked abruptly on...
09:09 AM, Jun 20, 2012
New Delhi: State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices. "The Greece vote is behind us now. But the Fitch rating downgrade has led to a sharp fall in rupee against the US dollar. There is high volatility in the market. For now we will watch the situation," said a top official at one of the three state-owned...
08:17 PM, Jun 18, 2012
New Delhi: Petrol price will come down by 92 paise while cost of diesel will go up by 37 paise from midnight Sunday in the capital, with the Delhi government issuing a notification adjusting the Value Added Tax (VAT) on the two fuels. Petrol will cost Rs 70.24 per litre from current Rs 71.16 per litre and diesel will cost Rs 41.28 per litre as against the current rate of...
02:54 AM, Jun 17, 2012
New Delhi: In a major relief to cash-strapped airlines, jet fuel (ATF) prices were on Friday reduced by a massive 5 per cent, the steepest reduction in rates since February 2010. The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was reduced by Rs 3,260 per kl, or 5 per cent, to Rs 62,410 per kl with effect from midnight tonight, according to Indian Oil Corp, the...
02:31 AM, Jun 16, 2012
Gurgaon: Holding the UPA government responsible for the country's poor economic condition, BJP president Nitin Gadkari on Saturday said the Centre might have to mortgage gold to revive the country's economy. "People from all sections are suffering as the prices of essential commodities have gone up manifold in the past seven years," Gadkari said during a programme of BJP Vyapar Prakosth. Under such circumstances, the Centre might have to mortgage...
07:49 AM, Jun 10, 2012
Kolkata: After the pension sector reform bill was put on the backburner following opposition from key UPA partner the Trinamool Congress, Finance Minister Pranab Mukherjee on Friday night said the Centre would discuss the matter with that party. "We shall discuss this (Pension Fund Regulatory and Development Authority Bill, 2011) with Trinamool Congress and its chief Mamata Banerjee. They have written wanting further discussion. So, let us discuss," Mukherjee told...
11:50 PM, Jun 08, 2012
Union Finance Minister Pranab Mukherjee on Friday said that the petrol prices may come down further. ...
11:38 PM, Jun 08, 2012
Hyderabad: The Andhra Pradesh government on Wednesday decided to reduce value-added tax by 2 per cent on petrol, bringing its price down by Rs 1.19 per litre, a move which has been approved by the Election Commission (EC). The state government sought the EC permission to reduce petrol price as model code of conduct is in force for the June 12 bypolls for 18 Assembly seats and one Lok Sabha...
11:10 PM, Jun 06, 2012
New Delhi: The country's largest car maker Maruti Suzuki India has cut production of some petrol models, including the best selling Alto, as sales of such cars have declined due to high fuel costs. "Petrol car sales are very low in these days as the market sentiment is down ... We do not believe in creating excess stock. So, we adjust our production accordingly," Maruti Suzuki India (MSI) Managing Executive...
03:14 PM, Jun 06, 2012
New Delhi: Amid his pitch for a 25 per cent cut in taxes levied on petrol by states, Finance Minister Pranab Mukherjee on Monday said he has written to chief ministers to reduce taxes by states and put in place a mechanism to contain it if petroleum prices continue to rise. Announcing at the CWC meet that he had written to chief ministers, Mukherjee said he has sought their cooperation...
03:26 AM, Jun 05, 2012
New Delhi: Union Finance Minister Pranab Mukherjee on Monday dismissed the possibility that India's economic situation is anywhere near as dire as in 1991. "Attempts have been made to link the current situation with that in 1991. I think this comparison is not correct. There is no reason to believe that we are going back to the situation of 1991 because our fundamentals are very strong," said Mukherjee. "Our foreign...
06:10 PM, Jun 04, 2012
A day before Foreign Minister SM Krishna's trip, Beijing issued an advisory against travel to India citing protests over the fuel price hike, after New Delhi warned traders against business in Yiwu. ...
02:26 PM, Jun 04, 2012
Beijing: In what is being seen as a tit-for-tat move, China has cautioned its citizens against travelling to India following protests over the increase in petroleum prices, after New Delhi issued advisories warning its traders against doing business in the Chinese commodity hub of Yiwu. An advisory has been posted on the Chinese Foreign Ministry website as well as Chinese Embassy in New Delhi dated June 1 which warned about...
12:31 PM, Jun 04, 2012
New Delhi: Three state-owned oil companies have issued a statement denying that they are making huge profits and stated that the petrol price hike was necessary. The statement came in response to a letter by Overseas Indian Affairs Minister Vayalar Ravi to Oil Minister S Jaipal Reddy saying the claim made by oil companies that they are running in loss seems to be untrue in view of the profits they...
07:08 AM, Jun 04, 2012
New Delhi: Dismissing "false impression" of having made huge profits, Chief Executives of the three state-owned oil firms on Sunday said a combined bailout package totalling a whopping Rs 1,38,500 crore had helped them report nominal profits in 2011-12 fiscal. In an unusual joint statement, Indian Oil Chairman RS Butola, Bharat Petroleum Chief RK Singh and Hindustan Petroleum CMD Subir Roy Chowdhry said contrary to the false impression of oil...
01:39 AM, Jun 04, 2012
Chennai: Tamil Nadu Chief Minister Jayalalithaa on Saturday termed the partial rollback of petrol prices by Rs two per litre, as an "eyewash" that would not soothe people's anger and demanded a complete rollback. "Reducing Rs two from the earlier hike of Rs 7.50 will not benefit the poor.This small reduction will not soothe people's anger.It will continue to be a burden on poor and middle class," the AIADMK supremo...
04:28 AM, Jun 03, 2012
