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12 hours ago
Diesel deregulation to help OMCs: Fitch

New Delhi, Oct 21 (IANS) International ratings agency Fitch Tuesday said that deregulation of diesel prices will have a positive effect on the country's three oil marketing companies (OMCs) that are the principal retailers of petroleum products in India. The decision is also likely to lead to more private firms entering the diesel market in the medium term, resulting in greater competiti...

1 day ago
Samajwadi Party-Raj Bhawan face off intensifies in UP

Lucknow, Oct 20 (IANS) Apprehensions of a possible face-off between the ruling Samajwadi Party (SP) in Uttar Pradesh and the Raj Bhawan turned true Monday as a press conference by Governor Ram Naik drew a sharp response from the government. Naik, who completed 90 days as governor, had called the media for an interaction Monday and distributed a booklet titled 'Raj Bhawan Mein Ram Naik' e...

1 day ago
Falling oil prices may spur Modi for more reforms

One single international development that has not received the kind of play it deserves in the Indian media but is keenly watched in policy-making and strategic circles is the falling prices of oil - despite the geopolitical uncertainties in the Middle East and Nigeria - whose impact could be felt in government finances, business, trade and consumer spending, if the trend continues. The ...

2 days ago
Global factors determine diesel deregulation, gas price

New Delhi, Oct 19 (IANS) The Narendra Modi-led government's market pricing of diesel and revising the price for domestic natural gas have been determined by international factors that have also cushioned the impact of tough economic decisions. While diesel deregulation has come in the backdrop of international crude oil prices plunging towards $80 a barrel, the new formula used to revise...

3 days ago
India raises gas price to $5.61 per unit, deregulates diesel

New Delhi, Oct 18 (IANS) Taking major decisions impacting the hydrocarbons sector, India's federal cabinet Saturday made the long awaited revision in domestic natural gas prices, deregulated diesel and remodified the scheme to give direct cash to consumers on subsidy for cooking gas. The cabinet also approved other projects related to infrastructure, including a metro rail project in Ah...

3 days ago
Diesel prices deregulated, cheaper by Rs. 3.37 a litre

New Delhi, Oct 18 (IANS) The government Saturday deregulated diesel prices by linking the fuel cost to market-based pricing. The decision was taken by the union cabinet at a meeting held here. While announcing the decision on diesel price deregulation Finance Minister Arun Jaitley said: Price of diesel will be linked to the market, and therefore, depending on whatever is the cost...

3 days ago
Diesel prices deregulated, cheaper by Rs. 3.37 a litre

New Delhi, Oct 18 (IANS) The government Saturday deregulated diesel prices by linking the fuel cost to market-based pricing. The decision was taken by the union cabinet at a meeting held here. While announcing the decision on diesel price deregulation Finance Minister Arun Jaitley said: Price of diesel will be linked to the market, and therefore, depending on whatever is the cost...

3 days ago
Diesel prices deregulated

New Delhi, Oct 18 (IANS) The government Saturday deregulated diesel prices by linking the fuel cost to market-based pricing. The decision was taken by the Union cabinet in a meeting held here. While announcing the decision on diesel price deregulation Finance Minister Arun Jaitley said: Price of diesel will be linked to the market, and therefore, depending on whatever is the cost...

5 days ago
Government doubles profit on diesel sales as crude prices dip

New Delhi, Oct 16 (IANS) After years of incurring huge losses by selling diesel below cost, the government is finally making a profit on its sales at a rate that is doubling per fortnight even as international crude rates plunge. The over-recovery (or profit) on High Speed Diesel (HSD) applicable for the 2nd fortnight of October effective 16.10.2014 is now Rs.3.56 per litre. The over-rec...

7 days ago
Petrol cut by Re.1 a litre as crude prices dip

New Delhi, Oct 14 (IANS) Petrol rates were cut Tuesday, effective midnight, by Re.1 a litre, excluding local taxes, following a decrease in international oil prices. This reduction follows the one of 54 paise made on Oct 1. After accounting for local sales tax, petrol per litre will cost in Rs.66.65 in Delhi, Rs.74.46 in Mumbai, Rs.74.21 in Kolkata and Rs.69.59 in Chennai.

8 days ago
Indian basket's crude price drops under $90/barrel

New Delhi, Oct 13 (IANS) The international crude oil price of the Indian basket continued falling and went below $90 a barrel on the last trading day Friday, the petroleum ministry said here. The price of the Indian basket was $88.23 per barrel on 10.10.2014. This was lower than the price of $90.50 per barrel on the previous day, the ministry said in a release Monday. Global ben...

15 days ago
Reduce diesel price, says CPI-M

New Delhi, Oct 6 (IANS) The CPI-M Monday criticized the government and the Oil Marketing Companies (OMCs) for not reducing the price of diesel despite a fall in crude oil prices globally. The price of Brent crude, the global oil price benchmark, had fallen below $92 a barrel, the Communist Party of India-Marxist said. It is reported that the OMCs are earning Rs.1.90 on every lit...

20 days ago
Diesel in over-recovery; retail prices exceed global rates

New Delhi, Oct 1 (IANS) With the rates of the Indian basket of crude oil falling below $95 a barrel, the petroleum ministry Wednesday said losses on diesel sales had been wiped out with the government now looking at a profit of nearly two rupees a litre on the fuel sales. The over-recovery on High Speed Diesel (HSD) applicable for the first fortnight of October effective 01.10.2014 is no...

1 month ago
Government diesel sales in profit first time in regulation era

New Delhi Sep 16 (IANS) For the first time in the history of the regulation era on diesel, the under-recovery, or revenue loss, applicable on the fuel for the second fortnight effective Sep 16 has been wiped out, and there is instead a profit on sales, the government announced Monday. Announcing the product-wise under-recovery of state-run oil marketing companies, the petroleum ministry ...

1 month ago
RBI governor calls for diesel deregulation at earliest

Mumbai, Sep 15 (IANS) The country should take advantage of international oil prices, that have fallen rapidly below the $100 per barrel-mark, to deregulate diesel prices, Reserve Bank of India (RBI) Governor Raghuram Rajan said Monday. Lower crude oil prices are helping consuming countries like us. We need to seize this moment to eliminate diesel subsidies completely, Rajan said addressi...

1 month ago
India's August inflation rate falls to five-year low

New Delhi, Sep 15 (IANS) India's annual rate of inflation, based on the wholesale price index, fell to a near-five-year low of 3.74 percent for August, raising expectations of a rate cut when at Reserve Bank's scheduled policy meet on Sep 30. According to data released by the commerce and industry ministry Monday, the annual inflation rate stood at 5.19 percent for the previous mont...

1 month ago
Global crude falls nearly $3 a barrel in a week, motorists rejoice

New Delhi, Sep 11 (IANS) With the rates of the Indian basket of crude oil falling almost $3 a barrel in a week after international prices dropped last month below the psychological barrier of $100, consumers are anticipating more cuts in petrol price following three reductions in August. While the OPEC crude rates went from $98.65 a barrel last week to $95.93 on the last trading day Wed...

1 month ago
Diesel at almost market price as under-recovery falls to 8 paise

New Delhi, Sep 1 (IANS) A day after the latest monthly hike in diesel rates, the under-recovery, or revenue loss, applicable on the fuel for the first fortnight effective Sep 1 has almost been wiped out, the government announced Monday, fuelling expectations of imminent market-pricing. The under-recovery on High Speed Diesel (HSD) applicable for the first fortnight of September effectiv...

1 month ago
'Petrol price cuts a boost for less polluting cars'

New Delhi, Aug 31 (IANS) The narrowing gap between petrol and diesel prices will hopefully push people towards less polluting petrol-run cars, citizens in the national capital say. The multiple petrol price cuts this month are a big relief for us middle class car-owners, especially now with prices going so high, Rajnish Garg, a Delhi resident, told IANS Sunday. With the price ...

1 month ago
Petrol cut by Rs.1.51 a litre, diesel hiked 50 paise

New Delhi, Aug 30 (IANS) With international crude oil rates dropping to around $100 a barrel, petrol prices were cut Saturday by Rs.1.51 a litre excluding local taxes, effective midnight, state-run oil marketers announced. The current levels of international oil prices and INR-USD exchange rate warrants a decrease in selling price of petrol in the domestic market, Indian Oil said in a...

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