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3 days ago
Reforms back in India's oil economy amid crash in crude prices

Complete decontrol of diesel marketing, new pricing formula for domestic gas after five years and a plunge in global crude prices flagged a new beginning for India's oil economy in 2014 but there was little news on stake sale in state-run oil firms and fresh auctions for hydrocarbon assets. After years of selling diesel below cost and of subsidising the rich consuming this key transport ...

5 days ago
Petrol, diesel cut by Rs.2 a litre each in Delhi

New Delhi, Dec 15 (IANS) With international crude oil rates slipping towards $60 a barrel, state-run oil marketeers Monday cut petrol and diesel rates further each by Rs.2 a litre in Delhi, effective midnight. Allowing for local levies, the prices of transport fuels will decrease correspondingly in other states, Indian Oil Corp said in a statement here. The prices of petrol and ...

5 days ago
Year of two-wheelers for Indian auto industry

The growth story for the Indian automobile industry in 2014 rode on the two-wheeler segment and not on passenger cars or commercial vehicles, as high interest rates and a stuttering manufacturing industry kept a check on demand. The year also saw Competition Commission of India (CCI) levying a penalty of Rs.2,544.65 crore ($415) on 14 car makers for their restrictive trade practices by ...

9 days ago
Opposition slams government over agrarian crisis

New Delhi, Dec 11 (IANS) The opposition in Rajya Sabha Thursday slammed the BJP-led government for failing to bailout farmers from an agrarian crisis. Initiating the discussion on the issue in the upper house Thursday, Congress leader Anand Sharma urged government to formulate a national policy to protect the interests of farmers by increasing minimum support price (MSP) and supporting t...

14 days ago
Debate on opening up insurance sector may end soon: Jaitley

New Delhi, Dec 6 (IANS) Hinting that the chances of the Insurance Bill getting approved during parliament's ongoing winter session are high, Finance Minister Arun Jaitley said Saturday the debate on opening up the sector will end soon. The debate with regard to insurance is almost now coming to an end. Hopefully within a few weeks, it should produce some results, Jaitley said while addre...

14 days ago
Debate on opening up insurance sector may end soon: Jaitley

New Delhi, Dec 6 (IANS) Hinting that the chances of the Insurance Bill getting approved during parliament's ongoing winter session are high, Finance Minister Arun Jaitley said Saturday the debate on opening up the sector will end soon. The debate with regard to insurance is almost now coming to an end. Hopefully within a few weeks, it should produce some results, Jaitley said while addre...

15 days ago
Mahindra & Mahindra to foray into petrol engines

Kolkata, Dec 5 (IANS) Battling a losing market share, Indian SUV major Mahindra and Mahindra (M&M) is eyeing to regain its hold in the segment and will come up with petrol variant engines for its future launches in the private car segment in India, a company official said Friday. This will signal a major shift for the company which has so long banked on the diesel segment in India.

17 days ago
Excise hike on fuels to fund welfare schemes: Oil Minister

New Delhi, Dec 3 (IANS) The government Wednesday justified hiking excise duty on petrol and diesel, saying the money would fund welfare schemes and not be misappropriated as happened under the previous UPA government. This money will go to the welfare schemes. They need drinking water, electricity and houses, Petroleum Minister Dharmendra Pradhan told reporters here. Should the g...

18 days ago
India hikes excise on petrol, diesel twice inside month

New Delhi, Dec 2 (IANS) A day after petrol and diesel prices were cut by nearly a rupee, the government Tuesday raised the excise duty on transport fuels respectively by Rs.2.25 and Re.1 a litre, with immediate effect. Consumers, however, will be spared the burden of the excise hike and there will be no change to retail prices, a petroleum ministry source told IANS. The gov...

19 days ago
Non-subsidised LPG, jet fuel rates cut

New Delhi, Dec 1 (IANS) With global crude oil rates going under $70 a barrel Monday, the price of non-subsidised cooking gas (LPG) was cut by a hefty Rs.113 per cylinder and of aviation turbine fuel (ATF) or jet fuel by over 4 percent. The 14.2 kg cylinder of non-subsidized LPG is now available at Rs.752 in Delhi as compared Rs.865 previously, state-run oil marketers announced Monday.

19 days ago
Auto sales surge on lowering fuel prices

New Delhi/Chennai, Dec 1 (IANS) Most of the Indian auto-makers Monday reported healthy sales last month on the back of surge in consumer sentiment and lowering fuel prices. With international crude oil prices going below $70 a barrel, Indian retailers have recently cut petrol and diesel prices. Prices of both the fuels have been reduced by three rupees in November itself. India'...

19 days ago
Non-subsidised LPG, jet fuel rates cut as crude prices dip

New Delhi, Dec 1 (IANS) With international crude oil rates going under $70 a barrel Monday, the price of non-subsidised cooking gas (LPG) was cut by a hefty Rs.113 per cylinder and that of aviation turbine fuel (ATF), or jet fuel, by over 4 percent. The 14.2 kg bottle of non-subsidized LPG is now available at Rs.752 in Delhi as compared Rs.865 previously, state-run oil marketers announce...

20 days ago
Petrol, diesel prices cut again this month

New Delhi, Nov 30 (IANS) With international crude oil rates slipping towards $70 a barrel, state-run oil marketers Sunday cut petrol and diesel rates further respectively by 91 paise and 84 paise a litre, effective midnight. The prices of petrol and diesel were last revised downwards from Nov 1 by Rs.2.41/litre and Rs.2.25/litre respectively (including state levies at Delhi) on the back ...

22 days ago
India needs innovative measures to check air pollution: Experts

New Delhi, Nov 28 (IANS) A day after the National Green Tribunal ordered a number of steps to check the rising level of air pollution in Delhi, experts Friday demanded innovative institutional measures to address the problem of traffic density and the role of vehicular emission in raising air pollution across India. The experts also maintained that India should emulate the Singapore mode...

1 month ago
CPI-M opposes excise hike on fuel price

New Delhi, Nov 14 (IANS) The CPI-M Friday strongly opposed the government's decision to increase excise duty on petrol and diesel that has pushed up their price by Rs.1.50 a litre. Petrol and diesel are already heavily taxed, and this constitutes a major part of the retail price, the Communist Party of India-Marxist said. Therefore, there is no justification for this tax hike. Th...

1 month ago
Essar Oil's Q2 net profit at Rs.226 crore

Mumbai, Nov 7 (IANS) Refining major Essar Oil Friday reported its second quarter net profit at Rs.226 crore from a loss of Rs.71 crore incurred during the corresponding period of last year. However, the country's second largest private refiner's gross revenues was down 12 percent in the period under review at Rs.24,194 crore from Rs.27,392 crore. The company said that the dip in ...

1 month ago
Trinamool to raise diesel deregulation issue in parliament

Kolkata, Nov 5 (IANS) Coming down heavily on the BJP-led central government for deregulating diesel prices, West Bengal Chief Minister Mamata Banerjee Wednesday said Trinamool Congress MPs would oppose the decision in parliament. Accusing the Narendra Modi government of utilising all its energy to tomtom about its own performance in the social media, the Trinamool Congress chief said the...

1 month ago
More petrol diesel cuts likely as crude dips to $80 a barrel

New Delhi, Nov 4 (IANS) Following the recent multiple reductions in petrol rates and deregulation of diesel prices last month, fuel consumers can look forward to more price cuts as Brent crude oil Tuesday fell to its lowest in four years at $82 a barrel after Saudi Arabia cut sale prices to the US. The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC), w...

1 month ago
Increased tax refunds fuelling fiscal deficit: Jaitley

New Delhi, Oct 31 (IANS) The higher fiscal deficit in the current financial year, that has touched 83 percent of the full year's target, is the result of increased tax refunds, Finance Minister Arun Jaitley said Friday. Higher tax refunds are getting reflected in fiscal deficit number. This year there were pending tax refunds estimated around Rs.120,000 crore, he told reporters here.

1 month ago
Petrol, diesel rates cut by over Rs.2 per litre

New Delhi, Oct 31 (IANS) Petrol and diesel prices were cut Friday by over Rs.2 per litre each, effective minight, IndianOil Corp announced. While petrol will be cheaper by Rs.2.41 a litre in Delhi, diesel will cost Rs.2.25 less per litre. Prices of both fuels were also reduced earlier this month on the back of declining international oil prices. ...

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