New Delhi, April 1 (IANS) State-owned oil marketing companies (OMCs) on Wednesday made substantial revisions to prices of both aviation turbine fuel (ATF) and commercial LPG, with rates surging sharply — including a more-than-doubling in jet fuel prices — tracking a spike in global oil prices amid the escalating West Asia conflict.Jet fuel prices more than doubled to a record high, while commercial LPG rates also rose significantly, adding to cost pressures across sectors.The price of ATF in D…
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Chennai, April 1 (IANS) A sharp increase in commercial LPG cylinder prices has come into effect in Chennai from April 1, raising concerns among traders and consumers about a likely surge in food prices across the city.As part of the monthly price revision carried out by oil marketing companies, the cost of a 19-kg commercial LPG cylinder has been increased by Rs 203. The price has risen from Rs 2,043.50 to Rs 2,246.50, marking a significant jump that directly impacts businesses dependent on bulk…
New Delhi, March 31 (IANS) India’s foreign‑exchange reserves of over $700 billion are large enough to deter speculative moves and allow the Reserve Bank of India to intervene to stabilise the rupee, a report said on Tuesday.The report from SBI Research said current reserve levels are equivalent to more than 10 months of imports and that short‑term debt is below 20 per cent of reserves, providing room and time to intervene in the market to prop up the rupee if it is so desirable.The researc…
Chandigarh, March 30 (IANS) With the target of procuring 122 lakh metric tonnes (LMT) wheat, Punjab Food, Civil Supplies and Consumer Affairs Minister Lal Chand Kataruchak on Monday emphasised that special vigil be maintained especially in border districts to prevent wheat arrival for sale from neighbouring states. The Minister said that the District Food Supply Controllers (DFSCs) must personally visit the ‘mandis’ and keep a strict eye to make sure any wrongdoing doesn’t happen. Reviewing …
New Delhi, March 28 (IANS) BJD MP Sasmit Patra on Saturday said that the recent reduction in excise duty on petrol and diesel could result in a revenue loss of Rs 3-4 lakh crore for the Government of India, while also warning of broader economic challenges stemming from the ongoing West Asia conflict. Speaking to IANS, Patra said, “The conflict in West Asia naturally has a global impact, including on India. The excise duty cut will cost the Government of India a loss of around Rs 3–4 lakh cr…
New Delhi, March 27 (IANS) Congress leaders on Friday had varied opinions on the Central government’s decision to slash excise duties on petrol and diesel by Rs 10 per litre each. While Congress MP Abhishek Manu Singhvi said any relief is welcome, he sought a “comprehensive programme”. On the other hand, party leader Pawan Khera highlighted that the cut is for “oil marketing companies” and not for consumers.The Central government’s move came amid fears of a hike in crude oil prices due to the gl…
New Delhi, March 27 (IANS) Union Finance Minister Nirmala Sitharaman on Friday said the Centre’s decision to slash excise duty by Rs 10 on petrol and diesel was aimed at protecting citizens from the impact of rising global crude oil prices, asserting that the government has chosen to absorb the burden rather than pass it on to consumers.Addressing the media, Sitharaman said the move reflects Prime Minister Narendra Modi’s clear policy approach of ensuring price stability and adequate fuel su…
Mumbai, March 27 (IANS) Maharashtra Chief Minister Devendra Fadnavis on Friday hailed the Centre’s move to reduce excise duty on petrol and diesel, asserting that it will insulate Indian consumers from the fallout of the ongoing Middle East conflict. The Chief Minister termed the government’s action a vital protective measure against global energy volatility. The Centre has slashed excise duty by Rs 10 per litre on both petrol and diesel with immediate effect.Speaking to reporters, the Chief…
New Delhi, March 27 (IANS) Amid rising crude prices and mounting pressure on oil retailers, the Centre’s Rs 10 per litre excise duty cut on petrol and diesel signals both near-term relief for consumers and a potential impact on one of its key revenue streams. Under the revised rates, excise duty on petrol has been reduced to Rs 3 per litre, while diesel has effectively been exempted.The decision comes against the backdrop of elevated global crude oil prices due to the ongoing West Asia conflic…
New Delhi, March 27 (IANS) The government on Friday said retail pump prices of petrol and diesel will not change, and the excise reduction is not being passed on as a price cut at the pump.Instead, it directly reduces the under-recoveries being absorbed by public sector oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — who have continued to supply fuel to Indian consumers at prices well below their cost of supply, the …