Petrol price crosses Rs 80-mark in Delhi for first time since 2018, diesel at new high as oil companies hike rates
While diesel price has been hiked for the 20th straight day, petrol price has been raised on 19 occasions in less than three weeks
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since 5 July Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities
Congress dismisses Centre's fuel price cut as 'electoral lollipop' to voters ahead of Assembly elections
Pointing to the fact that during Karnataka elections the fuel prices had remained unchanged for 17 days, Congress leader Pawan Khera wondered if the prices were "truly deregulated".
The fuel price hike has already been much debated upon, but an economic rationalisation of the same has been missing.
The new price have come into effect from June 1 midnight
Diesel price was on Thursday hiked by 95 paise per litre but there will be no change in petrol rates.
The Modi government has, by allowing petrol and diesel prices to rise this week, has indicated that it intends to let prices be determined by market conditions. It needs to distance itself further from these decisions.
New Petroleum Minister Dharmendra Pradhan on Sunday defended the fresh hike in diesel prices, saying the fare for bulk consumption has come down.
Jayalalithaa on Sunday said the diesel price hike was a continuation of the previous Congress-led UPA regime's "wrong" policies.
The hikes, effective from midnight tonight, are excluding local sales tax or VAT and actual increase will be higher and will vary from city to city.
Ideally, the government should have taken advantage of the situation to remedy the deeper malaise that has afflicted the economy. But is the UPA doing this?
The increase in rates, which will be effective midnight tonight, are excluding local sales tax or VAT. The actual hike will be higher and will vary from city to city.
The increase in rates, which are excluding local sales tax or VAT, will be effective from midnight tonight, Indian Oil Corp, the nation's largest oil firm, said.
The price of the non-subsidised LPG cylinders were slashed by Rs 37.5 per barrel even as the price of diesel for bulk consumers was hiked by almost Re one per litre.
India aims to include the bulk price of diesel fuel in its calculation of wholesale inflation as early as February, two government officials with direct knowledge of the matter said
However, the American brokerage said it continues to expect the Reserve Bank to cut policy rates by 25 bps on January 29
The government's decision to deregulate diesel prices would marginally increase the monthly inflation in the short-run, but eventually would help to reduce fiscal deficit, Ficci said today.
Ruling out roll-back of the "small" 45 paisa increase in diesel prices, Oil Minister M Veerappa Moily today said bulk consumers like Railways will have to find their own budget to buy the fuel at market price.
UPA's key ally DMK and outside supporter BSP today demanded that government reconsider its decision giving a free-hand to oil marketing companies to increase diesel prices, calling it "anti-people".