Page 3 - Fuel Prices

BJP set to organise protests across Karnataka against fuel price hike

The BJP will stage protests across Karnataka against the hike in petrol and diesel prices on June 17, the party's state unit president B Y Vijayendra said on Sunday. The Karnataka government on Saturday hiked sales tax on fuel which will make petrol and diesel costlier. Petrol prices have gone up by Rs 3 per litre and diesel by Rs 3.5 per litre. "We urge the Chief Minister to withdraw this decision immediately. Tomorrow we have organised protests across the state and we are not going to keep quiet till the hike is revoked," Vijayendra told PTI here in the district headquarters town of Hassan. He said the protests will take place in all the district headquarters of the state. Vijayendra charged that the 'desperate Chief Minister' hiked the petrol and diesel prices since he is unable to start any new programmes due to the five guarantees. "After the Lok Sabha elections, they (Congress government) have increased fuel prices. This will cost all sections of people in the entire state

Shifting sands: How India's fuel pricing policy evolved over the years

India's progress with decontrol of fuel prices derailed in May 2022-after 12 years, three governments and two reform-driven Prime Ministers-when petrol and diesel rates surged

Spike in food & fuel prices push WPI inflation to 13-month high in April

Data released by govt on Tuesday showed that uptick in factory gate inflation during April was driven primarily by the spike in the prices of food articles and fuel, among other things

Tripura facing fuel crisis as goods train services not yet normalised

Tripura is facing a fuel crisis as goods train services to the northeastern state have not yet been restored, an official of the Food and Civil Supplies department said on Saturday. The goods train service to the state stopped on April 26 after derailment of a goods train in Assam's Jatinga area but the passenger train service remains unaffected. "The fuel crisis remains as it was earlier. The petrol crisis is severe as goods trains are not coming to the state since April 26. We don't know when the track will be ready for resumption of goods train service fully," Director of Food and Civil Supplies department, Nirmal Adhikari said. The state government started rationing petrol and diesel for two-wheelers, cars and commercial vehicles from April 30. A notification issued by the state government said two-wheelers and three-wheelers would get petrol amounting to Rs 200 per day, while for four-wheelers it is Rs 500 per day. For buses and minibuses, it is 60 litres and 40 litres per day

Sleight of hand: Chidambaram takes dig at govt over cut in fuel prices

Congress leader P Chidambaram on Thursday took a swipe at the government after petrol and diesel prices were cut by Rs 2 per litre, saying this was the same kind of "sleight of hand" witnessed in increasing the LPG price and then reducing it before elections. Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision. The revised price will be applicable from 6 am on Friday, March 15, the oil ministry said on Thursday evening. Reacting to the development, Chidambaram said, "I had said at a media briefing last week that prices of petrol and diesel will be reduced. It was done today. "Will the government say that the prices will not be increased after the elections (if the BJP comes to power again)?" the former finance minister asked. Price of LPG cylinder was increased by Rs 700 by the BJP government and then reduced by Rs 100 on the eve of elections, he said. "The same kind of sleight of hand has been

IndiGo waives fuel surcharge on domestic, and international flights

IndiGo's fuel charges ranged from Rs 300 to Rs 1,000 per ticket based on distance travelled

ATF price cut by 4%; commercial LPG rate down Rs 1.5 per cylinder

Jet fuel or ATF price on Monday was cut by 4 per cent, the third straight monthly reduction, and commercial cooking gas (LPG) rates were marginally lowered by Rs 1.50 per 19-kg cylinder in line with international benchmarks. However, the price of domestic LPG -- used in household kitchens for cooking purposes -- remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was cut by Rs 4,162.5, or 3.9 per cent, in the national capital to Rs 101,993.17 per kl, according to price notifications of state-owned fuel retailers. This is the third straight monthly reduction in jet fuel prices. ATF price was cut by almost 6 per cent (Rs 6,854.25 per kl) in November and by Rs 5,189.25, or 4.6 per cent, in December. The three rounds of reduction have wiped away almost 45 per cent of the Rs 29,391.08 per kl increase in rates effected in four monthly tranches starting July 1. The reduction in the price of jet fuel, which makes up for 40 per cent of an airline's operatin

UK inflation falls by more than anticipated to 2-year low of 3.9% in Nov

Inflation in the UK as measured by the consumer prices index eased back to its lowest level in more than two years, official figures showed Wednesday, in a development that is likely to bolster speculation that the Bank of England may start cutting interest rates sooner than expected. The Office for National Statistics said inflation dropped to 3.9 per cent in the year to November, its lowest level since September 2021, from 4.6 per cent the previous month. That decline was bigger than anticipated in financial markets. The agency said the biggest driver for the fall was a decrease in fuel prices after an increase at the same time last year. Food price inflation also contributed to the decline. Last week, the Bank of England left its main interest rate at a 15-year high of 5.25 per cent, where it has stood since August following the end of nearly two years of hikes. Bank Gov. Andrew Bailey said interest rate policy would likely have to remain restrictive for an extended period of ...

India welcomes return of Venezuelan oil to market: Union Minister Puri

India, the world's third largest oil consuming and importing nation, welcomes the return of Venezuelan oil to the market after sanctions on the Latin American nation were eased, Petroleum Minister Hardeep Singh Puri said. Without saying if India has resumed purchases from Venezuela, he said some refiners in the country have the capability to process heavy crude oil produced in the Latin American nation. India last imported Venezuelan crude in 2020. The US Treasury Department in October partially lifted sanctions on Venezuela's oil and gas sector. The partially lifted sanctions are through a new six-month license authorising transactions in the country's oil and gas sector. The license is to be renewed only if Venezuela can meet commitments leading to fair voting in the next year's presidential election. "We always buy from Venezuela. We have always bought stuff from Venezuela. It's when Venezuela came under sanctions that they were not able to supply," Puri told reporters here. He

Gas firms seek price deregulation as city distribution targets fall behind

International gas prices, typically one-sixth of oil prices, have risen since late 2021, touching $100 per barrel

ATF price cut by 4.6%; commercial LPG rate hiked by Rs 21 per cylinder

Jet fuel or ATF price was on Friday slashed by 4.6 per cent - the second reduction in one month - while commercial cooking gas (LPG) rate was raised by Rs 21 per 19-kg cylinder in line with international benchmarks. However, price of domestic LPG - used in household kitchens for cooking purposes - remained unchanged at Rs 903 per 14.2-kg cylinder. Aviation turbine fuel (ATF) price was reduced to Rs 1,06,155.67 per kilolitre in the national capital from Rs 1,11,344.92 per kl, according to a price notification of state-owned fuel retailers. Alongside, price of commercial LPG used by establishments such as hotels and restaurants, was increased to Rs 1,796.50 per 19-kg cylinder from Rs 1,775.50.

Alaska Air cuts full-year profit view as rising labour costs cast shadow

Excluding items, Alaska Air reported quarterly profit of $1.83 per share, missing analysts' average estimate of $1.87, according to LSEG data

Fuel price hike unlikely despite oil price surge as polls loom: Moody's

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability. International oil prices have firmed up since August, leading to margins of three retailers turning negative again. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India -- IOC, BPCL and HPCL," Moody's said in a report. "The three companies will have limited flexibility to pass on higher raw mate

Shell India hikes diesel prices by Rs 20 per litre in less than a week

Shell India has hiked diesel prices by as much as Rs 20 per litre in less than a week's time, but the dominant public sector fuel retailers continue to keep rates on freeze for a record 18th month in a row. With international oil prices hovering around USD 90 per barrel, the India unit of the world's second-largest oil and gas company last week started raising fuel prices by Rs 4 per litre every day, company dealers and industry sources said. The result is Shell India, whose 346 petrol pumps are mostly concentrated in the southern and western states, is now selling diesel at Rs 130 per litre in Mumbai and Rs 129 in Chennai. Petrol at Shell bunks costs Rs 117-118 a litre. This compares to a price of Rs 106.31 a litre for petrol at public sector company's petrol pumps in Mumbai and Rs 102.63 in Chennai. Diesel at PSU pumps costs Rs 94.27 a litre in Mumbai and Rs 94.24 in Chennai. In Bengaluru, Shell is selling diesel for Rs 122 as compared to Rs 87.92 a litre rate at petrol pumps ow

Pakistan caretaker government increases price of petrol, high-speed diesel

Pakistan's Ministry of Finance said that the decision was taken due to the increasing trend of petrol prices in the international market

Fuel pumps go on indefinite strike in Rajasthan against high VAT

The Rajasthan Petroleum Dealers' Association (RPDYA) s demanding the state reduce its tax on fuel to match that of its neighbouring states

Gas prices likely pushed up inflation in Aug, other costs probably slowed

A sharp increase in gas prices likely pushed inflation higher in August compared with a year ago, yet a measure excluding energy and food costs is expected to fall for the fifth straight month, suggesting that the Federal Reserve's interest rate hikes are still bringing down prices for many goods and services. The consumer price index is projected to have increased 3.6% last month from a year earlier, according to economists' forecasts compiled by data provider FactSet. The increase would be up from 3.2% in July, though still far below the peak of 9.1% in June 2022. Yet core prices, which exclude food and energy and are monitored closely by the Federal Reserve, are likely to cool to 4.3% in August from a year ago, down from a 4.7% annual pace in July. The Fed follows core prices because they can provide a better read on where inflation is headed. If the forecasts are accurate, such data will likely fuel optimism that inflation is coming under control, despite the rise in gas prices,

Afghan drivers criticise fuel price hike, call on Taliban to pay attention

"A lot of northern oil used to be imported to Kabul, now that Salang highway is closed, the imports have decreased," said Shafiq a fuel seller

Govt likely to focus on motor fuel prices ahead of 2024 polls: Citigroup

The government's decision to reduce liquefied petroleum gas could lower inflation by around 30 basis points, economists Samiran Chakraborty and Baqar M. Zaidi said in a note

First year of FTA with UAE: India's fuel exports grow faster than non-fuel

The trade deal is expected to benefit almost 90 per cent of India's exports, in terms of value