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State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="20" keywordseo="bpcl" source="keywords">BPCL</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>), who control roughly 90% of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower. International oil prices, against which domestic rates are benchmarked as India is 85% dependent on imports to meet its oil needs, had softened late last year but firmed up again in the second half of January. They have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that their past losses haven't been fully recouped. "There are losses on diesel," an industry official said. "It had turned positive but now oil companies are losing close to Rs 3 per litre." He said the profit margin on petrol has trimmed from low teens to around Rs 3-4 a litre. Asked about <keyword id="46996" type="General" weightage="100" keywordseo="fuel-price" source="Orion">fuel price</keyword> revision, Oil Minister Hardeep Singh Puri told reporters on the sidelines of the India Energy Week that the government does not dictate prices and the oil companies take their decision considering all economic aspects. "They say there is still volatility (in the market)," he said. Asked about the bumper Rs 69,000 crore profits that the three firms have clocked in the first nine months of the current fiscal, he said the expectation would be to start price revision if the trend continues in the fourth and last quarter of the current fiscal year ending March 31. "They had losses when they voluntarily decided not to raise prices (despite oil prices going up)," he said. The combined net profit of IOC, BPCL and HPCL in the April-December (first nine months of current fiscal year) was better than their annual earning of Rs 39,356 crore in pre-oil crisis year, regulatory filings by them showed. The firms had posted a combined net loss of Rs 21,201.18 crore during the April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidy helped IOC and BPCL post annualised profit for 2022-23 (April 2022 to March 2023 fiscal) but HPCL was in the red. This fiscal year, things have changed dramatically. The three firms posted record quarterly earnings in the first two quarters (April-June and July-September) when international oil prices - against which domestic rates are benchmarked - almost halved to USD 72 a barrel from a year ago. International prices rose again in the subsequent quarter to USD 90, leading to moderation of their earnings. But, on a year as a whole they had rich profits. The fuel price freeze that began on April 6, 2022, had a loss as high as Rs 17.4 a litre on petrol and Rs 27.7 per litre on diesel for the week ended June 24, 2022. However, subsequent softening led to losses being eliminated. The three firms had a margin of Rs 11 a litre on petrol and Rs 6 on diesel last month. But now things have changed, another industry official explained. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 - climbing to a 14-year high of nearly USD 140 per barrel in March 2022 after Russia invaded Ukraine, before sliding on weaker demand from top importer China and worries of an economic contraction. But for a nation that is 85% dependent on imports, the spike meant adding to already elevated levels of inflation and derailing the economic recovery from the pandemic. So the three fuel retailers froze petrol and diesel prices for the longest duration in the last two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a Rs 10 a litre hike in petrol and diesel prices from mid-March 2022 before another round of excise duty cut rolled back all of the Rs 13 a litre and Rs 16 a litre increase in taxes on petrol and diesel done during the pandemic. That followed the current price freeze that began on April 6, 2022 and still continues.

Oil cos losing close to Rs 3 a litre on diesel, profit on petrol down

<ul class="summary-list"><li>The number of carriers exiting the market rose in September and hovered near record highs seen in the second quarter.</li><li>That's according to Motive, which also found that new carrier starts headed back down. </li></ul>The freight slowdown that followed the pandemic-era delivery boom saw <a href="https://www.businessinsider.com/freight-recession-economy-pandemic-trucking-transportation-consumer-demand-2023-9">brief signs of relief in August</a>, but the latest numbers suggest the downturn is still in effect, according to a report from <a href="https://gomotive.com/blog/motive-holiday-outlook-report-2023/#h-the-trucking-market-s-contraction-will-continue" target="_blank" rel="noopener">Motive</a>, a fleet operations platform. In September, the number of carriers exiting the market rose, moving toward the record highs seen in the second quarter this year. <a href="https://www.businessinsider.com/freight-recession-economy-pandemic-trucking-transportation-consumer-demand-2023-9">The decreases seen in August</a>, Motive said, were likely an anomaly. "At the same time, new carrier starts saw a 10% drop, which also brought it back in line with Q2 and the overall decreases we've seen in 2023," the report said. "When the market will return to a level aligned with demand relies on external factors like diesel price fluctuations and interest rates."Diesel prices eased from March to June, but then spiked 18% from July to September. That jump corresponded with financial stress for companies.The national average for diesel prices on Monday hovered at $4.456, AAA data shows. While prices surged over the summer, they are still down from $5.271 one year ago."Financial stress, which is measured as the change in payment delays for carriers, saw tight correlation with these swings," Motive said. "For every 50 cents diesel prices increased in 2023, Motive saw a 30% increase in companies' financial stress."<div type="image" title="Financial stress, diesel prices Motive trucking report" height="777" width="1328" msid="104477768" hostid="261"></div>Motive anticipates diesel prices to stay volatile for the year ahead, and consumer demand will have to stay level or even grow to match the freight market's capacity and help it stabilize."The capacity glut created in the aftermath of the pandemic's spending boom is still here, and current economic conditions aren't showing signs of that changing," Motive said.

More freight carriers are exiting the market as soaring diesel prices drag on truckers

Islamabad [Pakistan], September 1 (ANI): As Pakistan continues to grapple with high electricity bills, the caretaker government on Thursday further jacked up the petrol and diesel prices by over 14 <keyword id="13722183" type="General" weightage="50" keywordseo="pakistrupees" source="Orion">PakistRupees</keyword> (PKR) taking the price past 300 PKR, Geo News reported on Friday. The Finance Division said the hike was due to the "increasing trend of petroleum prices in the international market and exchange rate variations". The Finance Division said that the price of petrol will go up by 14.91 PKR per litre, and the price of high-speed diesel (HSD) by 18.44 PKR per litre. Now, the price for one litre of petrol will be 305.36 PKR, and the HSD price will be 311.84 PKR. Notably, the local currency is at an all-time low following an easing in import restrictions that has increased the greenback's demand and rising risks associated with financing the country's current account deficit, Geo News reported. The PKR has lost over 15 value in the interbank market since the formation of the caretaker government which is tasked with overseeing at least one review of the International Monetary Fund (IMF) USD 3 billion standby arrangement and steering the country through to a national election that is in theory due to take place by November, according to Geo News. Earlier on Friday, The News International had reported that the interim government was likely to increase the price of petrol and diesel citing sources in the oil industry. According to the working of the oil industry, regarding the ex-depot prices of petroleum prices, the price of petrol and high-speed diesel would likely record a substantial increase. The government would review the prices of petroleum prices on Thursday night under the fortnightly review of the prices' formula, Geo News reported. On August 1, the Pakistan government raised the price of petrol by 19.95 PKR per litre and of high-speed diesel by 19.90 PKR per litre. On August 16, the price of petrol price was raised by 17.50 PKR per litre and the price of high-speed diesel was increased by 20 PKR per litre. Notably, Pakistan is battling a huge economic crisis, with staggering inflation and depleting Forex reserves. Although the IMF approved a USD 3 billion bailout to support Pakistan in avoiding a default on its debt repayments, Islamabad is finding it difficult to implement all the conditions imposed by the lender. With sky-high inflation and foreign exchange reserves barely enough to cover one month of controlled imports, Pakistan has been facing its worst economic crisis in decades, which analysts say could have spiralled into a debt default in the absence of the IMF deal. Under the conditions, electricity prices have surged in Pakistan, which has led to social unrest in the country. The IMF has requested Islamabad to provide a written plan after the government decided to seek clearance from the Washington-based lender about its proposal to ease the burden on furious citizens over a hike in electricity bills, The News International reported citing sources. The Pakistan government even had to impose additional taxes of 215 billion PKR and slash expenditures by 85 billion PKR in order to strike an agreement with the IMF. (ANI)

Pakistan's petrol, diesel prices continue to surge amid social unrest

New Delhi [India], April 25 (ANI): Constrained supplies of milk and wheat, coupled with a volatile international crude oil market with OPEC+ countries deciding to cut crude oil production from May 2023 are factors that may, going forward, influence the inflation outlook in India, Ministry of Finance's Monthly Economic Review report put out on Tuesday noted. Milk inflation in India has remained elevated for several months due to a growing supply-demand mismatch. Milk production has been impacted by a Lumpy Skin Disease (LSD) infecting millions of cattle in late 2022, its prices also rose because of high fodder and transportation costs. To meet the growing demand and considering the fact that the supply of milk in the ensuing summer season being a lean season may be less, the Ministry of Fisheries, Animal Husbandry and Dairying earlier this month said there were demands from several dairy cooperatives for the import of conserved dairy commodities - milk fat and powder. The ministry also added since the process of import takes time, the necessary back-end processes for need-based imports are being put in place to timely manage the situation in case of any eventuality. For wheat, there were reports from various key growing states that unseasonal rains have flattened standing crops in some regions. Wheat, a rabi crop was in an advanced maturing stage and was expected to hit mandis in a fortnight or so. "Although the second advance estimate has projected a record foodgrain production, the crop damage caused by unseasonal rains and hailstorms in some parts of the country since mid-March may constrain wheat production, besides perishable items such as fruits and vegetables," the Ministry of Finance's monthly report said. A survey conducted by Agri Watch, an Indian market information and analysis firm specialising in agricultural commodities, has estimated India's wheat production of 102.89 million tonnes in the 2022-23 crop season, reduced from 104.24 million tons (estimated in March 2023) due to unseasonal rains and hail storm faced by key wheat producing states towards the end of March. The estimates were based on the survey conducted in two phases across nine states- Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Rajasthan, Punjab, Uttar Pradesh, and West Bengal. Notably, last year, too, the wheat crop was affected, not due to rains but heatwaves. That came on top of the conflict in Ukraine. Global <keyword id="3854307" type="General" weightage="20" keywordseo="wheat-prices" source="Orion">wheat prices</keyword> have shown substantial volatility in the past year as both the countries -- Ukraine and Russia -- are two major suppliers of wheat. Multiple rounds of heat waves in several wheat-growing regions in India before the rabi harvest last year affected crops. Wheat pods in the mature stage typically shrink if overexposed to heat. To manage the overall food security of the country as well as meet the needs of the neighbouring and other vulnerable countries amid the double whammy, India then amended the export policy of wheat by putting its export under the "prohibited" category, which is still in force. RBI has been engaged in necessary policy actions to counter inflationary pressures and support growth. The Reserve Bank of India, in its first monetary policy review meeting in 2023-24, decided to keep the key benchmark interest rate -- the repo rate -- unchanged at 6.5 per cent, to assess the effects of the policy rate tightening done so far on various macroeconomic parameters. Barring the recent pause, RBI has so far raised the repo rate, the rate at which it lends to banks, by 250 basis points cumulatively since May 2022 in the fight against inflation. In the US, the interest rate is currently at 4.75 to 5.00 per cent, which was near zero during the initial days of the pandemic. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline and vice versa. The RBI sees retail inflation declining to 5.2 per cent in the full year of 2023-24, lower than the 5.5 per cent attained in 2021-22 -- which was mostly free of the impact of the Russia-Ukraine conflict. In India, headline consumer price index-based (CPI) inflation (or retail inflation) has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023. (ANI)

Constrained milk, wheat supplies amid volatile crude market raise inflation concern in India

The prices of petrol and diesel rose simultaneously again on Tuesday amidst volatility in the global <keyword id="6354418" type="General" weightage="20" keywordseo="oil-prices" source="Orion">oil prices</keyword> with benchmark crude increasing to above $80 a barrel. Accordingly, diesel prices increased by 30 paisa per litre in the national capital to ₹91.07 per litre, while petrol rates rose by 25 paisa per litre to ₹102.64 a litre, according to <keyword id="6356834" type="General" weightage="20" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword>, the country's largest fuel retailer. Diesel prices have now increased on nine out of the last 12 days taking up its retail price by ₹2.45 per litre in Delhi. Diesel prices were raised on Friday by 20 paisa per litre and again by 25 paisa per litre each on Sunday, Monday and Tuesday last week and by 30 paisa per litre on Thursday, Friday, Saturday and Sunday. And again by 30 paisa per litre on Tuesday. Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices this week given a spurt in the product prices lately. Petrol prices have also risen on six of the previous eight days taking up its primo price by ₹1.45 per litre. OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase. In Mumbai, the <keyword id="44886" type="General" weightage="20" keywordseo="Petrol-price" source="Orion">petrol price</keyword> rose by 25 paisa per litre to over ₹108.67 per litre, while diesel rates increased close to ₹98.80 a litre. Across the country as well, petrol and diesel increased between 20-30 paisa per litre but their retail rates varied depending on the level of local taxes. Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but largely remained stable. After rising over three year high level of $80 a barrel earlier this week, global benchmark came down to $78 a barrel and now is again up to $81 a barrel while OPEC+ deciding to stick to its marginal production easing plan and market remaining tight. Since September 5, when both <keyword id="180255" type="General" weightage="20" keywordseo="Petrol-and-diesel-prices" source="Orion">petrol and diesel prices</keyword> were revised, the price of petrol and diesel in the international market is higher by around $8-9 per barrel as compared to average prices during August. Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m. The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/you-dont-need-to-wait-for-windows-11-update-heres-how-you-can-get-it-now/articleshow/86772722.cms">You don’t need to wait for Windows 11 update; Here’s how you can get it now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-oxygenos-12-update-release-date-eligible-devices-features-and-everything-you-need-to-know/articleshow/86772704.cms">OnePlus’ OxygenOS 12 update – release date, eligible devices, features and everything you need to know</a>

Petrol and diesel prices rise again in Delhi and Mumbai

<keyword id="6367091" type="General" weightage="100" keywordseo="petrol" source="Orion">Petrol</keyword> and <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword> prices rose simultaneously for the fourth day running on Sunday amid volatility in global oil prices with benchmark crude remaining at a high level of over $ 79 a barrel. Accordingly, <keyword id="158076" type="General" weightage="20" keywordseo="diesel-price" source="Orion">diesel price</keyword> increased by 30 paise per litre in the national capital to Rs 90.77 per litre on Sunday while <keyword id="44886" type="General" weightage="20" keywordseo="petrol-price" source="Orion">petrol price</keyword> increased by 25 paise per litre to Rs 102.39 a litre, according to Indian Oil Corporation, the country's largest fuel retailer. Diesel price has now increased on eight days in the last 10 days taking up its retail price by Rs 2.15 per litre in Delhi. Diesel price was raised on Friday by 20 paise per litre and again by 25 paise per litre each on Sunday, Monday and Tuesday and by 30 paise per litre on Thursday, Friday, Saturday and Sunday. Petrol prices had maintained stability since September 5, but the oil companies finally raised the pump prices this week given a spurt in the product prices lately. Petrol price has also risen on five of the previous six days taking up its primo price by Rs 1.20 per litre. The OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in the global oil price movement has now pushed OMCs to effect the increase. The wait and watch plan of OMCs had come to the relief of consumers earlier as no revision came during a period when crude prices were on the rise over a shortfall in US production and inventories and a pick up in demand. This would have necessitated about Rs 1 increase in price of petrol and diesel. In Mumbai, the petrol price increased by 25 paise per litre to over Rs 108.50 per litre while diesel rates increased close to Rs 98.50 a litre. Across the country as well petrol and diesel prices increased between 20-30 paise per litre, but their retail rates varied depending on the level of local taxes in the state. Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on a few occasions but largely remained stable. After rising over a three year high level of $80 a barrel earlier this week, the global benchmark has now come down to $78 a barrel and now again up to $ 79 a litre. Oil rates are up 2 per cent for the week and this is the fifth weekly gain. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $6-7 per barrel as compared to average prices during August. Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from morning at 6 a.m. The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.

Petrol, diesel prices rise for the fourth consecutive day

The price of petrol in Delhi fell to ₹103.97 a litre at 6 a.m. on Thursday (November 4) and diesel prices fell by a bigger margin to ₹86.67 a litre in the national capital. Petrol prices in Mumbai fell to ₹109.98 a litre from ₹115.85, while diesel fell to ₹94.14 a litre from ₹106.62, which was also the highest among all metros. The Union government in India slashed excise duty rate on both petrol and diesel bringing down the retail prices by ₹5 a litre for petrol and ₹10 for diesel from November 4. Other state governments like Goa and Assam, also ruled by the Bharatiya Janata Party (BJP), the party in power at the Centre, have also followed suit by reducing the state duties as well. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall in petrol price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall in diesel price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6.07 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11.75 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uttar Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajasthan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6.8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maharashtra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5.87 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.48 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17 </td></tr></tbody><tbody></tbody></table>Source: Agency reports on November 4 Domestic prices of both fuels have touched record highs on the back of a steep rise in crude oil cost. Petrol has already breached the ₹100 per litre mark and above in several cities, whereas, diesel is not far behind. The government had come under criticism for the sharp rise in transport fuels as well as the fears of runaway inflation had become a bother for the Reserve Bank of India (RBI). <div type="image" title="b24914cc2d37edb57f2cc30e04d72697" msid="87516240" hostid="261" caption="&amp;lt;p&amp;gt;FILE PHOTO: A picture of a protest against rise in fuel prices in Kolkata this year.&amp;lt;/p&amp;gt;"></div> Between March and May 2020, the union government had hiked the excise duty on on petrol by ₹13 per litre and ₹16 on diesel, at a time when oil prices had come crashing down. The states had also followed suit with consequent rise in VAT. This gave the exchequer additional cushion to offset the fall in tax revenue as well as to foot the new expenses in the wake of the pandemic. According to the statement from the Ministry of Finance, there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet requirements. "Driven by the enterprising ability of India's aspirational population, the Indian economy has witnessed a remarkable turnaround post the Covid-19 induced slowdown. All sectors of the economy - be it manufacturing, services or agriculture - are experiencing significant upward economic activity. "To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol." With inputs from IANS SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/who-approves-bharat-biotechs-covaxin-for-emergency-use/articleshow/87510108.cms">WHO approves Bharat Biotech’s Covaxin for emergency use after a long wait</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/here-is-why-cleartax-clinched-a-deal-with-the-worlds-most-valued-fintech-company/articleshow/87509691.cms">Here is why Clear(Tax) clinched a deal with the world's most valued fintech company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-strong-financial-performance-of-makemytrip-easemytrip-and-irctc-hints-towards-a-larger-travel-recovery-in-india/articleshow/87503220.cms">The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India</a>

Indian government has cut duties on petrol and diesel and other BJP-ruled states follow suit

<keyword id="6367091" type="General" weightage="100" keywordseo="petrol" source="Orion">Petrol</keyword> and <keyword id="6397171" type="General" weightage="20" keywordseo="diesel-prices" source="Orion">diesel prices</keyword> on Sunday were hiked for the fourth straight day by 35 paise per litre each, pushing pump rates to new record high across the country with states with high incidence of local taxes such as Madhya Pradesh having the costliest fuel. The price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre and Rs 115.15 per litre in Mumbai, according to a price notification of state-owned <keyword id="180500" type="General" weightage="20" keywordseo="fuel-retailers" source="Orion">fuel retailers</keyword>. Diesel now costs Rs 98.07 a litre in Delhi and Rs 106.23 in Mumbai. This is the fourth consecutive day of the price hike. There was no change in rates between October 25 and 27, prior to which prices were hiked by 35 paise per litre each on four straight days. While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country, diesel has touched that level in over one-and-a-half dozen states. Diesel rates crossed that level in places ranging from Jalandhar in Punjab to Gangtok in Sikkim. Prices differ from state to state, depending on the incidence of local taxes and cost of transportation. The twin factors led to petrol price crossing Rs 120 a litre mark in places such as Panna, Satna, Rewa, Shahdol, Chhindwara and Balaghat in Madhya Pradesh. The same level has also been crossed in two border towns of Rajasthan - Ganganagar and Hanumangarh. Ganganagar has the costliest fuel in the country with petrol costing Rs 121.52 a litre and diesel coming for Rs 112.44 per litre. Petrol price has been hiked on 25 occasions since September 28, when a three-week-long hiatus in rate revision ended. In all, prices have gone up by Rs 8.15 a litre. Diesel rates have been increased by Rs 9.45 per litre in 28 hikes since September 24. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. The diesel rate had gone up by Rs 9.14 per litre during this period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/zika-virus-kanpur-reports-one-more-new-case-taking-the-toll-to-11-cases/articleshow/87480737.cms">Zika virus: Kanpur reports one more new case, taking the toll to 11 cases</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/elon-musk-owned-starlink-forms-subsidiary-in-india-will-soon-apply-for-licenses/articleshow/87480590.cms">Elon Musk-owned Starlink forms subsidiary in India, will soon apply for licenses</a>

Fuel prices hiked by 35 paise per litre for fourth consecutive day across India

Petrol and <keyword id="6397171" type="General" weightage="20" keywordseo="Diesel-prices" source="Orion">diesel prices</keyword> rose again on Thursday after a two-day break, taking its retail rates to record high levels across the country. Accordingly, in the national capital, petrol and diesel prices increased by 35 paise per litre to ₹104.79 per litre and ₹93.53 per litre respectively. In <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s financial capital, <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>, petrol became costlier by 34 paise per litre to ₹110.75 a litre on Thursday, the highest across all the four metro cities. Diesel also costs ₹101.40 for one litre in Mumbai. The price increase on Thursday has come after fuel prices remained static for the past couple of days. Diesel prices have now increased 16 out of the last 20 days taking up its retail price by ₹4.90 per litre in <keyword id="66" type="General" weightage="20" keywordseo="delhi" source="Orion">Delhi</keyword>. The price of diesel has increased between 20-30 paise per litre so far, but, since Wednesday last week it has been increasing by 35 paise per litre. With diesel prices rising sharply, the fuel is now available at over ₹100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed ₹100 a litre-mark across the country a few months earlier. <keyword id="107991" type="General" weightage="20" keywordseo="Petrol-prices" source="Orion">Petrol prices</keyword> had maintained stability since September 5 but oil companies finally raised the pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 13 of the previous 16 days taking up the pump price by ₹3.60 per litre. OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase. Crude prices have been on a surge rising over a three-year high level of over $ 83.7 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price both in the international market was higher by around $9-10 per barrel as compared to average prices during August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/three-unicorns-hundreds-of-crore-in-loss-and-very-little-market-share-whats-the-hype-around-online-car-retailers/articleshow/87012417.cms">Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/top-smartphones-launched-in-india-recently/articleshow/87012028.cms">iPhone 13 series to Realme GT Neo 2: Top smartphones launched in India recently</a>

Petrol and diesel prices rise again by 35 paise in metro cities

<keyword id="6367091" type="General" weightage="100" keywordseo="petrol" source="Orion">Petrol</keyword> and <keyword id="6397171" type="General" weightage="20" keywordseo="diesel-prices" source="Orion">diesel prices</keyword> increased again on Wednesday after a two-day break as global oil prices failed to relent and continued to remain firm. Accordingly, the pump price of petrol in <keyword id="66" type="General" weightage="20" keywordseo="delhi" source="Orion">Delhi</keyword> increased by 35 paise per litre to jump to ₹107.94 a litre while diesel prices also increased by the same margin to reach ₹96.67 a litre, according to a price notification of state-owned fuel retailers. In the financial capital <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>, <keyword id="107991" type="General" weightage="20" keywordseo="Petrol-prices" source="Orion">petrol prices</keyword> have now risen to ₹113.80 per litre while diesel to ₹104.8 5 a litre, the highest among all metros. Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products. The fuel prices remained static last week on Monday and Tuesday, but had risen for four straight days by 35 paise per litre previously before again rising for five consecutive days between Wednesday and Sunday. It remained static again on Monday and Tuesday before rising again on Wednesday. There was no change in rates on October 12 and 13. Diesel prices have now increased for 25 of the last 33 days taking up its retail price by ₹8.15 per litre in Delhi. With diesel prices rising sharply, the fuel is now available at over ₹100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed ₹100 a litre-mark across the country a few months earlier. Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 22 of the previous 29 days taking up its pump price by ₹6.75 per litre. Crude prices have been on a surge rising over three year high level of over $ 86 a barrel now as global demand remains firm while OPEC+ continues to move slowly on increasing production. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-glasses-may-feature-a-direct-retinal-projector-that-could-project-a-screen-over-users-eyeballs/articleshow/87297612.cms">Apple glasses may feature a direct retinal projector that could project a screen over user’s eyeballs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/adobe-photoshop-to-get-a-prepare-as-nft-option-soon/articleshow/87296342.cms">Adobe Photoshop to get a 'Prepare as NFT' option soon</a>

You Searched For "diesel price" and got 10 results

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Indian government has cut duties on petrol and diesel and other BJP-ruled states follow suit

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Fuel prices hiked by 35 paise per litre for fourth consecutive day across India

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Petrol and diesel prices rise again by 35 paise in metro cities

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Fuel prices surged again by 35 paise per litre after a two-day break

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