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The unsung warriors of 'The Price Is Right'

<ul><li>EV penetration is set to reach 6-8% by FY27 compared to a mere 1.3% in FY23 as per a CRISIL report.</li><li>The total cost of acquisition (<keyword id="21010615" type="General" weightage="20" keywordseo="tca" source="keywords">TCA</keyword>) is lower for EVs but the total cost of ownership (<keyword id="19896738" type="General" weightage="20" keywordseo="tco" source="keywords">TCO</keyword>) is higher as compared to other variants, says the report.</li><li>For e-cabs, the TCA is higher than that of TCO but charging infra and other factors play a crucial role in adoption.</li></ul> <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs) are here to take over the auto market. In the US, this growing trend is close to reaching double digits in terms of penetration among personal vehicles. Even in India, the penetration is growing as domestic manufacturers increasingly gravitate towards the EV segment. In addition to Tata Motors’ EV versions of Nexon, Tigor and <keyword id="20075324" type="General" weightage="20" keywordseo="tiago-ev" source="keywords">Tiago EV</keyword> and MG’s ZS — many other automakers are entering the EV lane too. Foremost among them is <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, which is planning to launch its first EV by 2025, and Renault’s electric Kwid, Zoe and KZE are also expected to come to India soon. MG Motor India already has a couple of fairly successful EV models and plans to introduce many more soon. For foreign brands like Tesla, policy roadblocks on imports, proved to be a limiting factor so far. However, the <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">recent changes in the Indian policy landscape</a> lower the import taxes if the companies commit to manufacturing in India in the subsequent years. Such policy incentives are likely to attract even more global EV brands to India. But what do these new models of new-age tech cars mean to car buyers sitting on the fence? As per a recent analysis by CRISIL, the total cost of ownership (TCO) or total cost of ownership of passenger vehicles could work in favour of EVs in the next three years for Indian buyers. So, how does the math work for prospective owners? TCA is lower but the TCO may remain higher TCO includes the purchase price of a particular asset, plus operating costs over the asset’s life span. As of FY22, the TCO of EVs was 20-30% higher than that of all three variants which is petrol, diesel and CNG. “In FY27, we expect the economics to again remain the same. However, despite not-so-favourable cost economics, higher adoption has been witnessed initially by environment-conscious buyers,” said CRISIL. The latest analysis agrees with the <a href="https://journals.sagepub.com/doi/10.1177/0361198120947089">earlier research</a> from <keyword id="20691574" type="General" weightage="20" keywordseo="world-resources-institute-india" source="keywords">World Resources Institute India</keyword> (<keyword id="20336071" type="General" weightage="20" keywordseo="wri-india" source="keywords">WRI India</keyword>) on TCO in India. The study highlighted that the TCO for EVs for personal use remains higher and may require additional financial incentives to be economically viable. The total cost of acquisition (TCA) on the other hand is lower for EVs as compared to other variants. TCA of an EV is 24% lower than that of a diesel variant, and 4% lower for a petrol variant. The TCA for an EV and a CNG variant is the same. This is due to lower registration charges for EVs amid high loan-to-value (LTV) ratios. Overall, the report expects EV penetration in the passenger vehicle segment to reach 6-8% by FY27 from a mere 1.3% in FY23. Meter down: How do EVs fare as cabs? Unlike in the PV segment, the cost dynamics are reversed for cab aggregators who want to drive in the EV lane – where even though the TCA is higher, TCO remains lower. In FY22, the TCO of EVs for cab aggregators was lower than that of petrol and diesel vehicles by around 29% and around 19%, respectively. However, the TCO of EVs is still higher than that of a CNG variant by around 13% even for commercial use. This is due to the higher running of a commercial passenger vehicle and high fossil fuel prices. The FAME-II subsidy provided by the Government of India incentivises the adoption of EVs for commercial use, including 2-wheelers, 3-wheelers, and buses for public transport. However, the TCA of an EV for a cab aggregator is still around 17% higher than that of a diesel vehicle, 26% higher than a petrol vehicle, and around 16% higher than a CNG variant. “In FY27, we expect the TCA of EVs to be lower than that of diesel and petrol variants, but higher than that of a CNG variant,” says CRISIL. The report expects the cab aggregator segment to lead the drive towards EVs, resulting in a 4% EV penetration by FY26. The taxi segment accounts for 10-15% of sales within passenger cars. However, a few challenges continue to linger, limiting the wider adoption of e-cabs on the road. A limited number of charging stations range anxiety and lack of large original equipment manufacturer (OEM) presence are hindering EV adoption. EVs used for personal use, however, are mostly charged at home, and charging infrastructure does not play a very high role there. “The lower battery cost (due to expected localisation led by the phased manufacturing programme or PMP) is expected to offset the lack of FAME subsidy and will help maintain the competitiveness of EVs against diesel and CNG variants for cab aggregators in the long run,” says CRISIL.

Electrifying auto market: Planning to buy an EV, compare their price with petrol, diesel and CNG variants

<ul class="summary-list"><li>A German political party proposed a government cap on doner kebabs.</li><li>The price of the popular dish has more than doubled due to inflation, The Guardian reported.</li></ul>A German political party is calling for the government to cap the soaring price of doner kebabs, which has more than doubled in the past two years due to inflation.The food has been a staple in Germany since it was <a target="_blank" href="https://berlinfoodstories.com/editorials/a-brief-history-of-the-doner-kebap">introduced by Turkish immigrants</a> in the 1970s.Around €7 billion, or around $7.5 billion, worth of doner kebabs are sold every year in Germany, according to The Guardian and <a target="_blank" href="https://www.independent.co.uk/news/world/europe/germany-doner-kebab-price-scholz-b2540821.html">The Independent</a>.The Left Party said some kebab businesses had increased prices from €4 (around $4.30) to €10 (around $10.80) in two years, The Guardian reported.Kathi Gebel, the youth policy spokesperson on the board of the Left Party, told Business Insider that kebabs cost at least €7 ($7.55) across the country.She said the government "must intervene to prevent food from becoming a luxury item."The party plans to propose a government price cap of €4.90 (around $5.30) or €2.90 (around $3.10) for young people, The Guardian reported.It <a target="_blank" href="https://www.telegraph.co.uk/world-news/2024/05/06/doner-kebab-becomes-latest-hot-potato-in-german-politics/">reportedly</a> envisages using billions of euros of state funds to cap the price. It would then use subsidised vouchers to make up the difference for distributors.In an <a target="_blank" href="https://www.instagram.com/p/Co-CfYBMvsc/?igsh=MXBrczQwMjJ2aG5pMQ%3D%3D&amp;img_index=1">Instagram post</a>, the German government said in February that prices of the doner kebab are rising because of rising wages and energy costs."High rent, energy, and food are the main costs for kebab shops. If those decrease, then kebab prices also decrease," Gebel told BI."The kebab price will remain high if the government does not change anything," she said.Chancellor Olaf Scholz spoke about the issue in the past, saying that he is asked by young people "everywhere I go" if there should be a price reduction for doner kebabs, according to the outlet.<div type="image" title="Germany's Chancellor Olaf Scholz at an EU summit in Brussels on December 15, 2022." height="1333" width="1777" msid="109932688" hostid="261" sizebytes="80384"></div>In 2023, Scholz was <a target="_blank" href="https://www.youtube.com/shorts/FaAGKumlogw">heckled by a member of the public</a> who said: "Speak with Putin … I'm paying eight euro for a doner."Scholz previously ruled out implementing price caps, instead highlighting the "good work of the European Central Bank" in handling inflation, according to The Guardian.<a target="_blank" href="https://www.destatis.de/EN/Press/2024/01/PE24_020_611.html#:~:text=WIESBADEN%20%E2%80%93%20Consumer%20prices%20in%20Germany,it%20stood%20at%20%2B6.9%25.">The Federal Statistical Office</a> said overall consumer prices in Germany rose by 5.9% in 2023. It added that energy prices in the country rose by 5.3% in 2023, compared to a staggering 29.7% increase in 2022.The organization said the increase in prices could be attributed to the "impact of war and multiple crises."The German government did not immediately respond to a request for comment.

Inflation-hit Germans are demanding a legal cap on the price of a doner kebab. They're not joking.

It can be gruelling to choose between a gourmet meal and your mom’s homemade biryani — more often than not, the familiar wins out. Despite the buzz around electric vehicles, a growing number of drivers in India and the world are hitting the brakes on their electric vehicle (EV) journey and revving up their old petrol and diesel cars. But why are we witnessing this unexpected switch, and what does it spell for the future of driving? <h2>Waning EV enthusiasm</h2>A recent Park+ survey reported that 51% of Indian EV car owners expressed a desire to return to internal combustion engine (ICE) vehicles. This statistic — despite the study’s limited sample size of just 500 EV owners — is certainly surprising, given the evident success of India's push toward electrification with the attractive FAME and EMPS schemes. This isn’t even a special case; a similar survey revealed that 29% of EV-owners shared the same sentiment internationally — perhaps not that large of a number, but certainly not an unnoticeable one either. The number is even higher when you look at just the United States. According to McKinsey &amp; Co., 46% of US <keyword id="22369438" type="General" weightage="100" keywordseo="electric-vehicle-owners" source="keywords">electric vehicle owners</keyword> are “very” likely to purchase a gas-powered vehicle the next time. <h2><keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> remains a major roadblock</h2>While the world has seen massive leaps in EV tech over the past few years, many still complain that the primary concerns still prevail. For instance, several cite the persisting inadequacy of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> as a primary reason for the shift back to ICE vehicles. While urban areas in developed countries may boast a fair number of charging stations, the time taken to charge and faulty stations remain significant problems for a daily EV long-distance commuter. For instance, one user sparked up a conversation on Reddit after explaining that they had begun to consider moving back to a hybrid of regular gas vehicles since they wanted to explore the countryside. This is a sentiment that reflects broader consumer concerns that influence purchasing decisions. “Once I was in Big Bear there was only two DC chargers in town, one of which was out of order. There was a line to use them. It was overall an unpleasant experience and took up a lot of time we could have spent actually enjoying Big Bear,” another responded, noting that this was just one of many unpleasant experiences they’ve experienced with the charging infrastructure. “Most of the time at least one or two chargers are out of order and it's just a pain to charge. I love EV's but the infrastructure isn't adequate and reliable enough for me to ditch an ICE car completely.” <div type="Article" hostid="261" msid="111341259" title="EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds" mstype="2" mssubtype="0"></div>Further, you have to reconcile with the fact that these are still concerns for the urban rich, and that rural and less developed regions are still lagging significantly behind in this matter. Take India, for instance, where the charging infrastructure is still in its nascent stages, despite years-long government efforts. Long queues at charging stations, inconsistent availability, and longer charging times compared to refuelling <keyword id="21283001" type="General" weightage="20" keywordseo="ICE-cars" source="keywords">ICE cars</keyword> are major deterrents for the average Indian EV consumer. Further, range anxiety continues to be a significant barrier, especially in countries like India that value long-distance trips. Despite advancements in <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword>, two-wheeler EVs boast a maximum range of only 200-300 kilometres, while cars have a 300-400 kilometre range. <h2>Cost and practicality concerns</h2>The initial cost of EVs also remains higher than that of their ICE counterparts, despite decreasing battery prices. For many consumers, especially in price-sensitive markets like India, this cost difference is substantial. Additionally, the practical concerns of battery life and replacement costs add to the apprehension. “While consumers still have plenty of concerns surrounding an EV’s battery range, price remains the higher priority when purchasing an EV,” reported Julia Martinez, a US energy and auto expert. <div type="Article" hostid="261" msid="112062360" title="Government extends EV subsidy scheme till September 30, increases outlay" mstype="2" mssubtype="0"></div>While EVs are often touted for their lower maintenance costs, the reality can be different. Many lament that specialised service centres, the availability of parts, and skilled technicians are not as widespread for EVs as they are for ICE vehicles. This disparity in service infrastructure makes EV ownership less appealing to some consumers, both in India where mechanics are still grappling with learning about the new tech, and globally. <h2>Car-makers are rethinking their approach</h2>This “rejection”, along with the fact the global and US <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> has been stagnating for a while now, has already begun to bleed into real-life corporate decision-making as automakers reevaluate their EV strategies. For instance, Ford and General Motors have recently announced a downscaling of their EV production plans due to slower-than-expected market uptake. Even <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> — the very company that arguably made EVs “cool” in the first place — has found itself in an awkward position having to fan some flames away. Not only is the Musk-led company struggling to entice more people into buying their cars, studies have also shown that car buyers are connecting better with EVs built by more traditional automakers than Tesla owners. These developments suggest a broader hesitancy and a rebalancing towards consumer choice, including the retention of ICE options. <div type="Article" hostid="261" msid="112145967" title="Tesla is having trouble wooing new EV shoppers" mstype="2" mssubtype="0"></div>The transition from ICE to EVs is not as straightforward as initially anticipated. While EVs offer significant benefits, various factors such as infrastructure, cost, range anxiety, and consumer sentiment are causing some to reconsider their choices. In India, the journey toward widespread <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword> is marked by impressive sales growth but also significant challenges that need to be addressed. The automotive industry's future may lie in striking a balance between advancing <keyword id="19945562" type="General" weightage="20" keywordseo="EV-technology" source="keywords">EV technology</keyword> and maintaining the reliability of ICE vehicles to meet diverse consumer demands.

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

<ul><li>Ather Energy has launched the Rizta, the company’s new family electric scooter in India.</li><li>The <keyword id="20269910" type="General" weightage="20" keywordseo="Ather-Rizta" source="keywords">Ather Rizta</keyword> starts at around ₹1,09,999 while the <keyword id="20235353" type="General" weightage="20" keywordseo="TVS-iQube" source="keywords">TVS iQube</keyword> is priced at ₹1,36,628 (ex-showroom, Bengaluru).</li><li>In this post, we compare the new Ather Rizta with the TVS iQube.</li></ul>Ather Energy earlier this month<a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms"> launched the Rizta</a>, the company’s electric scooter aimed at customers looking for a family-oriented scooter. Rizta marks the company’s entry into the family scooter segment from the performance scooter segment. The Ather 450X has been one of the most popular electric scooters in the country and the company aims to imitate the success of the Rizta. The new launch offers a more traditional design, aimed at attracting customers looking for a family scooter. With this, the Rizta takes on the TVS iQube, which has been consistently performing well since its launch in the country. The TVS iQube features a traditional scooter design while offering all the benefits of an electric scooter, including things like navigation, music control and more. If you are in the market for an electric scooter and are confused about which scooter should you go for, we have you covered. In this post, we compare the new Ather Rizta with the TVS iQube to help you decide which scooter you should buy. <cmsannotation type="cmsannotation" annotationid="Ather Rizta vs TVS iQube price" comment="subhead" text="Ather Rizta vs TVS iQube price"><keyword id="21247969" type="General" weightage="100" keywordseo="Ather-Rizta-vs-TVS-iQube" source="Orion">Ather Rizta vs TVS iQube</keyword> price</cmsannotation> The Ather Rizta has been priced at ₹1,09,999 (ex-showroom, Bengaluru) for the Rizta S, ₹1,24,999 for the Rizta Z 2.9kWh and ₹1,44,999 for the Rizta Z 3.7kWh. On the other hand, the TVS iQube is priced at ₹1,36,628 (ex-showroom, Bengaluru) for the standard variant and ₹1,46,420 for the iQube S variant. Do note that you will have to separately get the Pro Pack with the Ather Rizta, which will increase the price by up to ₹20,000. The Pro Pack is essential for several features offered with the Rizta, making it an almost compulsory purchase. The Pro Pack is priced at ₹10,000 for the Rizta S, ₹18,000 for the Rizta Z 2.9kWh variant and ₹20,000 for the Rizta Z 3.7kWh variant. <cmsannotation type="cmsannotation" annotationid="Design" comment="subhead" text="Design">Design</cmsannotation> In terms of design, the Ather Rizta comes with an all-new design, looking completely different from the Ather 450X. The company has claimed that the seat offered with the Rizta is the biggest in the segment. The Rizta supports several accessories, including a frunk, a backrest, a boot storage organiser and more. The scooter offers a boot space of 34L. The TVS iQube features a traditional design and is identical to the company’s ICE scooter, the TVS Jupiter. The scooter offers a large seat and a boot space of 32L. The Rizta feels more premium in terms of design when we compare it with the iQube. <cmsannotation type="cmsannotation" annotationid="Performance" comment="subhead" text="Performance">Performance</cmsannotation> If you are buying an electric scooter, you are guaranteed to get much better performance when compared to petrol scooters. The Ather Rizta is equipped with a 4.3kW motor that delivers a peak torque of 22 Nm. It offers a top speed of 80 km per hour and can go from 0 to 40 km per hour in just 4.7 seconds. The TVS iQube S is equipped with a 4.4 kW BLDC Hub motor that delivers a peak torque of 33 Nm. The scooter offers a top speed of 78 km per hour and goes from 0 to 40 km per hour in 4.2 seconds. <cmsannotation type="cmsannotation" annotationid="Range" comment="subhead" text="Range">Range</cmsannotation> Range is one of the most important things you need to look at while going for an electric scooter. Unlike petrol scooters, you cannot just top-up your scooter in a minute, unless the scooter supports battery swapping. The Ather Rizta is claimed to offer a range of 123 km on the 2.9kWh variant and 160 km on the 3.7kWh variant. The company has said the True Range for the 2.9kWh variant is 105 km and for the 3.7kWh variant is 125 km. Both the variants of the iQube offer a range of 100 km. While Rizta’s range looks significantly higher at first look, do note that while Rizta’s range is the IDC-certified range, the iQube’s mentioned range is the real-world range and the actual certified range is 145 km. The Rizta’s true range is close to the iQube. <cmsannotation type="cmsannotation" annotationid="Battery and charging time" comment="subhead" text="Battery and charging time">Battery and charging time</cmsannotation> The Ather Rizta comes in two battery variants – 2.9kWh and 3.7kWh. The 2.9kWh variant is equipped with 350W charges and fully charges the scooter in 8 hours and 30 minutes. The 3.7kWh variant is equipped with a 700W charger and takes 6 hours and 10 minutes for a full charge. Rizta S customers can purchase the 700W charger to reduce the charging time. The TVS iQube S is equipped with a 3.4kWh battery pack and can be fully charged in 5 hours and 20 minutes using the 650W charger provided by the company. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms">EV sales expected to grow by over 65% in 2024, double its overall market share</a> <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-march-2024/slidelist/109066534.cms">Top selling cars in India in March 2024 – Tata Punch leads the pack</a>

Ather Rizta vs TVS iQube – Which family scooter should you buy?

There are two things for certain that Indians are talking about this week – <keyword id="107991" type="General" weightage="20" keywordseo="petrol-prices" source="Orion">petrol prices</keyword>, and of course, the sweltering <keyword id="6359239" type="General" weightage="20" keywordseo="heat" source="Orion">heat</keyword>. <div type="image" title="If you say so, Chris!" msid="90575450" hostid="261" caption="&amp;lt;p&amp;gt;If you say so, Chris!&amp;lt;span class=&amp;quot;redactor-invisible-space&amp;quot;&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> After 9 out of 10 days of fuel price hike, there are high chances that people might be talking about the price rise of fuel more than the scorching sun. While social media is flooded with memes of consumers wrecked by the soaring <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword>, one of the major challenges for the government is to justify the petrol price hike, which is a global phenomenon. <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">Crude oil prices</keyword> internationally have been skyrocketing for several reasons that seem to be beyond the control of any country’s government. <div type="image" title="Fuel prices are making Indians sweat more this summer" msid="90575509" hostid="261" caption="&amp;lt;p&amp;gt;Fuel prices are making Indians sweat more this summer&amp;lt;/p&amp;gt;"></div> Even the market can feel the impact of rising crude oil prices. The Stocktwits’ Stock Room Sunday episode discusses this in detail. <div type="image" title="Impact of crude oil on stock markets" msid="90575763" hostid="261" caption="&amp;lt;p&amp;gt;Impact of crude oil on stock markets&amp;lt;/p&amp;gt;"></div> So, how are petrol prices determined exactly? Until 2010, the prices of petrol were determined by the Indian government and were revised every fortnight. After debating it for years, the government finally deregulated petrol and <keyword id="6397171" type="General" weightage="20" keywordseo="diesel-prices" source="Orion">diesel prices</keyword>, in 2010 and 2014, respectively. Since 2017, petrol and diesel prices have been revised on a daily basis by the public sector oil marketing companies – <keyword id="6354412" type="General" weightage="50" keywordseo="indian-oil" source="Orion">Indian Oil</keyword>, Bharat Petroleum and Hindustan Petroleum. They determine the prices based on international crude oil prices, foreign exchange rates, tax structure, freight and other cost elements. <div type="image" title="How fuel prices are determined" msid="90575555" hostid="261" caption="&amp;lt;p&amp;gt;How fuel prices are determined&amp;lt;/p&amp;gt;"></div> <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> depends heavily on crude oil imports, with some estimates pegging the number at over 80% of the country’s total oil needs. The oil marketing companies use the Brent Crude as the benchmark to determine prices. The international benchmark crude prices also depend on the whims and fancies of oil producing nations as to what they do to curb the price rise. Under pressure domestically, US President Joe Biden’s administration is now reportedly thinking about releasing its strategic reserves of 1 million barrels per day in a bid to control crude prices. More supply leads to lower prices. <div type="image" title="India&amp;#39;s oil imports" msid="90575590" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s oil imports&amp;lt;/p&amp;gt;"></div> India is one of the biggest importers of crude oil after the US and China. And of late, India has been importing crude from <keyword id="6358826" type="General" weightage="80" keywordseo="russia" source="Orion">Russia</keyword>, a country which is currently at war with Ukraine, and hit with sanctions from US and its allies. According to a BBC report, <a href="https://www.bbc.com/news/world-asia-india-60783874#:~:text=After%20the%20US%20and%20China,2%25%20of%20its%20total%20imports.">India bought around 12 million barrels of crude per day from Russia in 2021</a>. Russia, which has had to bear the brunt of international sanctions following its Ukraine invasion, has reportedly offered huge discounts to India for buying its crude oil. According to a BloombergQuint report, <a href="https://twitter.com/bloombergquint/status/1509378490843369473?s=20&amp;t=T9sdA14FH9EEDJq7FaEN5g">Russia has offered crude oil to India at a discount of $35 per barrel on pre-war</a> prices. This action has also invited a lot of flak on India’s stance in the ongoing Russia-Ukraine war, even though it imports only a miniscule amount of its total oil needs from Russia at the moment. In the upper house of the parliament, India’s minister for petroleum and natural gas clarified that oil imports from Russia in the financial year 2020-2021 was not even 0.2% of total import of 175.9 million tonnes. It has not been an easy task for India to trade with Russia since the war broke out as Russian banks and transaction systems have also been subject to sanctions. The Indian government is even considering trading in local currency – Indian Rupee – till the time the sanctions on Russia have been lifted. There is another nation apart from India that may take advantage of the cheap Russian crude. As analysts believe, China could tap the discounted Russian crude market and purchase more oil from Russia. Being the third largest oil importing nation, a fall in global oil prices will surely benefit India. And currently, there are two things Indians are eagerly waiting for – rains for respite from the rising temperatures and stability in petrol prices. Here's a short video on how fuel prices are calculated in India. <div type="image" title="How fuel prices are determined in India" msid="90581321" hostid="261"></div> Before we let you go, do check out Business Insider India’s personal finance series Money Insider, which brings together the country’s leading ‘Fin-fluencers’ who are heralding a new beginning in the world of financial literacy <div type="image" title="BI India launches Money Insider" msid="90575972" hostid="261" caption="&amp;lt;p&amp;gt;BI India launches Money Insider&amp;lt;/p&amp;gt;"></div>

Simply Put: Will petrol prices in India stabilise anytime soon?

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/how-linkedin-got-weird-work-life-blurred-lines-of-oversharing-2023-9">LinkedIn's</a> company culture has undergone a transformation over the past year, workers say.</li><li>PIPs and layoffs marked the end of cushy perks and a "rest and vest" culture.</li></ul>When LinkedIn told engineering managers to pick out the lowest-performing workers to place on performance-improvement plans early last year, it felt to many like the end of an era at a company."There seemed to be a shift towards what some people felt was an antagonistic approach towards the workforce, where they rescinded certain benefits and perks with our communities," said one engineering manager who was asked to rank his team members. The manager would go on to lose his own job, as did <a target="_blank" href="https://www.businessinsider.com/linkedin-layoffs-job-cuts-email-employees-2023-10">136 other engineering managers</a> axed by LinkedIn in October as part of sweeping 700-person job cuts — the first to directly affect engineering teams. The company had earlier laid off 716 sales, operations, and support workers in May. Business Insider spoke with 13 other current and former employees, who said the job cuts followed a swift tightening up at the company and a dramatic shift from the LinkedIn of the past. They requested anonymity as they weren't authorized to speak to the media, but their identities have been verified by BI.Like other tech firms, LinkedIn and its employees benefited from a decade of ZIRP, the zero-interest rate environment that led to lofty tech valuations, which gave rise to big salaries and splashy perks. The effects were <a target="_blank" href="https://www.nytimes.com/2021/04/30/technology/big-tech-pandemic.html">compounded</a> by COVID-19, as millions of people spent the majority of their time online during lockdowns.Then <a target="_blank" href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2">the ZIRP era</a> ended. Inflation took hold. Interest rates shot up. Nearly half a million employees are estimated to have lost their jobs at tech companies over the last two years. Satya Nadella, CEO of LinkedIn's parent company Microsoft, said in <a target="_blank" href="https://www.businessinsider.com/read-email-microsoft-ceo-sent-employees-announcing-10000-job-cuts-2023-1">a January 2023 memo</a> that companies were cutting back on digital spend.The pain of this shift was felt across Big Tech companies, but it was particularly shocking at LinkedIn, which was known for what some called a "rest and vest" culture."For years, there was a semi-joke that some people in Big Tech go to LinkedIn to retire," a current engineer told BI. "It was very rare to get fired or let go at LinkedIn in the past." Now, according to another current worker: "We still have a monopoly in the space, but to achieve the same level of growth we've had in the past, more work has to be put in. It's not an easy win anymore. "I think those stressors have trickled down to the employees," the worker added.Amid a transformative year for the social network, LinkedIn spokesperson Nicole Leverich said the company has continued to prioritize its employees."LinkedIn's culture and values continue to be our competitive advantage, especially as we come off a record year where our talented team came together to transform how 1 billion people use LinkedIn to learn, sell, and get hired," Leverich said in an emailed statement. "And while we're adapting the way we work to meet new opportunities, our number one priority is always our talent."<h2>The golden days of growth</h2>Some LinkedIn workers like to reminisce about what one engineer called the "golden days." After the professional network was acquired by Microsoft in 2016, its annual revenue growth was in the double digits. Some of that growth coincided with the pandemic, when many of LinkedIn's most engaged users were stuck at home, on their laptops, <a target="_blank" href="https://www.businessinsider.com/why-everyone-is-quitting-great-resignation-psychologist-pandemic-rethink-life-2021-10?r=US&amp;IR=T">and looking for a new job</a>. For employees, benefits were abundant and included uncapped food for staff and their guests, a $75 morale budget per employee each quarter, a generous reward system, and a bonus day a month to recharge. "When I joined one of my mentors said, 'Welcome to your early retirement job,'" a current employee who has been at the company for several years, told Business Insider."We were never trying to build out the newest tech or catch the latest trend and as a result, working there meant you weren't trying to accomplish things. If you were, you'd be trying to join Google or Apple," this person said.<h2>Tightening up</h2>The "golden days" officially came to an end in early 2023, some workers said, and culminated in layoffs by year-end. Last February, engineering managers were instructed to place about 10% of their reports on performance-improvement plans, called "PIP" for short, nine of the current and former employees Insider spoke to said. PIPs have <a target="_blank" href="https://www.businessinsider.com/tech-workers-sick-of-grind-search-low-stress-jobs-burnout-2023-5?r=US&amp;IR=T">become increasingly common</a> at the major tech firms and can be a precursor for being let go. Leverich said the company never gave managers a mandate to put a certain percentage of employees on a PIP. The spokesperson declined to comment on whether the number of employees placed on PIPs has increased over the last year.LinkedIn rates its workers on a scale of one to five, seven workers told BI. A five rating means the worker is exceeding expectations, while a one or a two is an opportunity for a manager to put the individual on a PIP, they said. Before 2023, workers could get a "soft three" if they had a good relationship with their boss, a former engineering manager said.Now those workers are receiving one and two ratings, two former managers said."We were told to find people to put on PIP," a former engineering manager said. "I had to find two people on my team to put on a two rating. Nobody was a two but we had to force put somebody on a two."A current engineering manager added that the goalposts for performance reviews had shifted. "In this new environment over the last year, three is scarier than it was before because now the threat of PIPs is viable," he added.The shift echoes changes at Microsoft, LinkedIn's parent company. In 2023, Microsoft introduced a new employee-rating system only visible to managers, <a target="_blank" href="https://www.businessinsider.com/microsoft-employee-rating-system-performance-2023-9?r=US&amp;IR=T">BI first reported</a>. Managers <a target="_blank" href="https://www.businessinsider.com/microsoft-new-employee-review-system-stack-ranking-2023-9?r=US&amp;IR=T">were also told to limit</a> the number of workers hitting the top rating. At the time, a Microsoft spokesperson said there were no requirements for managers to give employees a lower ranking.Four LinkedIn workers said that a few months after the company began putting more people on PIPs, LinkedIn senior vice president of engineering Mohak Shroff told staff in an all-hands meeting that LinkedIn planned to change its engineering culture to become more "scrappy" and embody the mantra of "move fast and break things.""Being 'scrappy' became an internal joke," one engineer said.Perks were also scaled back. The company had introduced "lift-up days" during the pandemic, one Friday a month where no meetings were held and staff could choose how they wanted to spend the day. Some workers said staff could spend the day pursuing leisure activities. The perk is no longer available today, four people told BI.LinkedIn's revenue growth was also decelerating. In the 2022 fiscal year, LinkedIn's revenue had climbed 34% from the previous year. That fell to 10% year-over-year growth in the fiscal year for 2023. For its first quarter 2024 earnings, the company said it anticipates revenue growth in the "mid-single digits."<h2>A sprint to release AI products</h2>Shroff's declaration that LinkedIn's culture should become more scrappy coincided with an increased focus on AI across the tech industry, as the launch of ChatGPT kicked off an <a target="_blank" href="https://www.businessinsider.com/openai-chaos-ai-arms-race-competitors-ethics-2023-11">AI arms race</a>. The company began pushing hard to roll out AI products quickly, six workers said."Everyone I've talked to that has worked on it [AI] is being way overworked and all burned out because it's being pushed so heavily," one current engineer said.LinkedIn <a target="_blank" href="https://news.linkedin.com/2023/october/New_AI_Powered_Features_for_Businesses">rolled out</a> an AI-powered "Coaching Experience" in October 2023, along with a tool to help recruiters find candidates faster. The reasoning behind some company decisions on AI is not always clear to the rank and file, the engineer added, with workers joking that decisions are "based on vibes." "The culture shifted without question in the last year or so," an engineer said. "We're not at Amazon, Google, or an AI startup trying to solve the most hard-hitting, high-velocity technical challenges in the world — it's LinkedIn. That was always fine because we had one of the least evil technical products, we connect people." LinkedIn spokesperson Leverich said the company's new AI products "all ladder up to our vision of creating economic opportunity for every member of the global workforce."<h2>Tensions spilled into all-hands spat with CEO</h2><div type="image" title="Ryan Roslansky" height="683" width="1024" msid="106766219" hostid="261" sizebytes="17352"></div>LinkedIn's pivot to a "scrappy" engineering culture coincided with a downward trend in employee morale, seven people told BI.Some pointed to the company's quarterly employee survey, which is shared on a team-by-team basis."The survey showed people didn't understand the vision of LinkedIn and they weren't excited to come into work anymore," one worker present for internal discussions on the survey said, commenting on the most recent autumn poll.The frustration spilled into the company's September all-hands, held by CEO Ryan Roslansky, shortly before hundreds of staff got cut. During Roslansky's Q&amp;A, one employee claimed publicly that he'd faced retaliation and discrimination by a manager, and complained that HR hadn't responded, according to a transcript of the meeting seen by BI. Roslanksy responded and suggested the worker discuss the issue one-on-one, people who attended the Q&amp;A said. "That all-hands meeting made people even more nervous," a former worker said.Some <a target="_blank" href="https://www.businessinsider.com/linkedin-layoffs-job-cuts-email-employees-2023-10">668 employees</a> went on to lose their jobs in the October layoffs. Adding salt to the wound, a list of around 500 people impacted was <a target="_blank" href="https://www.businessinsider.com/linkedin-employees-learned-layoffs-early-list-blind-post-2023-10?r=US&amp;IR=T">leaked to the workplace-discussion app Blind</a>. "The layoffs have definitely had a chilling effect," one worker said. "It's made people realize that the company has higher standards of accountability. I think people had become used to a company that was incredibly permissive of a lower work ethic." <h2>Some workers think the debloating was overdue</h2>Some workers see the layoffs and increased focus on performance as a much-needed course correction. "There were a lot of people that joined during the pandemic, but we remained relatively stagnant in terms of growth," an engineer said. "People would work for months on a new feature and it would get zero adoption."And LinkedIn isn't alone in pushing for growth and efficiency.After three years of pandemic growth, most of the major US tech firms laid off staff and were rewarded by investors for focusing on efficiency over expansion. "The broadly defined tech industry mistakenly assumed that the growth they saw in 2021 could persist, but it was always unlikely to occur," Madison and Hall analyst Brian Wieser told BI."Once reality set in — amplified by the realization of higher interest rates and overstated concerns about an economic downturn, which of course never happened — they started reducing spending on many activities." Microsoft, LinkedIn's parent company, has seen its share price rise 61.2% in the last year. "We'd become bloated and a lot of people were spinning their wheels for a time," the current employee said. "We needed a reprioritization." Are you a current or former LinkedIn employee? Got a tip? Contact Jyoti Mann at jmann@insider.com or via direct message on X @jyoti_mann1. Contact Grace Kay at gkay@insider.com. Reach out using a non-work device.

Silicon Valley engineers joked you'd go to LinkedIn to retire. Then came the PIPs and layoffs.

New Delhi, Mar 28 (PTI) Petrol price on Monday was hiked by 30 paise a litre and diesel by 35 paise, taking the total increase in rates in the last one week to Rs 4-4.10 per litre. Petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.11 previously while diesel rates have gone up from Rs 90.42 per litre to Rs 90.77, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. This is the sixth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22. In the first four four occasions, prices were increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017. On Sunday, petrol price went up by 50 paise a litre and diesel by 55 paise. In all, petrol prices have gone up by Rs 4 per litre and diesel by Rs 4.10. Prices had been on a freeze since November 4 ahead of the assembly elections in states like <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword> and Punjab -- a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel. The rate revision was expected soon after counting of votes on March 10 but it was put off by a couple of weeks. The increase in retail price warranted from crude oil prices rising during the 137 day hiatus from around USD 82 per barrel to USD 120 is huge but state-owned fuel retailers <keyword id="6356834" type="General" weightage="80" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword> (IOC), <keyword id="155363" type="General" weightage="80" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) and <keyword id="500127" type="General" weightage="80" keywordseo="hindustan-petroleum-corporation-ltd" source="Orion">Hindustan Petroleum Corporation Ltd</keyword> (HPCL) are passing on the required increase in stages. Moody's Investors Services last week stated that state retailers together lost around USD 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period. Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of USD 100-120 per barrel," according to Kotak Institutional Equities. CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average USD 100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to USD 110-120. India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement. PTI ANZ RUP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/two-day-bharat-bandh-essential-services-likely-to-be-affected/articleshow/90486188.cms">Two-day Bharat Bandh: Essential services likely to be affected</a> <a href="https://www.businessinsider.in/business/startups/news/how-this-former-vedantu-cofounder-is-taking-on-instagram-and-snapchat-to-build-social-media-for-teens/articleshow/90443442.cms">How this former Vedantu cofounder is taking on Instagram and Snapchat to build social media for teens</a>

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