22
Friday
October 2021
5:58 AM IST
News Headlines
Actress Shruti Haasan launches parcos.com        Scotland bundle out Oman for 122        Arrest warrants against 12 war criminals in Bangladesh        Cabinet hikes DA for central govt employees        CGH Earth plans 10 caravan parks across Kerala        Milma launches ‘Deepavali Gift Box’        Presidents of Maldives, Malawi, Israeli PM, US Secretary of State congratulate India on reaching vaccination milestone        Australia recover to post 152/5 as Kohli emerges as sixth bowling option        No application for virtual internship to be entertained: Sebi        IMF Chief Economist Gita Gopinath to leave job and return to Harvard University        Nepalese national raped in Delhi's Amar Colony area        Kerala rains: 39 dead, 3851 families in rehabilitation camps, says CM Pinarayi        Samajwadi Party has deviated from 'samajwad' to 'pariwarwad': PM        Orthopaedic problems in growing children        Delhi CM meets ace chess player Tania Sachdev, asks Sisodia to felicitate her        Adani group companies to invest over $50-70 billion in renewable energy value chain        Sirajuddin Haqqani meets families of slain suicide bombers, calls them 'heroes of Islam, country'        Modi government failed to control violence in J&K: Rahul        Air Customs officials seize gold worth around Rs 1.42 crores at Kannur Intl Airport        29 killed in Nainital, Almora in Uttarakhand rains        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
National News
Petrol, diesel at all-time high, oil cos moderate price hikes to cushion consumers
 
New Delhi: Petrol and diesel prices were hiked again on Sunday to send rates soaring to new record highs across the country but top government officials insisted oil companies haven't passed on the entire increase warranted from international oil and gas rising to three-year highs and have ensured UK-like situation of pumps going dry isnt seen anywhere in India.

Petrol price for the third straight day hiked by 25 paise a litre and diesel by 30 paise, according to a price notification of state-owned fuel retailers.

This sent petrol price in Delhi to its highest ever level of Rs 102.39 a litre and to Rs 108.43 in Mumbai. Diesel rates too touched a record high of Rs 90.77 in Delhi and Rs 98.48 in Mumbai.

Prices differ from state to state depending on the incidence of local taxes.

Petroleum Secretary Tarun Kapoor said oil companies are taking their own decision on aligning retail rates with the cost but they are ensuring extreme volatility is avoided.

"We are watching the situation and trying to ensure the impact of global volatility is moderated to a large extent," he said.

The basket of crude oil India buys has jumped to a near three-year high of USD 76.71 per barrel. International prices of petrol, against which local rates are benchmarked, have risen from USD 85.10 per barrel to USD 87.11 in just one day while diesel has gone up from USD 85.95 a barrel to USD 87.27.

This sudden spike in international oil prices follows global output disruptions but the entire increase in retail rates necessitated by such an increase is not being effected, another official with direct knowledge of the matter said.

"Just look at LPG rates. They have gone up from USD 665 to USD 797 in one month but oil companies haven't passed on the increase warranted from that," he said adding state-owned companies were absorbing a lot of volatility.

The increases, he said, have been "mild to moderate".

"Some people are making a big deal out of the 62 per cent hike in natural gas prices. But if you look at the rates previously at USD 1.79 per million British thermal unit were abnormally low and way below cost. They have now gone up to USD 2.9. They still are less than the cost of production of USD 3.5 per mmBtu and are certainly lower than the USD 4.2 price that was prevalent in India a decade back," the official said.

Naturally, the hike in natural gas price will warrant an increase in CNG price but the increase is again being moderated there too, he said adding internationally the price of LNG in the spot market last week soared to an unprecedented USD 35.

"Compare to what is happening worldwide, we have managed the situation well," the official said. "Some of the developed nations such as the UK have seen petrol pumps go dry but you won't have heard of such a situation anywhere in India. Our oil companies are not just moderating retail prices but also ensuring uninterrupted supplies."

Officials said India believes the situation internationally is temporary and abnormal and things should stabilise over the next few days and weeks.

The fifth increase in its rates in less than a week's time has sent petrol prices above Rs 100 in most major cities of the country.

Similarly, the eighth increase in prices in 10 days has shot up diesel rates above Rs 100 mark in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices neared a three-year high. Global benchmark Brent crude is trading above USD 78 per barrel.

In eight price increases since September 24, diesel rates have gone up by 2.15 paise per litre. Petrol price has increased by Rs 1.25 per litre in five instalments this week.

When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 and Rs 1.25 per litre.

Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period.

India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.


Cabinet hikes DA for central govt employees
Nepalese national raped in Delhi's Amar Colony area
Modi government failed to control violence in J&K: Rahul
Home Minister reviews security in a meeting with top police officials
UK’s carrier strike group enters Bay of Bengal
Thermal power capacity under outage due to coal shortage reduced to 6 GW, says Centre
At G20 meet, PM Modi underlines need to ensure Afghan territory does not become source of radicalisation & terrorism
Five held for cheating by posing as executives of banks
President appoints eight Chief Justices to High Courts
LeT terrorist killed in Srinagar encounter
Thinking of India, US on big challenges of terrorism, pandemics, is along parallel paths: Jaishankar
MP is pride of India: Modi
Delhi Police arrests 10 people including 2 women for attacking cops
Agreement reached at Lakhimpur, Rs 45 lakh compensation, judicial probe ordered
K'taka CM reiterates commitment to complete Mekedatu project despite opposition from TN
Continuing to engage with Indian govt on vaccine certification, says British HC
'No basis in facts', India rejects China's attempt again to pin blame for border trouble
Congress has no president, who is taking decisions, questions Kapil Sibal
India has scope to become defence manufacturing hub
PM to dedicate 35 crop varieties with special traits to nation on Tuesday
ENTERTAINMENT NEWS
Actress Shruti Haasan launches parcos.com
 Bengaluru, Shruti Haasan, multi-language film actress, has launched parcos.com, an online shopping d  
ZEE5 launches immersive social campaign #LetRashmiRun
Aryan Khan's bail plea hearing in drug case to continue Thursday
Mah: Court rejects bail plea of Aryan Khan and others in drug case
INTERNATIONAL NEWS
Arrest warrants against 12 war criminals in Bangladesh
 Dhaka, The International Crimes Tribunal (ICT) of Bangladesh on Thursday issued arrest warrants agai
IMF Chief Economist Gita Gopinath to leave job and return to Harvard University
Sirajuddin Haqqani meets families of slain suicide bombers, calls them 'heroes of Islam, country'
Dhaka University students, teachers protest against attacks on Hindus
KERALA NEWS
CGH Earth plans 10 caravan parks across Kerala
 Thiruvananthapuram, Giving a big push to Kerala’s stakeholder-friendly “Keravan Kerala” initiative,
Kerala rains: 39 dead, 3851 families in rehabilitation camps, says CM Pinarayi
Air Customs officials seize gold worth around Rs 1.42 crores at Kannur Intl Airport
Expert committee to decide on opening of dams in Kerala: CM
Untitled Page
Rashtra Deepika LTD
Copyright @ 2021 , Rashtra Deepika Ltd.