Diesel prices cut but food inflation may rise due to fears of weak monsoon
GN Bureau | June 16, 2015
While food inflation continues to rise and fears of weak monsoon may further push up the prices of pulses and vegetables, the fuel retailers have added expenditure to the households budget by increasing the prices of petrol by Rs 0.64 a litre. However, those owning diesel vehicle can be at ease as the price of has been cut by Rs 1.35 a litre.
The rise and fall is to align the prices of the petro products with international prices and adjusting for foreign exchange rates. The exchange rate is important in determining the price as India imports about 80% of the oil its total consumption. State-owned fuel retailers IOC, BPCL and HPCL revise petrol and diesel prices on 1 and 16 of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Prices of petrol and diesel were last raised by Rs 3.13 a litre and Rs 2.71 a litre, respectively, a month ago. "Since last price change, there has been an increase in international prices of petrol while international prices of diesel have shown a downward trend. Rupee-dollar exchange rate has depreciated during this period. Combined impact of these factors warrant an upward revision in prices of petrol and a downward revision in prices of diesel, the impact of which is being passed on to the consumers," Indian Oil Corp, the nation's largest fuel retailer, said in a statement on Monday.
"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," Indian Oil said.
Meanwhile, shares of oil majors Hindustan Petroleum Corp (HPCL), Bharat Petroleum Corp (BPCL) and IOC rise around 1 percent in early trade on Tuesday.
Basking in the success of the new web series, ‘Scam 1992: The Harshad Mehta Story ’,on SonyLIV, the OTT platform from Sony stable where the lead actors are new faces, NP Singh, MD and CEO of Sony Pictures Networks, has said that the script is the new hero. He credited the s
India’s trend of steadily decreasing active cases continues unabated. The number of Active Cases has remained below 10% of the total cases for the last three days, suggesting only one in 10 cases is active Covid-19 patient. The active cases comprise merely 9.29% of the total positive c
The union cabinet chaired by prime minister Narendra Modi on Wednesday gave its approval to pay productivity linked bonus (PLB) for 2019-20 to 16.97 lakh non-gazetted employees of commercial establishments like Railways, Posts, Defence, EPFO, and ESIC, with a financial implication of Rs.2,791 crore.
India has leaped across several significant milestones in its fight against Covid-19. The new confirmed cases in the 24 hours to Tuesday morning have fallen below 50,000 (46,790, to be precise) for the first time in nearly three months. The last time the number of new cases was close to this level was on J
Legendary film star and politician Shatrughan Sinha has said that friendship in Bollywood is limited to onscreen, and there is no unity and some news channels are taking advantage of this situation. “Groups within the industry or their supporters may sometimes come together for some c
In India, only 2.40 million out of an estimated 2.64 million cases of tuberculosis were reported to the government, that is, 2,40,000 TB patients went unreported, in 2019, according to the WHO Global Tuberculosis Report 2020. The reporting of TB cases, however, has significantly increased ov