Budget 2018-19

  Fuel demand rose in October to a seven-month peak, while gasoline sales surged to an all-time high, as festivals boosted mobility and economic activity (Reuters) – India’s fuel consumption fell in November after scaling a seven-month peak last month, government data showed on Thursday, as demand eased in the world’s third biggest oil consumer after festival season. Fuel consumption, a proxy for oil demand, totalled 17.13 million tonnes, down 4% from October and was 11.4% lower than a year before, data from the oil ministry’s Petroleum Planning and Analysis Cell showed. Fuel demand rose in October to a seven-month peak, while gasoline sales surged to an all-time high, as festivals boosted mobility and economic activity. “Drop-off in demand points to seasonal factors,” said Ed Moya, senior market analyst at brokerage OANDA. “However,  fuel demand  outlook remains upbeat going into 2022 as COVID is not really impacting the country and good growth outlook on continued reope...

  In Mumbai, petrol price rose by 33 paise to Rs 106.25 on Wednesday. The price of diesel also rose by 18 paise to Rs 97.09 Petrol prices in Mumbai have been turning more volatile, with the prices of crude oil showing a firm trend. In Mumbai, petrol price rose by 33 paise to Rs 106.25 on Wednesday. The price of diesel also rose by 18 paise to Rs 97.09. The rupee has also moved lower against the dollar, which has made petrol prices in Mumbai more expensive than earlier. It is hoped that the government can reduce excise duties, so as to enable rates to become cheaper in the coming days. Amid the lockdown caused by the Covid-19 pandemic, several state governments had increased fuel taxes to bolster revenues. The central government had also raised the excise duty on both the automobile fuels. Here are the current rates of fuel in different cities. Petrol price in Mumbai : Rs 106.25/litre Petrol price in Delhi: Rs 99.86/litre Petrol price in Chennai: Rs 101.06/litre The state-run oil ma...

  The centre and state governments likely to reduce taxes to bring down high fuel prices The Reserve Bank of India (RBI) did not compromise on its balance sheet while providing liquidity to the bond market through asset purchases, governor Shaktikanta Das said on Thursday. The central bank, so far, this fiscal, has purchased over Rs 3 trillion of central and state government bonds from the secondary market to provide liquidity to the system. Unlike many central banks, though, the RBI’s asset purchases “did not dilute its balance sheet and hence, did not compromise on core principles of central banking.” The purchases were risk-free government bonds only, he said. “The focus was to foster congenial financing conditions without jeopardising financial stability,” Das said in his keynote address at the foundation day of the Bombay Chamber of Commerce. In this period, forward guidance gained prominence in the Reserve Bank’s communication strategy to realise co-operative outcomes, he sai...

  This comes as the prices of petrol and diesel are increasing continuously for several days and in some states, the price of petrol has even crossed Rs 100 mark As the prices of petrol and diesel in the country are on a constant rise, Yuva Sena, the youth wing of Shiv Sena has put up banners stating ‘Yahi hai acche din?’ at various petrol pumps and roadside in Mumbai, in a bid to register their protest against the BJP-led NDA government at the centre. This comes as the prices of petrol and diesel are increasing continuously for several days and in some states, the price of petrol has even crossed Rs 100 mark. Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan on Sunday had termed “less fuel production by manufacturing countries to gain more profit”, as one of the reasons behind the price hike. “There are two main reasons behind the fuel price rise. The international market has reduced fuel production and manufacturing countries are producing less fuel to gain mo...

  Prime Minister Imran Khan led-government on Sunday increased the price of petrol by up to Pakistani Rupees 2.70 per litre Prime Minister Imran Khan led-government on Sunday increased the price of petrol by up to Pakistani Rupees 2.70 per litre. “The federal government increased the price of petrol by up to Rs 2.70 per litre for the next 15 days of February 2021,” ARY News reported citing Pakistan’s Ministry of Finance. Prime Minister Imran Khan approved Rs 2.70 per litre increase on petrol and Rs 2.88 per litre on diesel. Meanwhile, the price of kerosene oil is increased up to Rs 3.54 per litre while the rate of light diesel was jacked up to Rs 3 per litre. According to ARY News, the new petroleum prices from February 1 will be – petrol: Rs 111.90, diesel: Rs 116.07, kerosene oil: Rs 80.19, and light diesel: Rs 79.23…