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Monday, 21 May 2018

Petrol, diesel prices reach all-time high as oil companies hike rates

May 21, 2018 0

Petrol, diesel prices reach all-time high as oil companies hike rates

Petrol price on Monday increased by 33 paisa a litre in Delhi - the highest since the daily price revision came into force in mid-June 2017.Prices of petrol and diesel touched an all-time high of Rs

Adding to the woes of commuters, prices of petrol and diesel touched an all-time high of Rs 76.24 per litre and Rs 67.57 respectively as the oil companies passed on four weeks of relentless rise in international oil prices to consumers.
Petrol price on Monday increased by 33 paisa a litre in Delhi -- the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms. 

Rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest in all metros and most state capitals. 
With this increase, petrol has touched an all-time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level. 
This is the seventh straight day of price increase since oil Public Sector Understandings (PSUs) on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.61 a litre and diesel by 1.64 in last one week.
In India, petrol is the costliest in Mumbai where high local taxes has led to a price of Rs 84.07 per litre. Petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification. Petrol in Kolkata costs Rs 78.91 per litre while it is priced at Rs 79.13 in Chennai. The cheapest petrol is available in Panjim where a litre comes for Rs 70.26.
Diesel is the costliest in Hyderabad where it is priced at Rs 73.45 a litre due to high local taxes. It is priced at Rs 73.34 in Trivandrum. Other cities where diesel rates have crossed Rs 70 mark are Raipur (Rs 72.96 a litre), Gandhinagar (Rs 72.63), Bhubhaneswar (Rs 72.43), Patna (Rs 72.24), Jaipur (Rs 71.97), Ranchi (Rs 71.35), Bhopal (Rs 71.12) and Srinagar (Rs 70.96).A litre of diesel costs Rs 71.94 in Mumbai, Rs 70.12 in Kolkatta and Rs 71.32 in Chennai, the notification said.Diesel is the cheapest in Port Blair where it is priced at Rs 63.35. 
Earlier on Friday, Economic Affairs Secretary Subhash Chandra Garg refused to say if the government will cut excise duty on auto fuel to ease the burden on consumers. 
He said that the government is monitoring the situation developing from oil prices hitting USD 80 a barrel - the highest since November 2014 and and taking adequate measures.
Asked if the government would cut excise duty on petrol and diesel, he had stated that he has nothing to say on that front. "Just watch." 
The BJP-led government had raised excise duty nine times -- totalling Rs 11.77 per litre on petrol and Rs 13.47 on diesel -- between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. 
Soon after the Karnataka election results were out, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) on Monday ended a hiatus in revising petrol and diesel prices that began on April 25 and reverted to the 11-month old practices of changing rates on a daily basis.

Oil PSUs are estimated to have lost about Rs 500 crore on absorbing higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar during the nearly three-week hiatus. 
The benchmark international rate for petrol, used for revising rate on April 24, had gone up from USD 78.84 per barrel to USD 84.97 on May 14. It has further risen to USD 84.97, indicating more daily hikes would be needed to level retail price with cost. 
Similarly, benchmark international diesel rates during this period have climbed from USD 84.68 per barrel to USD 90.28 pr barrel. Also, the rupee has weakened to Rs 67.27 per US dollar from Rs 66.62, making imports costlier. 
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Sunday, 20 May 2018

Petrol, diesel prices skyrocket, reach all-time high as oil companies hike rates

May 20, 2018 0

Petrol, diesel prices skyrocket, reach all-time high as oil companies hike rates

Petrol price on Sunday increased by 33 paisa a litre in Delhi - the highest since the daily price revision came into force in mid-June 2017.Prices of petrol and diesel touched an all-time high of Rs

Adding to the woes of commuters, prices of petrol and diesel touched an all-time high of Rs 76.24 per litre and Rs 67.57 respectively as the oil companies passed on four weeks of relentless rise in international oil prices to consumers.
Petrol price on Sunday increased by 33 paisa a litre in Delhi -- the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms. 

Rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest in all metros and most state capitals. 
With this increase, petrol has touched an all-time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level. 
This is the seventh straight day of price increase since oil Public Sector Understandings (PSUs) on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.61 a litre and diesel by 1.64 in last one week.
In India, petrol is the costliest in Mumbai where high local taxes has led to a price of Rs 84.07 per litre. Petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification. Petrol in Kolkata costs Rs 78.91 per litre while it is priced at Rs 79.13 in Chennai. The cheapest petrol is available in Panjim where a litre comes for Rs 70.26.
Diesel is the costliest in Hyderabad where it is priced at Rs 73.45 a litre due to high local taxes. It is priced at Rs 73.34 in Trivandrum. Other cities where diesel rates have crossed Rs 70 mark are Raipur (Rs 72.96 a litre), Gandhinagar (Rs 72.63), Bhubhaneswar (Rs 72.43), Patna (Rs 72.24), Jaipur (Rs 71.97), Ranchi (Rs 71.35), Bhopal (Rs 71.12) and Srinagar (Rs 70.96).A litre of diesel costs Rs 71.94 in Mumbai, Rs 70.12 in Kolkatta and Rs 71.32 in Chennai, the notification said.Diesel is the cheapest in Port Blair where it is priced at Rs 63.35. 
Earlier on Friday, Economic Affairs Secretary Subhash Chandra Garg refused to say if the government will cut excise duty on auto fuel to ease the burden on consumers. 
He said that the government is monitoring the situation developing from oil prices hitting USD 80 a barrel - the highest since November 2014 and and taking adequate measures.
Asked if the government would cut excise duty on petrol and diesel, he had stated that he has nothing to say on that front. "Just watch." 
The BJP-led government had raised excise duty nine times -- totalling Rs 11.77 per litre on petrol and Rs 13.47 on diesel -- between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. 
Soon after the Karnataka election results were out, state-owned Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) on Monday ended a hiatus in revising petrol and diesel prices that began on April 25 and reverted to the 11-month old practices of changing rates on a daily basis.

Oil PSUs are estimated to have lost about Rs 500 crore on absorbing higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar during the nearly three-week hiatus. 
The benchmark international rate for petrol, used for revising rate on April 24, had gone up from USD 78.84 per barrel to USD 84.97 on May 14. It has further risen to USD 84.97, indicating more daily hikes would be needed to level retail price with cost. 
Similarly, benchmark international diesel rates during this period have climbed from USD 84.68 per barrel to USD 90.28 pr barrel. Also, the rupee has weakened to Rs 67.27 per US dollar from Rs 66.62, making imports costlier. 
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Jet Airways to commence non-stop flights from Mumbai to Manchester from November 5

May 20, 2018 0

Jet Airways to commence non-stop flights from Mumbai to Manchester from November 5

The new service is the first non-stop service connecting India's financial capital Mumbai and Manchester, the third largest city in the United Kingdom.Jet Airways will commence its non-stop flights connecting

Jet Airways will commence its non-stop flights connecting Mumbai and Manchester from November 5. The new service is the first non-stop service connecting India's financial capital Mumbai and Manchester, the third largest city in the United Kingdom. The flight will operate four days every week on Monday, Thursday, Saturday and Sunday.
The launch of the new Mumbai-Manchester flight will provide connectivity to domestic destinations to and from India which include cities like Ahmedabad, Bhuj, Bhopal, Bengaluru, Kolkata, Coimbatore, Delhi, Goa, Hyderabad, Indore, Aurangabad, Jaipur, Chennai, Nagpur, Rajkot, Raipur, Udaipur via the airlines hub, Mumbai.
Connections to beyond points on Jet Airways' international network such as Bangkok, Colombo, Hong Kong, Singapore, Dhaka, and Kathmandu will also be available.
Jet Airways' Mumbai-Manchester flight will complement it's existing thrice daily, non-stop services between Mumbai - London Heathrow, and a daily service between Delhi - London Heathrow.
"This route will deliver a major boost to businesses looking to export to the world's fastest-growing economy, as well as helping to attract Indian visitors and investors to the North of UK", said Manchester Airport CEO Andrew Cowan.
The new flight will enhance Jet Airways' cargo capacity by 15 tons from India to the UK and open a second important destination in the UK to shippers and exporters and manufacturers from India.
The opening up of Manchester route will enable the airline to offer a direct capacity from Mumbai and other stations in India for carriage of commodities such as perishables, pharmaceuticals, engineering goods, garments and fabrics, foodstuffs, as well as specialized medical equipment, among others.
Jet Airways' passengers onboard the Mumbai-Manchester flight will be offered audio-video programming comprising movies, popular TV shows and shorts, business news and audio compilations with the airline's Inflight Entertainment system - JetScreen.
Passengers will also be able to choose their preferred meal as part of the 'Dine Anytime' concept of Jet Airways.
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From crude oil prices, the price of petrol will be 23 ₹, diesel 26 ₹ cheaper

May 20, 2018 0

From crude oil prices, the price of petrol will be 23 ₹, diesel 26 ₹ cheaper

Today, petrol in Delhi is Rs 76.24 per liter. Similarly, diesel Delhi is sold at Rs 67.57 per liter. The diesel in India is so expensive for the first time in history.


If oil is sold as per curde oil price, then the price of petrol is 23Rs and diesel 26Rs is less than Manmohan Singh's rule
New Delhi: After the prices of petrol and diesel have reached the highest level so far, questions are arising now that why is this happening, whether the price of crude oil in the international market has increased so much that preventing rising prices The current government is not talking about bus.

To check this, we have to see the conditions of the year 2014. After the comparative analysis of prices of petrol, diesel and crude oil in the international market, it will be digested that the prices of petrol and diesel prices are stuck.

Let us tell you that today petrol in Delhi is Rs 76.24 per liter, which is by far the most expensive. Earlier, petrol was sold at Rs 76.06 per liter in September 2013, which was the highest ever so far.

Crude oil vs petrol-diesel price

When Modi took over the government in May 2014, the petrol was sold at Rs 71.41 per liter in the country. Similarly, in May 2014, diesel was 55.49 rupees per liter. Then the crude oil price in the international market was $ 106.85 per barrel.

What is the situation now?

Today, petrol in Delhi is Rs 76.24 per liter. Similarly, diesel Delhi is sold at Rs 67.57 per liter. So expensive is the first time in diesel history.

What is the price of crude oil in the international market now?

Currently, the crude oil price in the international market is $ 80 a barrel. That is, the cost of crude oil is 25% less than 2014. (In 2014 the price of crude oil in the international market was $ 106.85 per barrel).

It means that the Manmohan Singh government bought crude oil worth $ 106.85 a barrel and sold 71.41 rupees per liter and diesel sold 55.49 rupees per liter.

So what should be the cost of 80 dollars per barrel?

Accordingly, if the Modi government is sold by the Manmohan Singh government so expensive petrol, then it will sell 53.47 rupees per liter. That is, the customer got cheaper petrol of 22.77 rupees. If the same formula is applied to diesel, then it should be sold at Rs 41.54 per liter, which is 26 paise cheaper.
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India is the sixth richest country in the world, know - list of top countries

May 20, 2018 0

India is the sixth richest country in the world, know - list of top countries

India is the sixth richest country in the world with an asset of $ 8230 billion In this list, America is topped with assets of $ 62,584 billion. After this, China is second and Japan third.


India is the 6th richest country in the world with total wealth of 8,230 billion US dollars
New Delhi: According to a report, India is the sixth richest country in the world with an asset of $ 8,230 billion. America is at the top in this case. According to a report, 'Africa Bank Global Property Escape Review', the US has topped the list with an asset of US $ 62,584 billion. After this, China is second with $ 24,803 billion and Japan third with $ 19,522 billion.

In the review of the bank, the total private property of every individual in a country is considered as the basis. Other countries included in the top 10 include Britain's total assets of $ 919 billion, Germany's total assets 9,660 billion dollars, Australia's total of $ 6,142 billion, Canada's total assets is $ 6,393 billion, France's total assets is $ 6,649 billion, and Italy's total assets 4,276 billion dollars.

According to the report, the reasons for asset creation in India include a large number of entrepreneurs, good education system, a spectacular landscape of information technology, business process outsourcing, real estate, healthcare and media sector. In the last 10 years, his property has recorded 200 times faster. Bank said that in the coming decade, China's assets are going to rise significantly. By 2027, China's assets will grow to $ 69,449 billion and the US property will increase to $ 75,101 billion.




According to the report, there are now 1.52 million people in the world, whose assets exceed $ 1 million. The number of people with assets of more than $ 1 million is 5.84 lakh and the number of people with assets of more than one billion dollars is 2,252. According to the report, India, Britain and Germany will become the fourth richest country in the world by 2027.
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Saturday, 19 May 2018

Ration's wheat and rice prices will not rise for one year: Paswan

May 19, 2018 0

Ration's wheat and rice prices will not rise for one year: Paswan

Under the National Food Security Act, the government provides rice at the rate of Rs 3 a kg, wheat at Rs 2 a kg, and coarse grains at the rate of Rs one rupee per kg through government cheap luggage shops.

Wheat, rice prices of PDS 
New Delhi: Union Food Minister Ram Vilas Paswan today said that the government has made the price of wheat (wheat, rice and coarse grains) sold through Public Distribution System (PDS) for another year at the current level. Have decided to keep.

Under the National Food Security Act- National Food Security Act (NFSA), the government provides rice at Rs 3 a kg, wheat @ 2 a kg, and coarse grains at Rs one rupee per kg through cheap cheaper shops.

Ramvilas Paswan said, "Prime Minister Narendra Modi has approved the prices of rice, wheat and coarse cereals at the present level for another year." He said that this decision was made by the government's commitment towards the welfare of the poor The Food Security Act provides for amending the prices of cereals in every three years.

At present, the government is giving 5 kg of grains at very affordable rates to more than 81 million people every month through 5 lakh ration shops across the country. This puts the official exchequer about Rs 1.4 lakh crore annually.
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Thursday, 17 May 2018

The price of petrol, diesel may be increased by Rs 4 a liter;

May 17, 2018 0

The price of petrol, diesel may be increased by Rs 4 a liter;

Indian Oil Corporation, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corp Ltd (BPCL), after the end of the Karnataka elections, increased prices of petrol and diesel on Monday after 19 days.


Petrol, diesel price may increase soon
New Delhi: Prices of petrol and diesel may increase by four rupees a liter. A report of Kotak Institutional Equities says that if public sector petroleum companies want to return to margins prior to the Karnataka elections, then they will have to increase prices by up to four rupees liters.

Immediately after the Karnataka elections ended, Indian Oil Corporation, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corp Ltd had increased prices of petrol and diesel on Monday after 19 days.

Since then, the price of petrol has increased by 69 paise per liter. Out of this 22 paisa per liter has been increased today. With this, petrol in Delhi has reached Rs 75.32 a liter, which is a five-year high. At the same time, diesel prices have been increased by 86 paise per liter. It has increased 22 paisa per liter today. With this, diesel has reached its highest level of Rs 66.79 per liter in Delhi so far.

According to the report, according to our calculation, oil distribution companies will have to increase the price of diesel to Rs 3 to 4 liters and petrol to 4 to 4.55 liters, then they will be able to get a gross market margin of 2.7 liters. It has been said that the estimate of this increase is based on the estimate of the rupee dollar exchange rate stable.

Last week ICICI Securities had said that the gross market margin is at the lower level of 31 paisa per liter because there is no increase in prices after April 24
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