Magsaysay Award winner Sandeep Pandey booked for criticizing Savarkar

New Delhi, Jun 29: Fuel prices rose on Monday again after a days pause with oil marketing companies increasing the pump price of petrol by 5 paisa and diesel by 13 paisa per litre in Delhi.

In the national capital, petrol price on Monday stood at Rs 80.43 per litre while that of diesel at Rs 80.53 a litre.

With this increase, fuel prices have moved up on 22 of the last 23 days (with no rise on Sunday). Petrol prices, however, were unchanged for an additional day in between after the daily revision based on dynamic pricing was reinstated by OMCs.

Since the daily price revision resumed on June 7, petrol price has increased Rs 9.17 and diesel rose by Rs 11.14 in the national capital. In the other cities the magnitude of increase was similar.

During the past 23 days, the quantum of price hike gradually declined from around 60 paise raise for a few days, immediately post the resumption of daily price revision, to less than 20 paise during the past few days and now even less than 10 paisa per litre.

In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of petrol price hike was higher than that of diesel.

Officials in oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the Capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in coming days.

Apart from Delhi, the retail prices of petrol and diesel have followed the traditional path in other metros with petrol being priced at a premium of between Rs 5 and 8 per litre. The difference between the auto fuel prices in Delhi and other metros is because of the taxation structure.

While both petrol and diesel are at similar levels of taxes (state and centre) in Delhi, it is higher for petrol in many other Indian cities.

Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol but taxation at central and state levels changed the complexion of retail prices.

If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices rise may stop for a longer period and we may even see marginal fall in prices.

Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown.

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.

Lucknow, May 27: Uttar Pradesh chief minister Yogi Adityanath has taken a U-turn, two days after he declared that permission would be needed if other states employ workers from UP.

The issue sparked a major controversy and an official spokesman has now said that the government would not include this clause of 'prior permission' in the bye-laws of the Migration Commission.

The government spokesman also said it was working on modalities to set up the commission to provide jobs and social security to migrant workers returning to the state. It has named the migration commission as the "Shramik Kalyan Aayog (Workers welfare commission).

About 26 lakh migrants have already returned to the state and an exercise to map their skills is being carried out to help them get jobs.

Yogi Adityanath has discussed the modalities for setting up the commission and told his officers to complete the skill mapping exercise in 15 days.

A senior official of Team 11, said, "The chief minister discussed the modalities for setting up the commission, as well. There will be no provision requiring other states to seek UP government's prior permission for employing our manpower. The commission is being set up to provide jobs and social security to the workers. We will also link the migrants to the government schemes to provide them houses and loans etc."

Yogi Adityanath said a letter should be sent to all state governments to find out about migrant workers wanting to come back to Uttar Pradesh.

Earlier, the chief minister, while speaking at a webinar on Sunday, had said, "The migration commission will work in the interest of migrant workers. If any other state wants UP's manpower, they cannot take them just like that, but will have to seek permission of the UP government. The way our migrant workers were ill-treated in other states, the UP government will take their insurance, social security in its hands now. The state government will stand by them wherever they work, whether in Uttar Pradesh, other states or other countries."

The statement had sparked a row with some political leaders and parties questioning the move.

Former Congress president Rahul Gandhi sharply criticized Adityanath's stand, saying the workers were not the chief minister's personal property.

"It is very unfortunate that the chief minister of Uttar Pradesh views India in such a way. These people are not his personal property. They are not the personal property of Uttar Pradesh. These people are Indian citizens and they have the right to decide what they want to do and they have the right to live the life they want to live," he had said.

Maharashtra Navnirman Sena chief Raj Thackeray had also taken on Adityanath and said that if UP insists on "permission" before other states can employ workers from there, "then any migrant entering Maharashtra would need to take permissions from us, from the Maharashtra state, our police force too."

Meanwhile, the government spokesman said, "The chief minister is deeply moved by the condition of migrants. They have been treated badly by other states. So, when the chief minister spoke about the need for seeking UP government's permission, he did so as a guardian for workers. It's only his concern for the migrants that came out as a political statement."