Emergency UN General Assembly meeting on Gaza called for Wednesday

New Delhi, Jun 23: In an unexpected development, the pump price of diesel is all set to surpass the petrol price in the capital, making it the most expensive transport fuel for the first time in a long time.

Globally, diesel is priced slightly above petrol prices due to the very nature of the product that has a higher cost of production. But in India, due to the lopsided taxation structure, diesel attracts lesser of the tax between the two auto fuels keeping its prices lower than petrol for last several years.

Diesel is currently priced at Rs 79.40 a litre in the Capital, just 36 paise short of petrol price that is being retailed at Rs 79.76 a litre. Going by the trend of price movement in the two products for the last few days where diesel prices have consistently increased by 50-60 paise per litre while the daily increase in petrol prices have fallen to just 20 paise on Tuesday, it is set to surpass petrol prices in next few days.

"Diesel price movement is sharper in international market and if oil companies follow the global price trend, diesel prices will surpass that of petrol later this week. It will be after many years that this would happen and is expected to sustain for some time unless government changes the tax structure of the petroleum products again," said an oil sector expert from one of the big four audit and advisory firms asking not to be named.

Interestingly, even in India the base price of diesel is expensive than petrol. According to the Indian Oil Corporation (IOC), while the base price of petrol in Delhi currently comes to Rs 22.11 per litre, the same for diesel is higher at Rs 22.93 per litre (effective from June 16, 2020). This has been the case for a long time, but retail price of petrol can be higher than diesel due to central and state taxes.

What has now brought diesel prices to a whisker of petrol prices in the capital is the Delhi government's decision early May to increase the Value Added Tax on diesel from 16.75 per cent to 30 per cent and on petrol from 27 per cent to 30 per cent. This increased the retail price of diesel and petrol in Delhi by Rs 7.10 and Rs 1.67 a litre respectively. With Central taxes on the two products already reaching identical levels, the Delhi governments move hastened price parity between petrol and diesel.

Currently, the Central excise on petrol is Rs 32.98 a litre while that on diesel it is Rs 31.83 a litre. The VAT on petrol in Delhi is Rs 17.71 a litre and that on diesel is Rs 17.60 a litre.

While the movement of retail pricing is being seen with a sigh of relief by vehicle owners whose cars run on petrol, those buying the relatively expensive diesel cars are now repenting on their decision. The development is also being seen with caution by automobile companies who have spent millions to ramp up their facilities for diesel run vehicles. The expectation is that demand for such cars will now fall, causing more damage to companies where sales are already impacted due to persistent economic slowdown and now the spread of COVID-19 pandemic.

"The pricing development would push automobile companies to strategies being followed by companies in the western markets where diesel run cars are not sold on fuel pricing differential, but on overall make and quality that puts them ahead of petrol run cars," the expert quoted earlier.

Yes, but for commercial vehicle sector the rising price of diesel had not been welcomed. In fact, the commercial transport sector had time an again threatened strike against the move to raise fuel prices.

With petrol and diesel retail prices closing, the case for adultering fuel has also gone down much to the relief of vehicle owners.

Washington, Jul 14: Florida on Sunday reported a record 15,300 new coronavirus cases, the most by any state in a single day even as the coronavirus cases in the country have surged to 3,363,056.

The Washington Post reported that the huge number was result of both increased testing and widespread community transmission. The numbers shattered previous highs of 11,694 reported by California last week and 11,571 reported by New York on April 15.

Natalie E. Dean, an assistant professor of biostatistics at the University of Florida wrote that with Florida largely open for business, he doesn't expect this surge to slow.

Nationally, the conversation over reopening has become increasingly fraught amid the newly soaring case numbers, with much of the debate centering on whether schools should open their doors in the fall, reported the Post.

The Health workers in California and Texas too are facing an influx of COVID-19 patients where officials reported seven day averages for new cases - 8,664 and 9060 respectively.

According to the report, Florida has reported nearly 70,000 cases in last week alone, the most of any state.

Even though the COVID-19 cases are surging, Florida Gov. Ron DeSantis has stuck to an aggressive reopening plan with state officials recently ordering schools to reopen five days a week in the new academic year.

The state is also set to hold the Republican National Convention next month in Jacksonville's VyStar Veterans Memorial Arena, an indoor facility that seats about 15,000, reported Washington Post.

Seven-day averages for new cases -- considered a more reliable indicator of the virus's impact than single-day totals -- hit new highs in Alabama, Florida, Mississippi, Montana, North Carolina, Oklahoma and Puerto Rico.

New Delhi, Jul 24: Telecom companies lost 82.3 lakh subscribers during the COVID-19 lockdown period of April, data released by the Telecom Regulatory Authority of India (TRAI) on Friday showed.

As per the reports received from 342 operators in April, TRAI said the number of broadband subscribers decreased from 68.7 crore at the end of March to 67.6 crore at the end of April with a monthly decline rate of 1.64 per cent.

Top five service providers constituted 98.98 per cent market share of total broadband subscribers with Reliance Jio Infocomm (38.9 crore), Bharti Airtel (14.4 crore), Vodafone Idea (11.1 crore), BSNL (2.1 crore) and Atria Convergence (16 lakh).

The number of overall telephone subscribers decreased from 117.7 crore at the end of March to 116.9 crore at the end of April, showing a monthly decline rate of 0.72 per cent.

The TRAI said total wireless subscribers (2G, 3G and 4G) decreased from 115.7 crore at the end of March to 115 crore at the end of April, thereby registering a monthly decline rate of 0.71 per cent.

Wireless subscription in urban areas decreased from 63.8 crore to 62.9 crore but increased in rural areas from 51.9 crore to 52 crore. Monthly growth rates of urban and rural wireless subscription were minus 1.42 per cent and 0.16 per cent respectively.