Petrol price may be cut by up to Rs 2 a litre soon

June 15, 2012

petrol

Mumbai, June 15: Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.

State-owned oil marketing firms Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet on Friday to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.

Confirming the move, a senior official with India's biggest oil retailer told TOI: "There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee's fall against the US dollar."

Here's how the arithmetic works. Every dollar reduction in international oil prices translates into a cut in product price by 33 paise. But every time the Indian currency depreciates against the dollar by one rupee, it translates into a requirement to raise prices by 77 paise. In the current context, oil prices have reduced by an average of $7 while the rupee has depreciated by 50 paise against the dollar. In rupee terms, the fall is pegged at 7.7% or Rs 451 to Rs 5392.88 per barrel on Wednesday from prices of Rs 5844.36 per barrel in the last fortnight.

"We review petrol prices on a fortnightly basis, which not only depends upon international crude oil prices but also on international product prices and exchange rate fluctuations. It's true that crude oil prices have fallen but at the same time the rupee has also depreciated against the dollar to Rs 55.79 from Rs 55.36, when the prices were last reviewed," BPCL chairman R K Singh told TOI. After reviewing global product prices and adjusting for exchange rate fluctuations, we will be happy to pass on the benefit to consumers", he said.

Echoing similar feelings, HPCL finance director B Mukherjee said that though the Indian basket of crude oil prices has fallen to $96.5, they would have to take the average of the last two weeks to decide on the petrol prices.

Earlier this week, finance minister Pranab Mukherjee had hinted at a reduction in petrol prices on falling crude oil prices. "A reduction in petrol prices will set the stage for the government to increase diesel prices after the presidential elections gets over as oil firms are losing Rs 12.5 per litre on sale of diesel, which is an administered product," said an oil analyst. Oil firms are losing over Rs 450 crore per day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.

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News Network
July 4,2020

Pune, Jul 4: Now that wearing mask in public places has become the new normal, a resident of Pimpri-Chinchwad of Pune district, Shankar Kurade has got himself a mask made of gold worth Rs 2.89 lakhs amid the COVID-19 pandemic.

"It's a thin mask with minute holes so that there is no difficulty in breathing. I am not sure whether this mask will be effective," said Kurade.

Kurade loves wearing gold ornaments and his hands and neck are loaded with jewellery.

This unique idea struck him soon after he saw a man wearing a silver mask on social media.

"I saw a video on social media of a man in Kolhapur wearing a silver mask and then an idea struck me to have a mask of gold. I talked to a goldsmith and he gave me this five and a half pound gold mask in a week," said Kurade.

"All my family members love gold, if they too demand it, then I will get it designed for them too. I do not know if I will be infected with coronavirus wearing a gold mask or not, but following all the rules of the government can prevent the spread of virus," he added.

Since childhood, Shankar is very fond of gold ornaments, that is the reason he wears gold rings in all the fingers, gold bracelets on his wrist and huge gold chains around his neck.

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Agencies
May 26,2020

In a startling revelation, cybersecurity researchers have claimed that a hacker has posted personal details of nearly 2.9 crore Indian job seekers at one of the hacking forums on the Dark Web for free.

As part of the regular sweep over the Deep Web and Dark Web, researchers from cybersecurity firm Cyble came across an interesting item, where a threat actor posted 2.3GB (zipped) file on one of the hacking forums.

"The leak actually has a lot of personal details of millions of Indians Job seekers from different states," Cyble said in its blog on Friday.

This breach includes sensitive information such as email, phone, home address, qualification and work experience etc from job seekers spanning across states, from New Delhi to Mumbai and Bengaluru. 

Cybercriminals are always on the lookout for such personal information to conduct various nefarious activities such as identity thefts, scams, and corporate espionage.

"It appears to have originated from a resume aggregator service given the sheer volume and detailed information," it added.

Cyble indexed this information at ‘AmIbreached.com; – Cyble's data breach monitoring and notification platform.

Cyble researchers have identified a sensitive data breach on the dark web where an actor has leaked personal details of nearly 29 million Indian job seekers from various states. 

"Cyble's team is still investigating this further and will be updating their article as they bring more facts to the surface,” it said in a statement.

Cyble said it has acquired the leaked data. 

The same cyber security firm earlier exposed that Bengaluru-based edtech firm Unacademy was hacked.

According to Cyble researchers, nearly 22 million Unacademy user accounts were affected and the data was dumped and sold on Dark Web.

'We would like to assure our users that no sensitive information such as financial data or location has been breached," said Hemesh Singh, Co- Founder and CTO, Unacademy, in a statement.

In April, hackers sold personal data of a whopping 267 million Facebook users for just Rs 41,500 (approximately 500 Euros) that includes email addresses, names, Facebook IDs, dates of birth and phone numbers.

No passwords of the 267 million Facebook users were exposed by the hacker, according to Cyble.

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News Network
February 14,2020

Washington, Feb 14: The United States has called for making Jamaat-ud-Dawa (JuD) chief Hafiz Saeed accountable for his involvement in the planning of "numerous acts of terrorism, including 2008 Mumbai attacks". "We continue to call for Hafiz Saeed to be held accountable for his involvement in the planning of numerous acts of terrorism, including 2008 Mumbai attacks that killed 166 innocent people, including 6 Americans," US State Department spokesperson said on Thursday (February 13, 2020).

US State Department spokesperson said this while commenting on the Saeed`s conviction in terror financing cases.

The spokesperson said Hafiz Saeed`s conviction on terror financing is a step towards curtailing the operation of a terrorist group that threatens peace and stability in South Asia.

"We urge Pakistan to continue to take appropriate legal action against individuals who commit acts of terrorism, raise funds for, or advocate for terrorism," the official said.

On Wednesday, Alice Wells, Principal Deputy Assistant Secretary of US for South and Central Asian Affairs had termed the conviction of 26/11 Mumbai terror attack mastermind Hafiz Saeed as an "important step forward" towards holding terrorist organisation LeT "accountable for its crimes".

"Today`s conviction of Hafiz Saeed and his associate is an important step forward - both toward holding LeT accountable for its crimes and for #Pakistan in meeting its international commitments to combat terrorist financing," she tweeted.

"And as @ImranKhanPTI has said, it is in the interest of #Pakistan`s future that it not allow non-state actors to operate from its soil," she said in another tweet.

An anti-terrorism court in Lahore, Pakistan on Wednesday sentenced Mumbai terror attack mastermind and chief of the banned Jamaat-ud -Dawa (JuD) Hafiz Saeed to five-and-a-half years in prison each in two terror financing cases.

Pakistan based Dawn reported that he was slapped with a prison sentence of five-and-a-half years and a fine of Rs15,000 in each case and the sentences of both cases will run concurrently.

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