IOC slashes petrol price by 56 paise

October 9, 2012
Petrol_Price
New Delhi, October 9: State-run Indian Oil Corporation slashed petrol prices by Rs 0.56 per litre from Monday night, giving some relief to inflation-battered common man.

The revision, however, excludes the state levies, the IOC said in a statement.

The prices were revised downward due to the rupee appreciating against the dollar in the recent past, giving some relief to oil companies in the import of the commodity from the international market.

“Presently, the rupee-dollar exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on petrol prices,” the IOC said.

It said, the trends in the international oil market and dollar-rupee exchange rate will be closely monitored and will be reflected in future price changes.

The two other public sector fuel retailers, namely Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) have not yet announced their decision to cut pump prices for petrol, but are expected to take a decision soon. Petrol prices were last revised on June 28, when it were slashed by Rs 2.46 per litre.

The oil marketing companies have incurred a loss of Rs 2600 crore approximately on sale of petrol during April-September this year due to inability to change retail selling prices to the desired extent in line with market conditions, the IOC statement said.

70-paise cut in Bangalore

N Bhushan Narang, president of the Karnataka Petroleum Dealers Association, said the reduction in petrol prices is applicable only to IOC-owned petrol bunks as HP?and BPCL are yet to announce the reduction. “HP?and BPCL may announce slash in the petrol prices by Tuesday or Wednesday,” he said.

Narang further said the reduction of petrol prices in Bangalore city would be by around 70 paise per litre.


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News Network
May 29,2020

New Delhi, May 29: With the highest spike of 7,466 more COVID-19 cases and 175 deaths reported in the past 24 hours, India's COVID-19 tally reached 1,65,799 on Friday, according to the Union Ministry of Health and Family Welfare.

The number of active coronavirus cases stands at 89,987 while 71,105 people have been cured or recovered and one patient has migrated, it said. The death toll due to the infection has reached 4,706 in the country.

Maharashtra is the worst affected state with 59,546 cases. Tamil Nadu has recorded as many as 19,372 cases while Gujarat and Delhi have recorded 15,562 and 16,281 coronavirus cases respectively.

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Agencies
February 11,2020

New Delhi, Feb 11: Cheaper lending rates in the country along with the government's booster via tax cuts seem to have had little effect on vehicle sales in January, with car sales decreasing by over 14,531 units, or slightly over 8 per cent, compared to January last year.

According to Rajan Wadhera, President of industry body Society of Indian Automobile Manufacturers (SIAM), which gives out the auto sales numbers, the overall slump in vehicle sales in India was due to the "rising cost of vehicle ownership and slower growth in GDP".

Barring three-wheelers, all other segments showed de-growth.

Vehicle sales across segments have been declining for over a year now. SIAM sales data last month compared with that of January 2019 showed that domestic passenger vehicle sales slipped 6.2 per cent to 262,714 units. The decline in car sales stood at 8.1 per cent, and two-wheelers 16.06 per cent.

Sales of commercial vehicles, an indicator of industrial health in the economy, slipped by 14.04 per cent to 75,289 units last month, while the vehicle sales across categories registered a de-growth of 13.83 per cent to 17,39,975 units from 20,19,253 units in January 2019, SIAM said.

However, Wadhera said, they were hopeful that recent government announcements on infrastructure and rural economy would support growth of vehicle sales, especially in the commercial and two-wheeler segments.

"We are looking forward to the early announcement of an incentive-based scrappage policy in the context of the recent assurances by the government," Wadhera said.

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News Network
July 11,2020

New Delhi, Jul 11: Poll strategist Prashant Kishor took a swipe at Bihar Chief Minister Nitish Kumar on Saturday, saying this is time to fight the coronavirus not elections and that he should not endanger people's lives in a "hurry" to hold the assembly polls.

"The coronavirus situation in Bihar is worsening like it is in many other states of the country. But a big part of government machinery and resources are busy making preparation for the polls.

"Nitish Kumar ji, this isn't time to fight elections but the coronavirus. Don't endanger people's lives in this hurry to hold the polls," he tweeted.

Kishor, once a confidant of the JD(U) president before he turned a critic and was expelled from the party, joins leaders like LJP chief Chirag Paswan and RJD's Tejashwi Yadav in suggesting that the Bihar assembly polls should be deferred due to the pandemic.

Polls in Bihar are due in October-November but the Election Commission has so far not made any official announcement about its schedule.

The BJP and the JD(U) have been holding organisational meetings and said that they are ready for the elections.

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