Petrol price cut by 95 paise per litre

November 15, 2012

petrolNew Delhi, November 15: State-owned oil marketing companies today cut the price of petrol by 95 paise per litre (minus state levies), effective midnight, Indian Oil announced.

The fuel will now cost Rs. 67.24 in Delhi, Rs. 73.53 in Mumbai, Rs. 70.57 in Chennai, Rs. 74.55 in Kolkata, Rs. 73.73 in Hyderabad and Rs. 74.22 in Bangalore.

Petrol prices were last revised on October 27, when they were raised by 29 paise after the government increased the commission paid to petrol pump dealers.

“Presently, international oil prices are relatively stable. However, there has been significant volatility in the rupee/dollar exchange rate and is currently very weak with uncertainty in its future direction,” Indian Oil said, adding that the trends will be monitored and reflected in future price revisions.

"There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked) giving us some margins (on petrol). But they have moved up again in the last few days," R.S. Butola, chairman of Indian Oil, the nation's largest fuel retailer, said earlier this month.

The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation.

Mr Butola said Indian Oil lost Rs. 1,167 crore on selling petrol below cost during the first six months of the current fiscal year. Since the product is deregulated, there will be no subsidy support from the budget to cover these losses.

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May 22,2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

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March 30,2020

Kochi, Mar 30: Kerala High Court on Monday granted interim bail to the under-trial prisoners and remanded accused in the state till April 30 in view of the lockdown imposed to prevent the spread of coronavirus.

The court said that the accused should report to the local police station immediately after getting bail. Those released on bail must strictly follow the lockdown instructions, the High Court said.

"Those who have been convicted of imprisonment for less than seven years will get bail. Prison Superintendents will release the prisoners who are eligible. But regular offenders are not entitled to get bail," the court said.

After the bail period, the accused should appear in the respective trial courts, where a decision will be taken on their bail by the respective trial courts.

The Supreme Court had last week asked all state governments to release undertrial prisoners, who are facing charges attracting less than seven years imprisonment, to reduce overcrowding of jails amid the ongoing coronavirus scare.

So far, 194 confirmed cases of coronavirus have been reported in the state.

The country is under a 21-day lockdown to prevent the spread of coronavirus, which according to the Ministry of Health and Family Welfare has claimed the lives of 29 people and infected a total of 1071 people as on Monday morning.

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May 28,2020

New Delhi, May 28: With 6,566 more coronavirus cases and 194 deaths reported in the past 24 hours, India's COVID-19 tally reached 1,58,333 on Thursday, according to the Union Ministry of Health and Family Affairs.

The number of active coronavirus cases stands at 86,110, while 67,692 people have recovered and one patient has migrated, it said. The death toll due to the infection has reached 4,531 in the country.

Maharashtra is the worst affected state with 56,948 cases. Tamil Nadu has recorded as many as 18,545 cases while Gujarat and Delhi have recorded 15,195 and 15,257 coronavirus cases respectively.

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