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Fuel hike caused by Rupee depreciation, Moily

June 1, 2013

MoilyTumkur, Jun 1: The increase in prices of petrol and diesel was to respond to the rupee depreciation, Union Petroleum and Natural Gas Minister Veerappa Moily said today defending the hike effected after the rupee hit a 11-month low making oil imports costlier.

"Petrol price you should know that (for) every one rupee depreciation it will cost Rs 9,000 crore. Where do you find that Rs 9,000 crore. We cannot manufacture money. It has to be collected from some resources. Therefore we collect that much, not more than that," he said.

Moily was speaking to reporters on the sidelines of a function to unveil Direct Benefit Transfer for LPG Consumer Scheme here.

Replying to a query about many lacunae in the Direct Transfer for LPG Consumers Scheme, Moily said "errors will be corrected as and when it is implemented."

Moily took exception to Tamil Nadu Chief Minister Jayalalithaa slamming the Centre for increasing petrol and diesel price soon after Karnataka assembly elections.

He said it was the decision of the oil companies to increase fuel prices as the Central Government has authorised them to make appropriate changes in this regard.

"No. There is no link between the fuel price hike and Karnataka Assembly elections. The Central Government has authorised oil companies to make appropriate changes in petrol and diesel prices."

Indian oil companies had hiked the prices of petrol by 75 paise and diesel by 50 paise per litre while effecting a Rs 45 cut in LPG cylinder price. The increase excluding local sales tax or VAT, came into effect from midnight.

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News Network
May 24,2020

New Delhi, May 24: India witnessed the biggest ever spike of 6,767 positive cases in the last 24 hours, taking the total number of COVID-19 cases to 1,31,868, according to the Union Ministry of Health and Family Welfare.

As many as 147 deaths have been reported in the last 24 hours, taking the death toll to 3,867.
Out of the total number of cases, 73,560 are active and 54,440 have been cured/discharged and one migrated.

Maharashtra continues to remain the worst-affected state with 47,190 COVID-19 cases. It is followed by Tamil Nadu (15,512), Gujarat (13,664), and Delhi (12,910).

The nationwide lockdown imposed as a precautionary measure to contain the spread of COVID-19 has been extended till May 31.

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News Network
May 6,2020

May 6:The Congress on Wednesday said it is "economically anti-national" to fleece Indians of Rs 1.4 lakh crore by raising taxes on petrol and diesel, and urged the Centre to share 75 per cent of this revenue with states so that people are not burdened.

Congress chief spokesperson Randeep Surjewala said when the entire country is fighting the COVID-19 pandemic and its poor, including migrants, shopkeepers and small businessmen, were virtually penniless, the government of India was "fleecing" 130 crore Indians by insurmountably raising prices of petrol and diesel.

"To fleece people of India in this fashion is economically anti-national," he told reporters at a press conference through video conferencing.

Surjewala alleged that the manner in which "illegally and forcibly" this recovery is being made is "inhumane, cruel and insensitive".

"The government should transfer 75 per cent of this money so collected through raise in taxes to states. This will ensure there is no further burden on people of India, by way of more taxes on petroleum products by states," he said.

He said the issue was discussed at a meeting of the chief ministers of Congress-ruled states with party president Sonia Gandhi, where everyone besides former prime minister Manmohan Singh and Congress leader Rahul Gandhi expressed deep concerns.

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News Network
May 21,2020

New Delhi, May 21: As many as 5,609 new COVID-19 cases were reported in India in the last 24 hours, taking the total number of cases in the country to 1,12,359 according to the Union Ministry of Health and Family Welfare.

Out of the total cases, 63,624 are active cases, 45,300 patients have been cured/discharged or have migrated and 3,435 deaths have been reported.

With 39,297 cases in total, Maharashtra remains the worst affected state in the country, followed by Tamil Nadu (13,191 cases), Gujarat (12,537 cases), and Delhi (11,088 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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