Petrol prices hiked for 4th time in 6 weeks on weak rupee

July 15, 2013

Petrol_pricesNew Delhi, Jul 15: State-run oil marketing companies have hiked petrol prices for the fourth time in six weeks, mainly on account of the sharp depreciation in the Indian rupee. Petrol prices will become costlier by Rs. 1.55 a litre (without taxes) from Monday.

The revision in prices, as per the practice of changing rates in line with cost every fortnight, was due on Tuesday, July 16, but has occurred a day earlier.

Petrol will cost Rs. 1.86 per litre more (including taxes) in Delhi from Monday and sell for Rs. 70.44 a litre against Rs. 68.58. Oil firms had on June 1 raised the price of the fuel by 75 paise (excluding taxes) and followed it with a Rs. 2 per litre increase on June 16, and Rs. 1.82 on June 29.

The latest hike has negated the four reductions earlier this year that had brought down the rates to Rs. 63 at the beginning of May.

The hike is due to "the combined impact of deteriorating exchange rate and increasing international oil prices," Indian Oil said in a statement.

Crude for domestic consumption is mostly imported and as the rupee weakens importing crude becomes costlier as all global commodities are priced in dollar. The Indian rupee has fallen nearly 11 per cent from May 1, from a level of 53.80 to end at 59.56 on Friday. It is the worst performing currency in Asia.

"Since last price change, the downward spiral of rupee against the dollar has continued to reach a low of Rs. 60.03 per dollar as against Rs. 58.94 per dollar during the previous fortnight. Further, international MS prices have also shown an uptrend and increased from $115.29/barrel to $117.19/barrel," it said.

The rupee had hit a record low of 61.21 last week, but since then has steadied after the Reserve Bank and market regulator Securities and Exchange Board of India (Sebi) stepped in to stem the slide in the currency.

However, there will be no change in diesel prices just yet as the revision in its rates is due at the end of July. Petrol prices were deregulated in June 2010, but diesel prices continue to be controlled by the government.

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News Network
June 24,2020

New Delhi, Jun 24: Union Civil Aviation Minister Hardeep Singh Puri on Tuesday said that nearly 1,25,000 Indians have returned from different countries under the Vande Bharat Mission.

He informed that 6,037 people returned to India from overseas on June 23.

"Vande Bharat continues to be a mission of hope and happiness for stranded and distressed Indians around the world. So far, nearly 125K Indians have come back on these evacuation flights and nearly 43K have flown out of India. Today (on Tuesday) 6,037 people returned from different countries," Puri said in a tweet.

As many as 2,50,087 Indian nationals stranded abroad have been repatriated since the beginning of Vande Bharat Mission last month, the Ministry of External Affairs (MEA) said last week.

The Vande Bharat Mission, which started from May 7 to evacuate Indians stranded abroad due to coronavirus pandemic, is in its third phase.
The recent phase commenced on June 11.

Under the third phase, India would have 550 flights including 191 feeder flights.

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News Network
May 22,2020

Bengaluru, May 22: Amazon.com Inc’s India unit said it would hire 50,000 temporary workers to meet a surge in online shopping in the country, where customers have been stuck indoors for two months in a lockdown to fight the coronavirus outbreak.

E-commerce firms faced massive disruption in the initial days of the lockdown in India, but a slow easing of the stringent regulations has allowed them to resume large parts of their operations.

"We want to continue helping customers all over India get everything they need so they can continue to practice social distancing," Amazon senior executive Akhil Saxena said in a statement on the company's blog. (bit.ly/2A1Wv7O)

“(The move) will also keep as many people as possible working during this pandemic while providing a safe work environment for them,” said Saxena, Amazon’s VP for customer fulfillment operations in APAC, MENA & Latam.

The temporary hires will work in Amazon’s fulfillment centers and as part of its delivery network, the company said, making the announcement at a time when various other companies in the country have been forced to cut jobs as they try to tide over the health crisis.

Amazon itself has pushed its annual global Prime Day event, traditionally a summer affair, to September, the Wall Street Journal reported on Thursday.

In India, where the Jeff Bezos-led company faces stiff competition from Walmart Inc’s Flipkart, Amazon earlier said it plans to create 1 million jobs by 2025.

The company also said on Thursday it plans to enter the food delivery business in India, pitting itself against well-established startups such as Swiggy and Zomato.

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Agencies
February 11,2020

New Delhi, Feb 11: AAP chief and Delhi Chief Minister Arvind Kejriwal has won from New Delhi assembly seat. He polled 46,758 votes, which is 61.1 per cent of total votes polled in the high profile constituency.

Kejriwal defeated Sunil Kumar Yadav of the Bharatiya Janata Party (BJP), who polled 25,061 votes, which is 32.75 per cent of total votes polled. Congress candidate Romesh Sabhawarl could get only 3,220 votes.

So far, the AAP has won 55 seats and is leading on seven seats. The BJP has won seven seats and is leading on two. The Congress is nowhere in the reckoning.

As per the details on the website of Election Commission of India at 8.27 pm on Tuesday, the AAP has secured 53.60 per cent votes, BJP 38.49 per cent, BSP 0.71 per cent, CPI 0.02 per cent, CPI-M 0.01 per cent, Congress 4.27 per cent, JDU 0.90 per cent, LJP 0.35 per cent, NCP 0.02 per cent, and NOTA 0.46 per cent.

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