Petrol price cut by Rs 1.15, diesel up 50 paise

November 1, 2013

Petrol_priceNew Delhi, Nov 1: State-run fuel retailers on Thursday cut petrol price by Rs 1.15 a litre, excluding local taxes, the second reduction in a month that would help spread some cheer ahead of Diwali.

As expected, the retailers also raised diesel price by 50 paise a litre in line with the government's January decision to go for small revisions every month till the gap with the market rate is wiped out.

The new prices will be effective from the intervening midnight of Thursday and Friday. For petrol, the actual cut at pump level will be Rs 1.38 from Rs 71.02 in Delhi due to incremental reduction in VAT. Similarly, it will cost Rs 78.04 a litre in Mumbai against Rs 79.49.

Diesel price in Delhi has been hiked by 56 paise to Rs 53.10 per litre, while it will cost Rs 60.08 in Mumbai, up from Rs 59.46.

This is the 10th hike in diesel price and should have brought the fuel's rate to market level. But the rupee's devaluation widened the gap between government-controlled retail and market prices to Rs 14.50 per litre. After Thursday's hike and the recent hardening of the rupee, the gap is pegged at Rs 9.58.

Petrol rates were last reduced on October 1 by Rs 3.05 per litre, or Rs 3.66 after including VAT in Delhi. This was the first cut since June and came after seven increases aggregating Rs 10.80 per litre, excluding VAT, or Rs 13.06 after including state tax as the rupee depreciated sharply against the dollar.

"Since the last price change, international prices of petrol have declined marginally from about $113 per barrel to about $112. The rupee-dollar exchange rate has appreciated from around Rs 63 to a dollar to around Rs 62. Both these factors have resulted into a reduction in prices of petrol," IndianOil Corporation, the nation's largest fuel retailer, said in a statement.

Besides diesel, oil firms are losing Rs 35.77 per litre on sale of kerosene and Rs 482.50 per 14.2-kg domestic cooking gas cylinder. These are lower than Rs 38.32 and Rs 532.50 loss incurred last month.

At current rates, IOC projected a revenue loss of Rs 71,200 crore on sale of diesel, cooking gas and kerosene for the 2013-14 fiscal. If figures for all the three retailers are taken together, under-recovery would be Rs 135,900 crore.

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News Network
March 12,2020

New Delhi, Mar 12: The coronavirus pandemic could deal a crippling blow to the Indian travel and tourism industry, specially with the government suspending all visas, with the economic impact being assessed to run into thousands of crores of rupees. According to industry chamber CII, this is the one of the worst crises ever to hit the Indian tourism industry impacting all its geographical segments - inbound, outbound and domestic, almost all tourism verticals - leisure , adventure, heritage, MICE, cruise, corporate and niche segments.

The whole tourism value chain across hotels, travel agents, tour operations, destinations, restaurants, family entertainment venues and air, land and sea transportation have been hit.

In an impact assessment of the coronavirus pandemic, CII Tourism Committee said inbound foreign tourism of over USD 28 billion in value terms accounts for an average 60-65 per cent between October to March.

"As the news of the virus started picking up from November, the percentage of cancellations started going up in this segment exponentially and is reaching a peak of almost 80 per cent now in March in many Indian locations. The value at risk from this segment will be in multiples of tens of thousands of crores," the CII assessment report said.

With India cancelling all visas, the chamber said the impact "will be worse".

It further said,"The forward bookings for the inbound season of October 2020-March 2021 which should have started picking are all muted. These are showing highly discouraging signs with cancellations of important global travel marts which are marketplaces for contracting for the next season."

It further said there are reports of large scale forward cancellations from NRI segment from developed markets, which account for over 60 per cent during April to September inbound visits.

"Unless the progression of the virus stops, almost the entire value for the remainder of 2020 season is at risk," the report added.

ANAROCK Property Consultants Chairman Anuj Puri said India's hospitality sector will definitely be impacted by the announcement of a global pandemic, and the mounting numbers of confirmed coronavirus cases in the country.

"The cancellation of visas for foreigners as well as the strong advice issued to Indians to refrain from unnecessary travel will have a marked effect. This is the most unsettling healthcare crisis in recent times and hotel bookings will go south," he added.

On Indians being advised to refrain from unnecessary travel, as per the CII report almost 28 million plus Indians are estimated to have travelled outside in 2019 and there were almost 1.8 billion domestic tourist footfalls.

The holiday season of Indians -- those travelling within the country and outside -- is heavy in April-July, October and December.

"The December holiday season of 2019 took an estimated hit of almost 40-50 per cent, the holiday season of April to July 2020 is likely to take a humongous hit which could be as high as 80-100 per cent, unless there is positive news of the progression of virus decreasing," the CII assessment report said.

There are advanced cancellations and highly reduced forward booking pipelines for the holiday season. Only corporates are flying and that too only on highly essential same day travel. Most of the MNCs are advising work from home, stifling travel, it added.

On suspension of visas, MakeMyTrip Group CEO Rajesh Magow told ,"The period between February till the end of March is typically a lean period because of exam season but we are seeing a demand slowdown for the upcoming summer holiday season especially for international travel. The situation remains dynamic making it hard to quantify the actual impact on our business and industry at large."

He further said,"The decision by the government will have an impact on inbound and outbound international travel. So far there are no restrictions or advisories issued for domestic travel."

VFS Global Regional Group COO - South Asia, Middle East and North Africa, Americas Vinay Malhotra said,"While it is too early to comment on the impact of coronavirus on visa application trends, so far, our visa application processes in India continue on schedule as per the mandates of our client governments."

He also said the company is exploring steps to assuage concerns of people about visiting busy public areas due to the nature of the virus by considering discounted rates on courier return services for visa customers who want to avoid returning to the visa centres to pick up their passports.

Besides, he said,"We are also contemplating lower fees for our Visa at your doorstep service, for those customers who are requesting an alternative to visiting the centres to submit visa applications."

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News Network
April 2,2020

New Delhi, Apr 2: With 437 new cases reported in the last 24 hours, the tally of COVID-19 positive cases in India shot up to 1,834 on Wednesday night.

The number of deaths in the country due to COVID-19 has risen to 41.

The total number of active cases in the country is 1,649. 143 persons have been cured and discharged from the hospitals. One person has migrated, according to the data provided by the Ministry of Health and Family Welfare.

Earlier on Wednesday, Union Home Secretary Ajay Bhalla urged all state governments and Union Territory administrations to ensure the lockdown measures issued by the Ministry of Home Affairs are strictly implemented.

"All the state governments/UT administrations are requested to strictly implement the lockdown measures issued by MHA in the exercise of the powers under Disaster Management Act, 2005 in letter and spirit," Bhalla said.

Prime Minister Modi had earlier announced a 21-day lockdown in the entire country to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.

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News Network
March 3,2020

New Delhi, Mar 3: Delhi's Tihar Prison authorities had made all necessary preparations for the hanging of four convicts in the Nirbhaya gangrape-and-murder case which was scheduled for Tuesday, officials said Monday.

However, on Monday evening, a city court deferred the hanging till further orders.

Postponing the execution, Additional Sessions Judge Dharmender Rana said the hanging cannot be carried out pending disposal of Pawan Gupta's mercy plea before the President, observing any condemned convict must not meet his "Creator" with grievance against courts for not acting fairly on the opportunity to exhaust legal remedies.

"We had made all the necessary arrangements for the execution of the four convicts which was scheduled for Tuesday at 6 AM. Now, the execution has been postponed and we are waiting for the further order by the court," a senior jail official said.

The hanging of the four men -- Mukesh Kumar Singh (32), Vinay Kumar Sharma (26), Akshay Kumar Singh (31) and Pawan -- who are lodged in Tihar jail, was fixed for March 3 in Tihar jail on a court order.

"We had checked the ropes. Hangman was called and dummy executions were carried out," another senior jail official said.

Barring Pawan, the other three had in the previous weeks moved curative petitions and mercy pleas which were all dismissed.

The first date of execution -- January 22 -- fixed on January 7 was postponed by the court to February 1. But on January 31, the court indefinitely postponed the hanging. On February 17, the court again issued fresh date for execution of death warrants for March 3 at 6 AM.

The court in its orders observed that the four convicts cannot be hanged since a mercy plea of one or the other convict was pending.

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