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
July 21,2020

Lucknow, Jul 21: Madhya Pradesh Governor Lalji Tandon, a veteran political figure in Uttar Pradesh where he had served as a cabinet minister, died at a hospital here early Tuesday.

The 85-year-old was admitted to the hospital on June 11 with breathing problems, fever and difficulty in urination.

He died at 5:35 am in Medanata Hospital, according to his son Ashutosh Tandon, a UP cabinet minister.

Lalji Tandon is survived by wife and three sons.

His body will be kept at his official residence in Hazratganj and later at his Sindhi Tola residence in Chowk to enable people to pay their last respects.

The last journey will start at 4 in the evening for the Gulala Ghat where his last rites will be performed later in the day, Ashutosh Tandon said in a statement.

The UP government has announced three days mourning as a mark of respect to Lalji Tandon, a former cabinet minister, a government spokesman said.

Belonging to the Atal Bihari Vajpayee and L K Advani era of BJP leaders, Lalji Tandon proved himself as an able administrator during his decades-long political career in Uttar Pradesh.

A former Lok Sabha MP, he was later given gubernatorial responsibility.

He took oath as Madhya Pradesh governor on July 29, 2019, when the Congress was in power in the state, after serving in the same post in Bihar for nearly 11 months. 

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News Network
January 1,2020

New Delhi, Jan 1: Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed banks that lent money to embattled liquor tycoon Vijay Mallya to utilize seized assets, news agency reported today quoting sources from the Enforcement Directorate (ED). The court also said all parties affected by the order can appeal at the Bombay High Court till January 18.

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.

He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.

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News Network
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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