Petrol, diesel rates scale new highs on weak rupee, rising oil rates

Agencies
September 14, 2018

New Delhi, Sept 14: Petrol and diesel prices Friday scaled new highs as rates were increased on account of rupee depreciation and rise in international oil rates.

While petrol price was increased by 28 paise a litre, diesel rates went up by 22 paise, according to a price notification of state-owned oil marketing companies.

Petrol in Delhi now costs Rs 81.28 per litre and diesel is priced at Rs 73.30 a litre.

In Mumbai, petrol is retailed at 88.67 per litre, for Rs 84.49 in Chennai and Rs 83.14 in Kolkata. Diesel costs Rs 77.82 per litre in Mumbai, Rs 77.49 per litre in Chennai and Rs 75.36 per litre in Kolkata, according to the notification.

Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or value added tax (VAT).

A combination of a dip in rupee value against the US dollar and rise in crude oil prices has led to a spike in pump prices since mid-August. Petrol price has since risen by Rs 4.20 per litre and diesel by Rs 4.53 - the most in any one-month period since the daily revision in fuel prices was introduced in June last year.

Rates vary from city to city and from pump to pump depending on local taxes and transportation cost.

While petrol at pumps of Indian Oil Corp (IOC) in Delhi cost Rs 81.28 per litre, the same at stations owned by Hindustan Petroleum Corp Ltd (HPCL) comes for Rs 81.37. Diesel at HPCL pumps in Delhi costs Rs 73.39 and comes for Rs 73.30 at IOC outlets.

IOC is India's largest oil firm with almost half of the market share.

In Mumbai, petrol at IOC pumps costs Rs 88.67, while it comes for Rs 88.72 at BPCL outlets and Rs 88.75 at HPCL stations.

Diesel in Mumbai at BPCL outlet costs Rs 77.87, at HPCL pumps Rs 77.90 and at IOC outlets Rs 77.82 per litre.

While crude oil rates flirted with the USD 80 per barrel mark, the rupee has plunged against the dollar. The combination of the two makes imports costlier.

Domestic retail prices are benchmarked to international rates of the fuel.

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News Network
January 15,2020

Jan 15: Amazon.com Inc Chief Executive Officer Jeff Bezos is facing a bitter welcome during his India visit this week as the country’s antitrust regulator initiated a formal investigation just hours before his arrival and trader bodies comprising millions of infuriated small store owners announced demonstrations.

Bezos is in New Delhi for the Smbhav summit, an Amazon India event for small and medium businesses. The billionaire is scheduled to conduct a fireside chat with Amazon India chief Amit Agarwal, anchoring an event that also features Infosys Ltd. co-founder Narayana Murthy and retail billionaire Kishore Biyani, who recently sold a stake in his retail group to Amazon. Ahead of the event, Bezos paid his respects at Mahatma Gandhi’s memorial, wearing a white tunic and a rust-colored Indian vest.

The small businesses that Amazon’s CEO is hoping to endear himself to, however, are organizing in opposition. The Confederation of All India Traders announced that members of its affiliate bodies across the country would stage sit-ins and public rallies in 300 cities to raise a war cry against the world’s largest online retailer. In a letter to Prime Minister Narendra Modi last week, the confederation’s Secretary General Praveen Khandelwal alleged that Amazon, much like Walmart Inc.-owned Flipkart, was an “economic terrorist” who engaged in predatory pricing that deprived the government of tax revenue and “compelled the closure of thousands of small traders.”

India’s e-commerce market is projected to grow to $150 billion by 2022, according to a 2018 report by software industry group Nasscom and consulting firm PwC India. Competition for this rapidly expanding sector is intensifying as Asia’s richest man, Mukesh Ambani, prepares to go live with JioMart, an online shopping platform challenging Amazon and Walmart directly. The latter’s Flipkart Online Services Pvt is also delving deeper into the countryside in its pursuit for more customers. Amazon, for its part, opened a huge office complex in the southern city of Hyderabad in September, underscoring its commitment to the country.

The Competition Commission of India said it would probe the deep discounts, preferential listings and exclusionary tactics that Amazon and Flipkart are alleged to have used as anti-competitive levers. India’s trade bodies have long argued that both retail giants were flouting rules by promoting sales and discounts through their favoured sellers, many of whom they have preexisting commercial arrangements. The regulator has ordered for the investigation to be completed within two months.

Bezos last visited India in 2014 under starkly different circumstances. During that trip, the Amazon founder wore local festive garb, rode atop a festooned truck for a photo opp and presented Amazon’s Indian unit with a giant check for $2 billion. Since then, Amazon has pledged a further $3.5 billion to expand in the country.

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News Network
March 23,2020

New Delhi, Mar 20: Prime Minister Narendra Modi on Monday appealed to state governments to ensure that rules and regulations of the coronavirus lockdown are enforced as he noted that many people are not taking the measure seriously.

"Many people are still not taking the lockdown seriously. Please save yourself, save your family, follow the instructions seriously. I request state governments to ensure rules and laws are followed," he said in a tweet in Hindi.

The Centre and state governments have decided to completely lock down 80 districts across the country where coronavirus cases have been reported.

Uttar Pradesh, Maharashtra, Punjab, Karnataka, Tamil Nadu and Kerala announced lockdown in many districts.

Delhi will be locked down from 6 am on March 23 till midnight on March 31.

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News Network
March 11,2020

Jaipur, Mar 11: A 85-year-old man in Jaipur, who had returned from Dubai on February 28, has tested positive for coronavirus, a state government official said on Wednesday.

He was found presumptive positive in the first test on Tuesday and hence, a second test was conducted with fresh samples, the reports of which arrived late Tuesday night, Additional Chief Secretary, Medical and Health, Rohit Kumar Singh, said.

“The man who travelled to Dubai has been tested positive for coronavirus. It has been confirmed now,” Singh said.

“We have also got the manifest of the Spicejet flight he took from Dubai to Jaipur and are doing due diligence on that,” the official said, adding that intense contact tracing was underway.

The man has been kept in isolation at the SMS Hospital here.

“The man came to the hospital on Monday with symptoms of the virus. After the first test, his wife and son too have been kept in isolation at the hospital. The two, however, do not have coronavirus affliction symptoms,” Singh said.

A total of 235 people who came in contact with the octogenarian and his family have already been traced and are being monitored, he said.

Other contacts are also being traced, Singh added.

An Italian couple, who tested positive for COVID-19 last week, are also admitted in the hospital but their condition is improving, he said.

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