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Petrol price cut; diesel's hits poll code, policy bump

October 1, 2014

Petrol price cut

New Delhi, Oct 1: Good times are rolling well into the festive season for petrol consumers. State-run fuel retailers on Tuesday reduced the fuel's price by approximately 54 paise a litre, excluding state taxes, marking the fourth cut since April 1.

But the wait for a much-anticipated reduction in diesel price, the first in four years, got longer due to the poll code and lack of clarity on whether it requires the Cabinet's approval.

The poll code did not apply to petrol because its pricing has been deregulated since January 2013 and has been revised every fortnight in tune with changing international prices of crude, motor spirit - trade name for petrol - in the regional trading hubs as well as the rupee's exchange rate against the dollar.

The latest cut will translate into a final reduction of 65 paise a litre in Delhi after including VAT. The reduction will vary in states according to the prevailing state taxes.

Announcing the reduction, market leader IndianOil said the move followed continued downward trend in international prices of petrol. But the news came with a cautionary note over a depreciating trend in the rupee exchange rate.

Diesel price has been revised upward by about 50 paise per litre every month since January 2013. This followed a Cabinet decision to raise prices in "small doses" every month till the gap between the government-capped retail price and production cost - called under-recovery - was wiped out.

These marginal price increases, together with declining global prices and improved rupee exchange rate, managed to completely wipe out the subsidy element and showed an "over-recovery" of 35 paise a litre since September 16. The margin is believed to have risen further in the subsequent fortnight.

Naturally, there was widespread anticipation of a price cut at the fuel's monthly review on Tuesday. But the poll code due to elections in Maharashtra and Haryana came in the way. The oil ministry is believed to have referred the issue to the Election Commission, which is yet to revert.

Besides, there was also the question that reducing diesel price may require Cabinet approval since the government controls the fuel and the Cabinet decision to raise its price did not have a provision for reduction.

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News Network
January 13,2020

New Delhi, Jan 13: Walmart, the world’s largest retailer, has fired around 50 of its India executives as part of its restructuring in the country, three sources with direct knowledge said.

The move underscores the struggles Walmart has faced in expanding its wholesale business in India. The Bentonville, Arkansas based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected executives in the company’s real estate division because the growth in the wholesale model has not been that robust, two of the sources said.

“It’s happening because focus is shifting to e-commerce rather than physical (stores),” said one source, who declined to be identified as the decision is not public.

Walmart did not respond to a request for comment.

Walmart has placed bold bets on India’s e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India’s online marketplace Flipkart, in its biggest global acquisition.

The second source added that while Walmart could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce.

Some of the executives were sacked last week and more could be let go on Monday, two sources said.

In a statement to India’s Economic Times newspaper, which first reported the news, Walmart said it was always looking for ways to operate more effectively and that “this requires us to review our corporate structure to ensure that we are organized in the right way to best meet the needs of our members.”

Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.

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Agencies
August 5,2020

Ayodhya, Aug 5: Prime Minister Narendra Modi on Wednesday recalled the significance of the path of 'maryada' associated with Lord Ram in the backdrop of the situation created by COVID-19 and emphasised the importance of social distancing and wearing face masks.

He said that the current situation demands 'maryada' should be 'do gaz ki doori, mask hai zaroori' and exhorted everyone to follow it.

In his speech after laying the foundation stone of the Ram Temple in Ayodhya, the Prime Minister said the temple of Lord Ram will inspire and guide humans for ages to come.

He said that the path of `maryada' followed by Lord Ram is all the more necessary today in the situation created by COVID-19.

"The `maryada' (need) today is do gaj ki doori, mask hai jaroori (keep distance of two yards, wear mask). The Almighty may keep all the citizens healthy and happy, this is my prayer. The blessings of Mother Sita and Shri Ram be always there on the citizens," he said.

The Prime Minister termed the occasion as historic and said that India is starting a glorious chapter when people across the country are excited and emotional to have finally achieved what they had been waiting for centuries.

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News Network
January 30,2020

Mumbai, Jan 30: Speaking at an event, Samajwadi Party (SP) leader Abu Azmi's son and businessman, Farhan Azmi said that if CM Uddhav Thackeray will build lord Ram's Temple at Ayodhya then he will build Babri Masjid there. He said, "My problem is with Uddhav Thackeray.

I respect him a lot and if in Shiv Sena somebody really deserves respect, then it is no other than Uddhav Thackeray. He never runs a government and I don't think he is running his party correctly.

If being the Chief Minister, Uddhav Thackeray says he is going to Ayodhya on 7th March, I will also go with him. He will build lord Ram's Temple and we will build Babri Masjid."

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