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
April 14,2020

New Delhi, Apr 14: With 1,211 fresh cases of coronavirus reported in the last 24 hours, the total number of confirmed cases of COVID-19 in the country has reached 10,363 including 339 deaths, said Lav Aggarwal, Joint Secretary, Health and Family Welfare, here on Tuesday.

As many as 1,036 people have recovered from the disease so far, said Aggarwal during the daily media briefing on the coronavirus. "In one day, 179 people were diagnosed and found cured," he added.

"A total of 10,363 confirmed cases have been reported in India including 339 deaths and 1,036 people, who were COVID-19 positive have recovered. Out of the total deaths, 31 deaths have been reported in the last 24 hours," said Aggarwal.

Aggarwal said that an evaluation of each district and city will be done till April 20.

"An evaluation of each district and city will be done till April 20 in which it will be evaluated what measures did that authorities take in these cities and districts to combat COVID-19," he said.

"Based on the results of this litmus test approach, permission will be granted for some selective activities to those districts and cities which controlled the situation effectively. Detailed guidelines will be issued soon," he added.

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News Network
May 22,2020

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them. 

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News Network
July 14,2020

Jaipur, Jul 14: In a show of strength, Deputy Chief Minister Sachin Pilot-led Rajasthan Congress camp on Monday released a video showing at least 16 MLAs sitting together.

This comes hours after the Congress held a legislature party meeting. Party leaders said 106 of 122 MLAs attended, a claim contested by the Pilot camp.

The 10-second video was shared late at night on Pilot's official WhatsApp group.

In the video, at least 16 MLAs are seen sitting together in a close circle. Pilot is not seen in the video.

Six other people can be seen in the video but they could not be identified.

Some of the MLAs seen in the video are Indraraj Gurjar, Mukesh Bhakar, Harish Meena.

Tourism Minister Vishvendra Singh tweeted the video with the caption "Family".

Ladnun MLA Mukesh Bhakar tweeted, "...Loyalty in Congress means Ashok Gehlot's slavery. That is not acceptable to us."

Pilot has been upset since he was denied the Rajasthan chief minister's post after the December 2018 assembly elections.

On Sunday, he claimed to have the backing of 30 Congress MLAs and "some independents".

Those close to him disputed Gehlot's claim that his government had a majority, and said this is proven in the assembly and not at the CM's house.

Sources close to him have also ruled out the possibility of Pilot joining the BJP.

In the 200-member Rajasthan Assembly, the Congress has 107 MLAs and the BJP 72. In the past, the ruling party has claimed the support of 13 independents, two MLAs each from the CPM and the Bharatiya Tribal Party, and one from the Rashtriya Lok Dal.

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