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Petrol price down to its lowest level in 2018, diesel rates at 9-month low

Agencies
December 30, 2018

New Delhi, Dec 30: Petrol price on Sunday was cut by 22 paise per litre to its lowest level in 2018 while diesel rates were reduced by 23 paise to a nine-month low.

Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms.

Petrol prices, which have been on a decline since October 18 except for one day, are at their lowest level of 2018. Diesel rates are at their lowest since March-end.

In all, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period beginning mid-August.

Diesel prices have declined by Rs 12.06 per litre in two and half months.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.

Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

Subsequent to this, the petrol price moderated to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.

As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel.

But since then, international oil prices have been falling and rupee has also appreciated, resulting in a decline in retail rates.

During the last two and half months, petrol price rose on just one day -- by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise respectively.

Industry sources said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days.

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country's requirement is met through imports.

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Agencies
January 15,2020

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

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News Network
August 8,2020

Nagpur, Aug 8: "He was a great son and always the first one to help others in need. He sacrificed his life for the country," said Neela Sathe, the mother of late captain DV Sathe, who was flying the Air India flight that crash-landed at Kozhikode airport on Friday, claiming 18 lives.

Indian Army Retired Colonel Vasant Sathe and his wife Neela lost both their sons in line of duty. The couple is originally from Nagpur, Maharashtra.

Speaking to news agency, Neela broke into tears and said, "He was a great son and always the first one to help others in need. 

His teachers still appreciate him. During the Ahmedabad floods, he saved the children of the soldiers by lifting them in his arms. I wish God would have called us instead of him."

"Both our children sacrificed their lives for the country," she added.

Remembering DV Sathe's childhood, Neela talked about every that moment when he made his parents proud.

Neela told with great pride that Captain DV Sathe had received the Sword of Honor and had also won eight medals in the Air Force.

Neela last talked to DV Sathe over phone call a few days ago during which captain told her mother not to go out of the house amid COVID-19 crisis as if something happens to her, he won't be able to bear that.

Vasant, captain's father retired as a colonel after serving in the Army for 30 years, following the footsteps of their father, both his sons joined too the Army.

Their elder son Vikas, was in the Army, and at the age of 22, he was martyred in an accident in Ferozepur in 1981. Their younger son Deepak (DV Sathe), who served as a pilot in Air India after serving in the Indian Air Force, died in the plane crash on Friday.

An Air India Express plane carrying 190 passengers including 10 infants skidded while landing at Karipur Airport in Kozhikode on Friday evening.

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News Network
May 28,2020

New Delhi, May 28: BJP national spokesperson Sambit Patra has been admitted to a private hospital in Gurgaon after he showed symptoms of COVID-19, sources said.

He is admitted to the Medanta hospital in Gurgaon, hospital sources said on Thursday.

The BJP leader has shown symptoms of COVID-19, a source said.

Patra is one of the most visible BJP faces on news channels.

He is also very active on social media and posted several tweets on Thursday as well.

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