Petrol Price Hiked By Rs 6.02 A Litre In 11 Days, Diesel By Rs 6.49 A Litre

News Network
June 17, 2020

New Delhi, Jun 17: Petrol and diesel prices were increased in metros on Wednesday, marking the eleventh straight day of increase since state-owned oil companies returned to the normal practice of daily reviews following a 12-week pause. With effect from 6 am, the price of petrol was increased by 55 paise per litre, and diesel by 69 paise per litre in Delhi, compared to the previous day. While the price of petrol was revised to Rs 77.28 per litre in the national capital from Rs 76.73 per litre the previous day, the diesel rate was increased to Rs 75.79 per litre from Rs 75.19 per litre, according to notifications from state-run Indian Oil Corporation, the country's largest fuel retailer. In the 11-day period, the price of petrol has been increased by a cumulative Rs 6.02 per litre, and diesel by Rs 6.49 per litre.

International crude oil prices retreated on Wednesday, weighed down by an increase in US crude inventories and worries about a potential second wave of the coronavirus pandemic. Brent crude futures - the global benchmark for crude oil - were last seen trading 1.0 per cent lower at $40.56 per barrel.

State-run oil marketing companies revise the prices of petrol and diesel from time to time, besides aviation turbine fuel (ATF) - or jet fuel - and liquefied petroleum gas (LPG). However, since March 16, the oil companies had kept petrol and diesel prices on hold, possibly due to the volatility in global oil markets.

Fuel retailing in the country is dominated by state refiners - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. The three own about 90 per cent of the retail fuel outlets in the country.

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News Network
February 4,2020

New Delhi, Feb 4: Miffed over the controversy created by its former Union minister and Uttara Kannada MP Anantkumar Hegde by his remarks against Mahatma Gandhi, the BJP, it was learnt, has issued a show-cause notice to him. The ruling party came under heavy criticism from the opposition over its MP’s remarks. The opposition has demanded a clarification from Prime Minister Narendra Modi over his party MP’s remarks.

Often in news for his controversial remarks, Hegde, sources said, could also be barred from attending the first parliamentary party meeting of the BJP of the budget session, scheduled on Tuesday. The party had taken a similar approach against its Bhopal MP Pragya Thakur during the last winter session for praising Mahatma Gandhi’s killer Nathuram Godse. Though the BJP leadership was earlier of the view that Hegde should tender an apology over his remarks but the party top brass, it was learnt, decided that it was not enough.

The Congress on Monday launched a scathing attack on the central government over the comments of BJP Lok Sabha MP Ananthkumar Hegde on Mahatma Gandhi. The party demanded that Prime Minister Narendra Modi come to Parliament and clarify his position on BJP leader’s “objectionable” remarks.

Congress party spokesman Anand Sharma said, “we can understand that why one after the other senior BJP leaders are insulting the memory of Mahatma Gandhi. They are disparaging the national movement, the freedom struggle because they are ideological descendents of those who were not only non-participants, but, actively opposed the freedom movement.” He further added, “Parliament is in session. We demand that the Prime Minister come to the House and make his position clear. As I have said, feeds that he is unhappy and angry, we are not concerned with that. In the very ideology, mindset, thinking and language of the BJP, there is violence.”

Asserting that the BJP MP’s statement was condemnable, Rajasthan Chief Minister Ashok Gehlot said the leaders of the saffron party could afford to call the freedom movement a drama as they never fought for the country’s independence. “Such statements reveal their true mindset that they use Gandhi's name just for show and have no regard for him,” he said.

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News Network
March 25,2020

India will suspend all domestic flights from midnight Tuesday, the final piece of a nationwide lockdown that threatens Prime Minister Narendra Modi’s attempts to revive an economy already expanding at the slowest pace in more than a decade.

The flight ban compliments a cancellation of all passenger trains through March 31, as authorities try to halt the spread of the coronavirus in the world’s second-most populous country, which has poorly equipped hospitals and inadequate social security. Modi on Monday held a conference call with some of India’s top entrepreneurs and bankers, who urged policymakers to immediately slash interest rates by as much as a full percentage point, transfer cash to the poorest citizens, and suspend loan-repayments.

Over the past three days, state after state has declared curfews and India’s international borders have been shut for most visitors since March 11. India so far has 492 virus cases, including nine deaths. But experts say the country could be on the same trajectory as Italy, where the outbreak quickly escalated, causing hospitals to overflow.
A traveller stands outside a near-empty Delhi Junction Railway Station in Delhi, March 22.

"This is the biggest lockdown in world history,” said Raghu Raman, a former soldier with the Indian Army and founder of the National Intelligence Grid, an umbrella database aimed at countering terrorism. “This strategic pause gives decision-makers more time to arrest the exponential spread of the virus and evaluate trade-offs.”

Controlling the outbreak is crucial for Modi, who remains India’s most popular political leader currently though his economic management has faced criticism. Foreign investors are selling Indian assets at an unprecedented pace and failure to contain deaths and infections could erode some of the prime minister’s personal appeal at home.

Oxford Economics slashed India’s January-March growth forecast to 3%, a number not seen even during the worst of the global financial crisis. The main equity gauge rose about 3% on Tuesday after a record 13.2% plunge Monday, and the rupee stayed near its all-time low.

“A part of the cerebral cortex that senses fear and survival seems to have activated in the minds of investors,” said Umesh Mehta, Mumbai-based head of research at Samco Securities Ltd. “The only relief in this market can come from either policy makers and regulators, or from some positive news that a cure for the pandemic is near.”

Bloomberg Economics estimates Modi’s administration needs at least 1% of gross domestic product -- $30 billion -- to meaningfully respond to the virus outbreak. Meanwhile, the nation’s billionaires are diverting their factories to manufacture medical equipment and pledging to keep paying their staff even as production grinds to a halt. India allowed companies to use their philanthropy funds to prevent the spread of the coronavirus.

Reliance Industries Ltd., controlled by India’s richest man Mukesh Ambani, has helped equip a hospital in Mumbai dedicated to patients of Covid-19, the disease caused by the coronavirus. It will also build quarantine centers and produce 100,000 facemasks a day and other personal protective equipment for health workers. The group’s telecom unit will offer free broadband to enable work-from-home during the lockdown and will pay its lowest paid workers twice a month to protect household incomes.

Ambani joins Mahindra & Mahindra Ltd. Chairman Anand Mahindra and Vedanta Resources Ltd. Chairman Anil Agarwal -- a combined worth of more than $40 billion between the trio -- who have so far made pledges.

Indian companies are responding to Modi’s shutdown call. Maruti Suzuki India Ltd., Tata Motors Ltd., Toyota Kirloskar Motor, Hero MotoCorp., Samsung Electronics Co. and LG Electronics Inc., Mahindra Group, TVS Motor Co., Kia Motors Corp., Renault Nissan Automotive India Private Ltd., and Yamaha Motor India are among companies that have announced factory suspensions.

Policymakers are aware of the risks of such a move. India -- with a record 5.9 trillion rupees of local corporate debt maturing this year -- faces “waves of default” if cash flows aren’t maintained, the government’s principal economic adviser Sanjeev Sanyal said an interview.

Finance Minister Nirmala Sitharaman last week said the government will announce a relief package for coronavirus-affected sectors as soon as possible. The Reserve Bank of India, which is due to review interest rates April 3, announced a 1 trillion rupee cash injection on Monday.

“Let me assure, whatever it takes to keep the cash flow going in the economy will be done,” Sanyal said. “We need to make sure that when we are past the health storm, we still have an economy that has not gotten gridlocked. Because unwinding that would be more difficult.”

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August 8,2020

Kozhikode, Aug 8: A tailwind or crosswind could be the reason for the Air India Express flight mishap at Kozhikode international airport in Kerala, according to some aviation experts. 

Team of DGCA and AIE already reached the spot. With the death of the captain and co-pilot in the mishap, the investigation would be focusing mainly on the voice recorders and other technical aspects.

It is learnt that the ill-fated aircraft, IX 1344 with 190 onboard including crew, was initially planning to land on runway-28 of the airport. But later the pilot opted runway-10 which is toward the other direction. Pilots would be taking the decisions on the basis of inputs from ATC.

The questions now doing the rounds are what made the pilot opt runway-10 and whether the tabletop runway lacked adequate safety parameters.

An aviation expert, who didn't want to be quoted, said that Capt Deepak Sathe, who was commandeering the aircraft, was a well-experienced pilot and was also familiar with the terrains. Hence the chances of any error from his part was very unlikely. Hence a fair in-depth probe was required to find the exact cause.

Though the Kozhikode airport has an Instrument Landing System, it was of category-I for which pilot's visibility is very crucial toward a touchdown. Since it is a tabletop airport and rough weather prevailing in the region, the chances of tailwind was also high, said sources.

There had been safety concerns about the airport over quite some time. In 2011 aviation safety consultant captain Mohan Ranganathan reportedly gave a report citing the safety issues, especially the buffer zones at the end of the runway.

However, an AAI officer said that rectification steps were already done by last year by widening the Runway End Safety Area (RESA) from 90 metre to 240 metre. However, the length of the runway had to be reduced to 2,700 metre from 2,850. The AAI was also constantly pressing for increasing the runway length to 3,150 metres. But that was getting delayed due to land acquisition issues pending with the state government.

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