'There is no actor better than Narendra Modi': Chandrababu Naidu

New Delhi, Jun 27: Fuel prices were hiked by the oil marketing companies for the 21st day in a row on Saturday. Petrol and diesel will now cost Rs 80.38/litre and Rs 80.40/litre respectively in the national capital.

The price of petrol is increased by Rs 0.25 per litre while that of diesel by Rs 0.21 per litre.
Rates differ from state to state depending on the incidence of value-added tax (VAT).

Notably, oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from rate revision amidst the COVID-19 pandemic. These firms on June 7 restarted revising prices in line with costs.

The Congress party had called the increase in the price of petrol and diesel 'unjust', 'thoughtless' and demanded from the Central government to roll back increase with immediate effect and pass on the benefit of low oil prices directly to the citizens of this country.
In an official statement, the Congress Working Committee (CWC) had said that no government should levy and impose such unacceptable strain on its people.

Before the nation entered the lockdown, the average price of petrol and diesel in Delhi was Rs 69.60 per litre and Rs 62.30 per litre respectively.

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.