Diesel price hits record high after rates hiked for 14th day in a row; petrol up 51 paise

News Network
June 20, 2020

New Delhi, Jun 20: Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.

Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while diesel rates were increased to Rs 77.67 a litre from Rs 77.06, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 14th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to new high. Petrol price too is at a two-year high.

Prior to the current rally, diesel rate had touched a peak of Rs 75.69 per litre in Delhi on October 16, 2018.

The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 14 hikes, petrol price has gone up by Rs 7.62 per litre and diesel by Rs 8.28 a litre.

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News Network
April 26,2020

New Delhi, Apr 26: Medical services at Babu Jagjivan Ram Hospital in Jahangirpuri area have been closed and the hospital is being sanitised after 44 staff members including doctors were tested positive for COVID-19, Delhi Health Department said on Saturday.

"Total 44 staff members including doctors at Babu Jagjivan Ram Hospital in Jahangirpuri area of Delhi have tested positive for COVID-19. Test reports of other staff members are awaited. Hospital's medical services have been closed and the hospital is being sanitized," Delhi Health Department said.

Earlier today, Delhi Health Minister Satyendar Jain informed that there are 2,625 coronavirus cases in Delhi, out of which 111 were reported yesterday.

The total number of active cases in the national capital stands at 1,518 while 869 people have recovered so far, the minister further informed. There have been 54 deaths in the national capital, as per the Union Health Ministry.

A total of 26,496 confirmed cases of COVID-19 have been reported in India, including 19,868 active cases, the Ministry of Health and Family Welfare said on Sunday.

824 people have lost their lives due to the infection in the country.

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News Network
March 27,2020

Mumbai, Mar 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Monetary Policy Committee (MPC) has taken note of the global economic activity coming to a near standstill due to the coronavirus pandemic and added that large parts of the world could slip into recession in the coming days to the coronavirus crisis.
"The MPC noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing are imposed across a widening swath of affected countries. Expectations of a shallow recovery in 2020, from 2019's decade low in global growth, have been dashed," Das said.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," he added.
The RBI Governor further added that "the implied GDP growth of 4.7 per cent in Quarter 4 of 2019-20, in the second advance estimates of the National Statistics Office which was released in February 2020, within the annual estimate of 5 per cent for the year as a whole is now at risk."
As per the outlook for the year 2020-21, Das said, "Apart from continuing resilience of agriculture and allied activities most other sectors of the economy will be adversely impacted by the pandemic depending upon, its intensity, spread and duration."
Das also announced a reduction in the repo and reverse repo rates for banks.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability." 

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News Network
April 21,2020

New Delhi, Apr 21: India's count of positive coronavirus cases reached 18,985 after 1,329 new cases were reported in the last 24 hours, the Ministry of Health and Family Welfare said on Tuesday.

Out of the total cases, 15,122 are active cases, 3,259 have been discharged or cured and one has migrated. With 44 new deaths reported in the last 24 hours, the toll stands at 603.

As per the evening update by the ministry, Maharashtra continues to be the worst-hit state with 4,669 cases, out of which 572 patients have been discharged and cured and 232 deaths.

Delhi's total count of confirmed cases stand at 2,081, which includes 431 cured or discharged cases and 47 deaths.

Gujarat has reported a total of 2,066 positive COVID-19 cases, out of which 131 patients have recovered or discharged, while 77 patients have lost their lives.

Madhya Pradesh's count of COVID-19 cases stand at 1,540, including 127 cured or discharged cases and 76 deaths.

Rajasthan has so far reported 1,576 positive cases, out of which 205 patients have recovered or discharged and 25 people have lost their lives.

Tamil Nadu's COVID-19 figure has risen to 1,520, with 457 patients recovered and 17 fatalities. Uttar Pradesh has reported 1,294 cases, out of which 140 patients have recovered and 20 are dead.

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