Kamal Haasan launches his party – ‘Makkal Needhi Mayyam’

New Delhi, Jun 13: Ten days after recording two lakh COVID-19 cases, India surpassed the three lakh-mark on Saturday with the worst daily spike of 11,458 infections, while the death toll too climbed to 8,884 with 386 new fatalities, the Union Health Ministry said.

India took 64 days to cross the 1 lakh-mark from 100 cases, then in another fortnight it reached the grim milestone of two lakh cases. It has now become the fourth worst-hit nation by the pandemic with a caseload of 3,08,993, according to coronavirus statistics website Worldometer.

However, the Health Ministry said on Friday the doubling time of coronavirus cases has improved to 17.4 days from 15.4 days. And its data updated at 8 am on Saturday showed active cases at 1,45,779 and those who have recovered at 1,54,329; one patient has migrated.

"Thus, around 49.9 per cent patients have recovered so far," a ministry official said.

The total number of confirmed cases include foreigners.

Of the 386 new deaths, Delhi accounted for the highest 129 fatalities followed by Maharashtra 127. The virus is moving rapidly in Delhi, which for the first time reported over 2,000 cases on Friday, and Maharashtra, where the number of cases has crossed one lakh.

Gujarat reported 30 deaths, Uttar Pradesh 20, Tamil Nadu 18, West Bengal, Telangana and Madhya Pradesh 9 each, Karnataka and Rajasthan 7 each, Haryana and Uttarakhand 6 each, Punjab 4, Assam 2, Kerala, Jammu and Kashmir and Odisha 1 each.

Of the total 8,884 deaths, Maharashtra tops the tally with 3,717 fatalities followed by Gujarat with 1,415, Delhi with 1,214, West Bengal with 451, Madhya Pradesh with 440, Tamil Nadu with 367, Uttar Pradesh with 365, Rajasthan with 272 and Telangana with 174 deaths.

The death toll reached 80 in Andhra Pradesh, 79 in Karnataka, 70 in Haryana and 63 in Punjab. Jammu and Kashmir has reported 53 COVID-19 fatalities, Bihar 36 and Uttarakhand 21, Kerala 19, Odisha 10 and Jharkhand and Assam 8 each.

Chhattisgarh and Himachal Pradesh have registered 6 deaths each, Chandigarh 5, Puducherry 2, while Meghalaya, Tripura and Ladakh 1 each, according to the health ministry.

Maharashtra has reported the maximum number of cases at 1,01,141 followed by Tamil Nadu (40,698), Delhi (36,824), Gujarat (22,527), Uttar Pradesh (12,616), Rajasthan (12,068) and Madhya Pradesh (10,443).

The number of COVID-19 cases has gone up to 10,244 in West Bengal, 6,516 in Karnataka, 6,334 in Haryana and 6,103 in Bihar. It has risen to 5,680 in Andhra Pradesh, 4,730 in Jammu and Kashmir, 4,484 in Telangana and 3,498 in Odisha and Assam each.

Punjab has reported 2,986 cases while Kerala has 2,322 cases.

A total of 1,724 people have been infected by the virus in Uttarakhand, 1,617 in Jharkhand, 1,424 in Chhattisgarh, 961 in Tripura, 486 in Himachal Pradesh, 463 in Goa, 385 from Manipur and 334 in Chandigarh.

Ladakh has registered 239 COVID-19 cases, Puducherry 157, Nagaland 156, Mizoram 104, Arunachal Pradesh 67, Sikkim 63, Meghalaya 44 while Andaman and Nicobar Islands has registered 38 cases.

Dadar and Nagar Haveli and Daman and Diu together have reported 30 cases.

The ministry said 7,984 cases are being reassigned to states and "our figures are being reconciled with the ICMR". State-wise distribution is subject to further verification and reconciliation, it added.

New Delhi, Apr 21: The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage.

"If you look at June futures, it is trading in positive territory... around USD 20 per barrel," he said.

Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said.

He did not comment on retail fuel prices that have been static since March 16.

Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1.

Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre.

"The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House.

Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude.

The refineries have already cut operating rate to half because the fuel they produce has not been sold yet.

India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes.

"However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers – very low oil prices will hurt this cash stream," Bhandari said.

He said the negative price of oil shows how much oil oversupply exists in international markets today. "Global oil consumption has fallen due to the COVID-19 pandemic that traders are willing to pay customers to get rid of the barrels they can't store. The world does not have enough storage capacity, and dumping the oil is an environmental crime."

The first half of April saw Brent crude oil prices plummet 63.6 per cent to USD 26.9 per barrel. Prices of Western Texas Intermediate (WTI), the American oil, had also fallen similarly by 63.1 per cent.

But on April 20, WTI prices turned rapidly negative because traders on the Nymex exchange rushed to offload their May futures positions a day before expiry of contracts (on April 21).

Such WTI futures are traded on the Nymex exchange with contracts settled in physical crude oil. Problem is, those who had gone long are unable to find storage facilities for the oil and had to liquidate their contracts before expiry. This caused the plunge in WTI prices.

Contrast to this, June WTI Nymex futures prices is hovering around USD 21, while Brent for June delivery is at USD 25.

Miren Lodha, Director, CRISIL Research said the demand for crude oil was declining already because of economic slowdown when the COVID-19 pandemic-driven lockdowns crushed it further.

Consequently, oil demand is expected to contract by 8-10 million barrels per day (mbpd) in 2020 assuming demand recovery begins from the third quarter of the year, he said, adding if recovery doesn't happen by then, further demand destruction could occur.

On the supply side, producers reining in output following a strategic deal between OPEC members, Russia and the US.

Under this agreement, OPEC+ would reduce oil production by 9.7 mbpd for May and June, but gradually ease the curb to 7.7 mbpd between July and December 2020, and to 5.8 mbpd till April 2022 to stabilise prices.

"This is expected to reduce some surplus in the market by the end of 2020," Lodha said.

Crude oil demand is expected to decline by over 20 mbpd in April alone. Typically, monthly global demand is about 100 mbpd. Given this scenario, supply curbs would have limited influence.

Consequently, Brent oil prices is expected to be in the USD 25-30 range for the second quarter while increasing marginally in the last 2 quarters of 2020.

"The gigantic inventory build-ups and lack of storage facilities would also put pressure on prices," he said, adding overall Brent could average USD 30-35 in 2020, with a strong downward bias.

Hyderabad, Jun 20: IAF Chief Air Chief Marshal RKS Bhadauria on Saturday said that the force is well prepared and suitably deployed to respond to any contingency and it will never let the sacrifice of the bravehearts of Galwan go in vain.

"It should be very clear that we are well prepared and suitably deployed to respond to any contingency. I assure the nation that we are determined to deliver and will never let the sacrifice of the braves of Galwan go in vain," IAF Chief Air Chief Marshal Bhadauria said here.

Bhadauria was speaking at the Combined Graduation Parade (CGP) at Air Force Academy in Hyderabad.

His remarks come days after 20 Indian soldiers lost their lives in the violent face-off on June 15-16 during an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.

Speaking about the current border situation with China, he said: "We are aware of the situation, be it on LAC or beyond, be it their air deployments, their posture and kind of deployments. We've full analysis and we have taken necessary action that we need to take to handle any contingency that may come up."

"We are monitoring all the moments and we are aware of the full situation," he added.

He further said that in spite of the "unacceptable Chinese action" at Galwan Valley in eastern Ladakh, which claimed lives of 20 Indian Army personnel, efforts are underway to ensure that the current situation at the Line of Actual Control (LAC) is resolved peacefully.

He asserted that the IAF is determined to deliver and the development at the LAC in Ladakh is a small snapshot of what the force is required to handle at short notice.

The IAF Chief further appealed to people to join him in paying tribute Colonel Santosh Babu and his brave men who made the sacrifice while defending the LAC in Galwan valley.

"The gallant actions in a highly-challenging situation have demonstrated our resolve to protect India's sovereignty at any cost," the Indian Air Force (IAF) chief said.