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Petrol price may be cut by up to Rs 2 a litre soon

June 15, 2012

petrol

Mumbai, June 15: Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.

State-owned oil marketing firms Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet on Friday to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.

Confirming the move, a senior official with India's biggest oil retailer told TOI: "There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee's fall against the US dollar."

Here's how the arithmetic works. Every dollar reduction in international oil prices translates into a cut in product price by 33 paise. But every time the Indian currency depreciates against the dollar by one rupee, it translates into a requirement to raise prices by 77 paise. In the current context, oil prices have reduced by an average of $7 while the rupee has depreciated by 50 paise against the dollar. In rupee terms, the fall is pegged at 7.7% or Rs 451 to Rs 5392.88 per barrel on Wednesday from prices of Rs 5844.36 per barrel in the last fortnight.

"We review petrol prices on a fortnightly basis, which not only depends upon international crude oil prices but also on international product prices and exchange rate fluctuations. It's true that crude oil prices have fallen but at the same time the rupee has also depreciated against the dollar to Rs 55.79 from Rs 55.36, when the prices were last reviewed," BPCL chairman R K Singh told TOI. After reviewing global product prices and adjusting for exchange rate fluctuations, we will be happy to pass on the benefit to consumers", he said.

Echoing similar feelings, HPCL finance director B Mukherjee said that though the Indian basket of crude oil prices has fallen to $96.5, they would have to take the average of the last two weeks to decide on the petrol prices.

Earlier this week, finance minister Pranab Mukherjee had hinted at a reduction in petrol prices on falling crude oil prices. "A reduction in petrol prices will set the stage for the government to increase diesel prices after the presidential elections gets over as oil firms are losing Rs 12.5 per litre on sale of diesel, which is an administered product," said an oil analyst. Oil firms are losing over Rs 450 crore per day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.

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News Network
June 20,2020

New Delhi, Jun 20: With the highest single-day increase of 14,516 COVID-19 cases reported in the last 24 hours, India's coronavirus count stood at 3,95,048 on Saturday.

The death toll has gone up to 12,948 in the country with 375 persons succumbing to the infection.

According to the Union Ministry of Health and Family Welfare, the total number of cases includes 1,68,269 active cases, 2,13,831 cured/discharged/migrated and 12,948 deaths.

Maharashtra with 1,24,331 cases continues to be the worst-affected state in the country with 55,665 active cases while 62,773 patients have been cured and discharged in the state so far. The death toll due to COVID-19 stands at 5,893 in the state.

The number of confirmed cases in Tamil Nadu also crossed the 50 thousand mark on Saturday and reached 54,449.

The national capital is the third-worst affected by the infection in the country with the count reaching 53,116 today.

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News Network
August 7,2020

Kozhikode: An Air India Express flight from Dubai with 190 people on board overshot the Kozhikode tabletop runway on landing there today. The Boeing 737 “fell off” the runway into the valley, broke into two causing death and devastation. 

According to reports, around 20 people were dead including two pilots.

An Air India spokesperson said: “Air India Express flight IX 1344 operated by Boeing 737 aircraft from Dubai to Calicut overshot the runway at Kozhikode at 7.41 pm Friday. No fire reported at the time of landing. There are 174 passengers, 10 infants, two pilots and five cabin crew on board. Rescue operations are on and passengers are being taken to hospital for medical care. We will soon share the update in this regard.”

The Directorate General of Civil Aviation (DGCA) is probing this accident. “Prima facie, the aircraft landed beyond the touchdown point and fell into a valley. It has broken into two. We suspect some casualties. More information is awaited,” said a senior DGCA official.

Taking to twitter, defence minister Rajnath Singh wrote: “Devastating news from Kozhikode, Kerala. I am deeply anguished by the loss of lives due to an accident carrying several passengers on Air India flight. In this hour of grief, my thoughts are with the bereaved families. I pray for the speedy recovery of the injured.”

Foreign minister S Jaishankar tweeted: “Deeply distressed to hear about the Air India Express tragedy at Kozhikode. Prayers are with the bereaved families and those injured. We are ascertaining further details.”

While, senior BJP leader from Kerala K J Alphons tweeted: “Second tragedy of the day in Kerala: Air India Express skids off the run way at Kozhikode, front portion splits , pilot dies and lots of passengers injured . All passengers evacuated. Very lucky the aircraft didn’t catch fire.”

More details are awaited.

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Agencies
June 13,2020

New Delhi, Jun 13: In a bid to provide relief to small businesses amid the coronavirus pandemic, the GST Council on Friday decided to halve the interest rate on late filing of GSTR-3B returns for the period of February, March and April 2020.

The interest rate on late return filing will be 9% from the usual 18% till September 30, 2020. The benefit will be available for small taxpayers with aggregate turnover of up to Rs 5 crore.

For the three months, small taxpayers will not be charged any interest till the notified dates for relief and thereafter 9% interest will be charged till September 30, a Finance Ministry statement said.

"For small taxpayers (aggregate turnover upto Rs 5 crore), for the supplies effected in the month of February, March and April 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto 6th July 2020) is reduced from 18 per cent per annum to 9 per cent per annum till 30.09.2020," said the statement.

The Council has also extended relief to small taxpayers for subsequent period of 2020 through waiver of late fees and interest if the returns in Form GSTR-3B for the supplies effected in the months of May, June and July are furnished by September 2020.

It has also decided to reduce the late fee on the filing of GSTR-3B returns for the period between July 2017 and January 2020. The late fee has been capped at Rs 500, but interest will be charged at the existing rate on the due tax liability.

Speaking to the media in New Delhi after a GST Council meet through videoconference, Union Finance Minister Nirmala Sitharaman said that those entities with no tax liability will not have to submit the late fee for the period.

For entities with tax liability but which have not filed returns or have filed returns late, the late fee has been capped at Rs 500 without interest. Interest will, however, be payable on the tax component at the applicable rate for delays.

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, the Council has provided an opportunity for filing of application for revocation of cancellation of registration up to September 30, 2020, in all cases where registrations have been cancelled till June 12, 2020.

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