Oil companies set to reduce petrol prices

September 24, 2012

petrolpricecut

Mumbai, September 24: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.

The Indian basket of crude oil fell to $106.74 on September 20 from $116 five days earlier, according to data published by the oil ministry. The rupee, which hit a four-month-high of 53.47 on September 21, is expected to strengthen further due to the reform measures the government announced last week.

Usually, each dollar fall in crude oil makes petrol cheaper by 33 paise. Similarly, a strengthening rupee would lead to a 77-paisa reduction in the price of petrol. "Logically yes, petrol prices should fall.

However, we have to wait for some more time before deciding to pass on the benefit to consumers," S Varadarajan, director (finance) at BPCL, told TOI. According to him, petrol is being sold at par - no profit, no loss.

The OMCs also plan to effect frequent revisions so that the price change is reflected in paise to soften the blow for consumers and avoid any political backlash. OMCs earlier used to revise petrol prices on the 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight. However, the practice was discontinued in late July in favour of revising rates on a random date to deter petrol pump dealers from building positions.

"In US, petrol prices are revised everyday at 3 pm. In many countries, it is revised on an hourly basis. We are trying to do it more often, maybe on a bi-weekly or weekly basis, so that the revision is in paise and the consumer is not burdened with a steep hike," BPCL chairman R K Singh told TOI. He added that the government has now given OMCs a free hand on deciding the quantum and timing of a petrol price hike.

Petrol was de-controlled in 2010 but the OMCs were not allowed to revise petrol prices. So they used to seek an unofficial nod from the government to pass on a hike to consumers. This led to $1 billion in losses for the OMCs till September 15.

IOC chairman R S Butola said, "The government has taken a bold step in revising diesel price, reducing duties on petrol and capping LPG cylinders to six per household every year. Now our pump prices are at par with petrol's cost, and we'd like to be at par because the loss on petrol is not compensated by the government."

Competition Commission of India (CCI) is reportedly likely to investigate into the alleged cartel-like behavior of OMCs increasing and decreasing prices of petrol in unison. "Petrol is a decontrolled product and we can't afford to make losses on it. We are answerable to our shareholders and the federal auditor," said an HPCL board member.


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News Network
March 31,2020

Hyderabad, Mar 31: Six people from Telangana who attended a religious congregation in Delhi's Nizamuddin died due to the novel coronavirus, the state government said on Monday.

"Coronavirus has spread among some of those who attended a religious prayer meeting from March 13 to 15 at Markaz in Nizamuddin area in Delhi," according to an official release. "Among those who attended were some persons from Telangana."

Two of the six died at the Gandhi Hospital, one each in two private hospitals, and one each in Nizamabad and Gadwal towns, the statement said, without mentioning the time of their deaths.

The special teams under the collectors have identified the persons who came in contact with the deceased and they are shifted to the hospitals, it said.

Police and paramilitary personnel cordoned off a major area in Nizamuddin West in south Delhi on Monday and over 200 people have been kept in isolation in hospitals after several people who took part in a religious congregation there showed symptoms of coronavirus.

The Telagana government asked those who participated in the prayers to inform the authorities. It will conduct tests and offer treatment to them free of cost, according to the release.

The government also requested the people to alert if they come to know about those who participated in the prayers.

Earlier a separate government release said a person died of COVID-19 in Telangana, taking the toll to two and the total number touched 77 after six fresh cases were reported on Monday.

As many as 13 patients who underwent treatment for the virus were discharged on Monday, a media bulletin on COVID-19 issued by the state government said.

A techie, the first COVID-19 case in Telangana, has been discharged recently. The state now has 61 active cases, the bulletin said.

Chief Minister K Chandrashekar Rao had on Sunday said barring a 76-year-old person, who had other ailments, the other patients were doing well.

Rao had said 25,937 people were under surveillance and being watched by 5,746 teams and they would be out of watch after completing their mandated 14-day quarantine period. He had said all those who are under observation would be out of vigil by April 7 if there are no fresh suspected cases.

"From March 30, their time is nearing completion. After that, they do not need to be under any surveillance. By April 7, we will have a situation of zero... We pray God that we should not get new cases,"

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News Network
April 10,2020

New Delhi, Apr 10: With 896 COVID-19 cases reported in the country in the last 24 hours, India's total number of coronavirus positive cases rose to 6,761 on Friday, informed the Union Ministry of Health and Family Welfare.

Out of all these cases, 6039 are active cases, 516 have been cured/discharged/ migrated, and 206 deaths have been reported so far.

The country witnessed the highest one day increase with 896 cases.

37 deaths were reported in the last 24 hours.

Maharashtra with 1364 cases is the worst affected state followed by the Union Territory of Delhi with 898 cases and Tamil Nadu with 834 cases.

The country is under a 21-day lockdown until April 14 which was imposed to curb the spread of the virus.

States like Odisha and Punjab have extended the lockdown till April 30.

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News Network
May 15,2020

New Delhi, May 15: Microsoft founder Bill Gates on Friday thanked Prime Minister Narendra Modi for the interaction and stressed that combating the coronavirus pandemic requires global collaboration.

"Thank you for the conversation and partnership PM Narendra Modi. Combating the pandemic requires global collaboration. India's role is key as the world works to minimize social and economic impact, and pave the way to vaccine, testing, and treatment access for all," Bill Gates said.

Prime Minister Narendra Modi on Thursday interacted with philanthropist and Microsoft co-founder Bill Gates and discussed the global response to Covid-19 and the importance of global coordination on scientific innovation to combat the pandemic.

The Prime Minister underlined the conscious approach that India has adopted in its fight against the health crisis - an approach based on ensuring public engagement through appropriate messaging, a PMO release said.

He explained how this people-centric bottom-up approach has helped win acceptability for physical distancing, respect for frontline workers, wearing of masks, maintaining proper hygiene, and respecting lockdown provisions.

They agreed that given India's willingness and capacity to contribute to global efforts, particularly for benefit of fellow developing countries, it was important for India to be included in the ongoing global discussions for coordinating responses to the pandemic.

The Prime Minister also suggested that the Gates Foundation could take the lead in analyzing the necessary changes in lifestyles, economic organisation, social behaviour, modes of disseminating education and healthcare, that would emerge in the post-Covid world, and the associated technological challenges that would need to be addressed.

He said that India would be happy to contribute to such an analytical exercise based on its own experiences.

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