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 29,2020

Jaipur, Mar 29: A batch of 275 Indians evacuated from coronavirus-hit Iran arrived at the Jodhpur airport on Sunday morning, an official said.

He said a preliminary screening of the passengers was conducted at the airport and thereafter, they were shifted to the Army Wellness Facility set up at the Jodhpur Military Station.

Additional Chief Secretary (Health) Rohit Kumar Singh said of the 275 passengers, there were 133 women and 142 men, including two infants and four children.

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News Network
May 25,2020

Domestic flights resumed operations on a truncated schedule on Monday with the first aircraft departing from the Delhi Airport for Pune, more than two months after a nationwide lockdown was announced to combat COVID-19.

The first flight to take off was an IndiGo aircraft to Pune, flying passengers stranded in the national capital since the lockdown was announced on March 24.

Passengers were screened at the airport with electronic thermometers, and revised protocol for air travel that included santisation of luggage through ultra-violent scanners, and maintaining physical distancing.

Only asymptomatic passengers were allowed to enter the airport.

Passengers were also seen wearing face masks and face shields given to them at the embarkation point by the airline to minimise the chances of infection while onboard.

The first flight arrived at Delhi Airport from Ahmedabad – a SpiceJet aircraft – at around 8:00 am.

BJD Lok Sabha member Anubhav Mohanty was among those who took the Air Vistara flight to Bhubaneshwar that departed Delhi airport at 6:50 am.

The first flight to take off from Mumbai was an IndiGo aircraft that departed for Patna at 6:45 am, while passengers from Lucknow were the first to reach the financial capital on an IndiGo aircraft that touched down at 8:20 am.

The food & beverage and retail outlets, which were closed for the past 63 days, opened at Terminal 3 of Delhi’s Indira Gandhi International (IGI) Airport.

The flight services resumed after a day of long and hard negotiations between the Centre and the states on Sunday.

All states finally agreed to accept at least some flights but announced different quarantine and self-isolation rules for arriving passengers to address apprehension about infections being brought in from other cities.

The Centre had issued guidelines for all modes of domestic travel that advised all asymptomatic passengers to self-monitor their health parameters for 14 days on completion of the journey and report to health authorities if they displayed any symptoms for COVID-19.

However, the Centre had allowed state governments to prescribe their own health protocols for disembarking passengers which led to differential guidelines across the country.

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News Network
January 13,2020

Jan 13: For the first time in years, the government of India’s Prime Minister Narendra Modi is playing defense. Protests have sprung up across the country against an amendment to India’s laws — which came into effect on Friday — that makes it easier for members of some religions to become citizens of India. The government claims this is simply an attempt to protect religious minorities in the Muslim-majority countries that border India; but protesters see it as the first step toward a formal repudiation of India’s constitutionally guaranteed secularism — and one that must be resisted.

Modi was re-elected prime minister last year with an enhanced majority; his hold over the country’s politics is absolute. The formal opposition is weak, discredited and disorganized. Yet, somehow, the anti-Citizenship Act protests have taken hold. No political party is behind them; they are generally arranged by student unions, neighborhood associations and the like.

Yet this aspect of their character is precisely what will worry Modi and his right-hand man, Home Minister Amit Shah. They know how to mock and delegitimize opposition parties with ruthless efficiency. Yet creating a narrative that paints large, flag-waving crowds as traitors is not quite that easy.

For that is how these protests look: large groups of young people, many carrying witty signs and the national flag. They meet and read the preamble to India’s Constitution, into which the promise of secularism was written in the 1970’s.

They carry photographs of the Constitution’s drafter, the Columbia University-trained economist and lawyer B. R. Ambedkar. These are not the mobs the government wanted. They hoped for angry Muslims rampaging through the streets of India’s cities, whom they could point to and say: “See? We must protect you from them.” But, in spite of sometimes brutal repression, the protests have largely been nonviolent.

One, in Shaheen Bagh in a Muslim-dominated sector of New Delhi, began simply as a set of local women in a square, armed with hot tea and blankets against the chill Delhi winter. It has now become the focal point of a very different sort of resistance than what the government expected. Nothing could cure the delusions of India’s Hindu middle class, trained to see India’s Muslims as dangerous threats, as effectively as a group of otherwise clearly apolitical women sipping sweet tea and sharing their fears and food with anyone who will listen.

Modi was re-elected less than a year ago; what could have changed in India since then? Not much, I suspect, in most places that voted for him and his party — particularly the vast rural hinterland of northern India. But urban India was also possibly never quite as content as electoral results suggested. India’s growth dipped below 5% in recent quarters; demand has crashed, and uncertainty about the future is widespread. Worse, the government’s response to the protests was clearly ill-judged. University campuses were attacked, in one case by the police and later by masked men almost certainly connected to the ruling party.

Protesters were harassed and detained with little cause. The courts seemed uninterested. And, slowly, anger began to grow on social media — not just on Twitter, but also on Instagram, previously the preserve of pretty bowls of salad. Instagram is the one social medium over which Modi’s party does not have a stranglehold; and it is where these protests, with their photogenic signs and flags, have found a natural home. As a result, people across urban India who would never previously have gone to a demonstration or a political rally have been slowly politicized.

India is, in fact, becoming more like a normal democracy. “Normal,” that is, for the 2020’s. Liberal democracies across the world are politically divided, often between more liberal urban centers and coasts, and angrier, “left-behind” hinterlands. Modi’s political secret was that he was that rare populist who could unite both the hopeful cities and the resentful countryside. Yet this once magic formula seems to have become ineffective. Five of India’s six largest cities are not ruled by Modi’s Bharatiya Janata Party in any case — the financial hub of Mumbai changed hands recently. The BJP has set its sights on winning state elections in Delhi in a few weeks. Which way the capital’s voters will go is uncertain. But that itself is revealing — last year, Modi swept all seven parliamentary seats in Delhi.

In the end, the Citizenship Amendment Act is now law, the BJP might manage to win Delhi, and the protests might die down as the days get unmanageably hot and state repression increases. But urban India has put Modi on notice. His days of being India’s unifier are over: From now on, like all the other populists, he will have to keep one eye on the streets of his country’s cities.

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