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Tag: Fuel Prices

  • Unchanged Retail Fuel Prices Amid Oil Volatility To Support Returns For Industry: Report | Economy News

    New Delhi: Amid the ongoing geo-political tensions, unchanged retail fuel prices amid the volatile oil prices will support overall returns for the industry, according to a report on Thursday. Operating profit will be higher than the $9-11 per barrel on average over the 10 years through fiscal 2025. This will partly support the continued substantial capital expenditure (capex) of Oil marketing companies (OMCs), said a CRISIL Ratings report.

    OMCs are projected to see operating profit drop to $12-14 per barrel in fiscal 2025 from $20 per barrel last fiscal. The moderation is expected as diesel spreads soften, discounts on Russian crude oil wane and the impact of inventory loss kicks in with crude oil price averaging $75 per barrel currently, down from $82 per barrel in the first half of the fiscal.

    According to Aditya Jhaver, Director, CRISIL Ratings, gross refining margin (GRMs) are seeing a steep correction this fiscal and are likely to average $3-5 per barrel, with diesel spreads evening out as refineries globally have ramped up production while consumption has slowed.

    “That said, overall returns will be bolstered by marketing margins (net of operating expenses) that are likely to continue at Rs 4.5 per litre (or $9 per barrel), factoring no reduction in retail fuel prices,” he noted. OMCs earn from two businesses — refining business and marketing business.

    While oil price declined 11 per cent on-year to average $83 per barrel in fiscal 2024, the fluctuation in inventory value had a marginal impact on overall GRM (reported at $12 per barrel). Core margins were healthy because of high diesel spreads with continued geopolitical uncertainties that disrupted the global energy supply chain keeping international prices high.

    Further, the largely unchanged retail fuel rates resulted in healthy marketing margins (net of operating expenses) of Rs 4 per litre or $8 per barrel, cumulating to an overall high profit of $20 per barrel for the year, the report mentioned.

    The consequent cumulative cash accrual, estimated at Rs 52,000-54,000 crore, will partially support the Rs 90,000 crore capex planned by OMCs. “While profits could moderate on-year, the industry is expected to continue with capex, which will partly be debt funded,” said Joanne Gonsalves, Associate Director, CRISIL Ratings.

  • Punjab Govt Hikes Petrol, Diesel Prices; Cancels Previous Congress Govt’s Power Subsidy Scheme |

    Punjab’s Cabinet, led by Chief Minister Bhagwant Mann on Thursday hiked the petrol prices by 61 paise and diesel by 92 paise per liter. The government has also scrapped a scheme introduced by the previous Congress government, which offered subsidized power to households with up to 7 KW load, as reported by The Tribune.

  • West Bengal CM Mamata Banerjee lashes out at PM Narendra Modi over worth hike

    Through PTI

    MIDNAPORE (WEST BENGAL): Hitting out on the Centre over hike in home gasoline and gas costs, TMC supremo and West Bengal Leader Minister Mamata Banerjee on Wednesday accused the BJP-led executive of “looting” the typical other people.

    She additionally accused the Narendra Modi executive of engineering communal disturbances to divert other people’s consideration from problems affecting them reminiscent of worth upward push.

    “The Centre is looting the typical other people by way of mountaineering costs of home gasoline, petrol and diesel. To divert consideration of the typical other people, the Narendra Modi executive is engineering communal disturbances,” Banerjee claimed whilst talking at a birthday celebration programme at Medinipur Faculty flooring right here.

    Banerjee is on a excursion of the western distric.

  • Congress chief’s Sunday evening assembly with Dhami fuels hypothesis

    Through PTI

    DEHRADUN: A gathering between Uttarakhand Leader Minister Pushkar Singh Dhami and previous chief of opposition within the state Meeting Pritam Singh has induced the idea of the Congress chief switching his allegiance to the ruling BJP within the close to long run.

    The assembly that came about on the leader minister’s place of abode past due on Sunday evening assumed importance because it got here shut at the heels of the Congress revamping its state unit wherein Singh, a five-time MLA from Chakrata, was once it sounds as if sidelined by means of the birthday celebration management.

    Alternatively, when contacted, Singh disregarded the idea.

    Singh, who has held key positions like that of the Pradesh Congress Committee (PCC) president from 2017 to 2021 and the chief of opposition within the Meeting after the demise of Indira Hridayesh final yr, has now not been assigned any main organisational accountability in the most recent revamp of the birthday celebration’s state unit.

    Karan Mahra, who is claimed to be on the subject of former leader minister and Singh’s bete noire Harish Rawat, has been made the PCC leader, senior birthday celebration chief and Bajpur MLA Yashpal Arya has been appointed because the chief of opposition and Bhuwan Chandra Kapri, who defeated Dhami within the recently-held state Meeting polls from Khatima, is the deputy chief of opposition.

    Arya has held the posts of PCC president up to now. He’s additionally a former speaker of the Meeting.

    The Uttarakhand Congress has lengthy been divided into two factions — one led by means of Rawat and the opposite by means of Singh.

    Because the Congress seems for elements that can have ended in its failure to wrest energy from the Bharatiya Janata Birthday celebration (BJP) in Uttarakhand, factionalism has emerged as a conceivable explanation why its efficiency fell some distance in need of the expectancies.

    Congress’s ballot observers Avinash Pandey and Devender Yadav ready a file currently, attributing the birthday celebration’s ballot debacle in Uttarakhand to variations amongst its state leaders.

    Singh expressed his harm on being accused of factionalism within the file, however refused to mention anything else on his assembly with the executive minister.

  • Delhi Congress holds protest in opposition to central government over emerging gasoline costs

    Via PTI

    NEW DELHI: The Delhi unit of the Congress on Sunday staged a protest in east Delhi’s Trilokpuri house in opposition to the Bharatiya Janata Birthday party-led central executive for consistent upward thrust in gasoline and fuel costs.

    The protest, a part of the opposition birthday celebration’s “Mahangai Mukt Bharat” marketing campaign, was once led via Delhi Pradesh Congress Committee (DPCC) president Chaudhary Anil Kumar.

    The protesters raised slogans in opposition to the central executive, conserving it answerable for “sharp” build up within the costs of oil and herbal fuel.

    Kumar stated the Centre has greater costs of petrol, diesel, CNG, PNG or even the home fuel cylinder simply after the polls in 5 states had been over.

    “Spike in gasoline costs has additionally ended in inflation amongst different day-to-day commodities. The federal government must cut back gasoline costs to provide breather to folks,” he stated.

    Within the protest, agitators mocked the central executive via garlanding cylinders and bikes.

    Congress supporters, who participated within the protest, stated it was once turning into difficult for not unusual folks to live on amid “such inflation”.

    “Consistent build up in gasoline and herbal fuel costs broke the spine of the general public. Charges of petrol, diesel are being raised on a regular basis having a cascading impact on different commodities as smartly, which is making day-to-day consumables more expensive,” a Congress protester stated.

  • Congress leaders level protest towards emerging gasoline costs

    Via PTI

    NEW DELHI: Congress MPs led by way of Rahul Gandhi on Thursday staged a protest towards the gasoline worth hike at Vijay Chowk right here and sought its roll again.

    Congress MPs from each the Lok Sabha and the Rajya Sabha wearing placards raised slogans towards the federal government and sat on a dharna towards the upward push in worth of petrol, diesel and LPG fuel.

    Amongst the ones provide incorporated Chief of Opposition within the Rajya Sabha Mallikarjun Kharge and Congress chief within the Lok Sabha Adhir Ranjan Chowdhury.

    Within the ultimate 10 days, petrol and diesel worth were higher 9 instances. We call for that the emerging costs will have to be introduced beneath keep an eye on. Congress birthday celebration is maintaining national protests in this factor nowadays: Congress MP Rahul Gandhi, in Delhi percent.twitter.com/8AB8NusLC4

    — ANI (@ANI) March 31, 2022

    The Congress may be launching a week-long countrywide protest towards inflation and upward thrust in gasoline costs.

    Petrol and diesel costs had been on Thursday hiked by way of 80 paise a litre every, taking the whole build up in charges within the ultimate 10 days to Rs 6.40 in line with litre.

    Charges were higher around the nation and range from state to state relying upon the prevalence of native taxation.

    That is the 9th build up in costs because the finishing of a four-and-half-month lengthy hiatus in price revision on March 22.

  • LS warmth over invoice on complete organic report of accused

    Via Categorical Information Carrier

    NEW DELHI:  Amid din, the federal government on Monday presented a invoice within the Lok Sabha to accord felony sanction to the police to take bodily and organic samples of any individual accused of crime. The Opposition vociferously adversarial the invoice, calling it unlawful and unconstitutional.

    Agitated Opposition individuals like Manish Tewari, Adhir Ranjan Chaudhary, N Okay Premachandran and Saugata Roy pressured a vote on the introductory degree of the Felony Procedures (Identity) Invoice, although it used to be defeated with 120 ayes for the regulation as towards 58 nays.

    Minister of state for house Ajay Mishra sought to allay apprehensions, announcing the invoice most effective seeks to make provisions for using fashionable tactics to seize suitable frame measurements of all accused for investigation.

    It’s supposed to switch the present Identity of Prisoners Act, which used to be presented long ago in 1920. The prevailing legislation lets in taking fingerprints and footprint impressions of a restricted class of convicted individuals. However beneath the brand new invoice, the time period ‘measurements’ comprises finger impressions, palm print and footprint impressions, pictures, iris and retina scan in addition to bodily and organic samples and their research.

    Strongly opposing the invoice, Congress chief Manish Tewari mentioned it used to be towards Article 20, Sub-Article 3 and Article 21 of the Charter, including it used to be past the legislative competence of the Lok Sabha. “Beneath Article 20, Sub-Article 3 explicitly states, nobody or accused of any crime might be forced to be a witness towards himself,” Tewari identified, including that phrases like ‘organic samples and their research’ within the invoice may just result in narco research and mind mapping. 

    Adhir Ranjan Choudhary, Premachandran and others wondered the goal for empowering the police to such an extent throughout the invoice. However, Ajay Mishra countered that the invoice grants felony sanction to the police to just take frame measurements for potency in prison investigations. The Legislation Fee, he identified, had prompt adjustments to the legislation in 1980, however the suggestions weren’t acted upon for 42 years. On apprehensions raised by means of Premachandran, Mishra mentioned the Felony Process Code already allowed choice of DNA samples.

  • Opposition calls for dialogue on gas value hike, Speaker says most effective right through 0 Hour

    By means of PTI

    NEW DELHI: Lok Sabha Speaker Om Birla on Monday declined the opposition’s call for for a dialogue at the factor of gas value hike after postponing the Query Hour, pronouncing he would give them “sufficient time and alternatives” to boost the subject right through the 0 Hour.

    As quickly because the Space assembled at 11 am after the weekend ruin, Congress chief Adhir Ranjan Chowdhury, Trinamool Congress’ Sudip Bandyopadhyay and DMK’s T R Baalu demanded that the Space will have to talk about the gas value hike, which the federal government effected for the 6th time in per week.

    The opposition events, together with the Left, insisted that they will have to be allowed to speak about the problem and got here to the neatly of the Space.

    The opposition individuals shouted slogans towards the Modi executive tough withdrawal of the hike in gas costs.

    Then again, the Speaker stated the primary hour, which is reserved as Query Hour, will have to be allowed to serve as with out interruption and he would permit them to boost the problem right through the 0 Hour, which starts at 12 midday.

    “I will be able to come up with sufficient time and alternatives to boost the problem after the Query Hour. Query Hour is essential. So, let the Query Hour proceed,” he stated.

    Because the opposition individuals pressed for his or her call for, Birla stated he listens to all opposition individuals and all the time offers them sufficient alternatives to boost their problems.

    “I will be able to now not permit compelled adjournment of the Space. The Query Hour is necessary to boost folks’s problems. Please take a seat down. I will be able to provide the alternatives right through 0 Hour. I give alternatives to you all. I all the time give alternatives to Adhir ji, Sudip ji and Baalu ji,” he stated.

    Following the Speaker’s attraction, the opposition individuals returned to their seats. Petrol value on Monday used to be hiked via 30 paise a litre and diesel via 35 paise, taking the overall building up in charges within the ultimate one week to Rs 4-4.10 according to litre.

    Petrol in Delhi will now price Rs 99.41 according to litre as towards Rs 99.11 prior to now whilst diesel charges have long past up from Rs 90.42 according to litre to Rs 90.77, in accordance to a cost notification of state gas outlets.

    Charges had been larger around the nation and range from state to state relying upon the prevalence of native taxation.

    That is the 6th building up in costs for the reason that finishing of a four-and-half-month lengthy hiatus in fee revision on March 22.

    Within the first 4 events, costs had been larger via 80 paise a litre, the steepest single-day upward push for the reason that day by day value revision used to be offered in June 2017. On Sunday, petrol value went up via 50 paise a litre and diesel via 55 paise.

    In all, petrol costs have long past up via Rs 4 according to litre and diesel via Rs 4.10.

    Costs were on a freeze since November 4 ultimate yr forward of the meeting elections in states like Uttar Pradesh and Punjab — a length right through which the price of uncooked subject material (crude oil) soared via about USD 30 according to barrel.

  • Shiv Sena protests in Aurangabad in opposition to gas value upward thrust

    Via PTI

    AURANGABAD: Shiv Sena activists in Aurangabad in Maharashtra on Sunday protested in opposition to emerging gas costs and shouted slogans in opposition to the BJP-led executive on the Centre.

    The protest happened at Kranti Chowk right here and was once attended by means of native leaders, together with MLC Ambadas Danve and MLA Sanjay Shirsat.

    “The BJP executive got here to energy talking about value upward thrust. However below their rule, the price of a fuel cylinder has long past up from Rs 400 in 2014 to Rs 1,050 now. This upward thrust in gas costs is fanning inflation,” Danve stated.

    Shirsat stated the Union executive was once working clear of its accountability of controlling value upward thrust.