Petrol touches new high of Rs 84.45 in Delhi, crosses Rs 91 mark in Mumbai

Agencies
January 13, 2021

Petrol touches new high of Rs 84.45 in Delhi, crosses Rs 91 mark in Mumbai  - cnbctv18.com

New Delhi, Jan 13: Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus.

Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.

In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34.

This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.

State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6, resumed daily price revision after nearly a month-long hiatus.

Rates were hiked on two consecutive days - totalling 49 paise for petrol and 51 paise for diesel - before they hit a pause button again.

The price increase cycle resumed after international oil prices rose for the seventh day. US West Texas Intermediate (WTI) was up 1.3 per cent at USD 53.88 a barrel, while Brent crude was up 79 cents at USD 57.37.

Both benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.

Petrol price had scaled to an all-time high of Rs 84.20 per litre on January 7.

The previous highest ever rate of Rs 84 a litre for petrol in Delhi was touched on October 4, 2018. On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre.

The government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

The highest level for petrol in Mumbai was on October 4, 2018, when it was Rs 91.34.

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

This after they adjusted a Rs 13 per litre hike in excise duty on petrol and Rs 15 a litre on diesel, against a decrease in the retail selling price that was warranted by crude oil prices falling to an average of USD 19 per barrel in April.

Excise duty totals Rs 32.98 per litre in petrol and Rs 31.83 in diesel. VAT in Delhi totals to Rs 19.32 a litre on petrol and Rs 10.85 on diesel.

Since May 2020, petrol price has risen by Rs 14.79 per litre and diesel by Rs 12.34 a litre, price notifications of oil companies showed.

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News Network
March 15,2024

yemen.jpg

The leader of Yemen’s Houthis has said that the Yemeni armed forces will continue their retaliatory operations against Israeli-affiliated commercial vessels, preventing the passage of the ships even through the Indian Ocean and through the Cape of Good Hope.  

About 34 Houthi fighters have been killed since the Yemeni armed forces began to attack shipping lanes in solidarity with the people of Palestine under attack in Gaza by Israel, Ansarullah leader Abdul Malik al-Houthi said in a televised speech on Thursday.

Yemeni forces have repeatedly launched drones and missiles against Israeli and Israel-bound ships since mid-November, saying they are acting in solidarity with Palestinians against Israel's war on Gaza.

Al-Houthi said 73 ships have been targeted in Yemeni operations in support of Gaza so far, adding rarely does any ship associated with the Israeli enemy pass through Bab al-Mandab.

“This week, support operations included 12 operations targeting ships and barges, executed with a total of 58 ballistic and cruise missiles and drones in the Red Sea, the Arabian Sea, and the Gulf of Aden,” he said.

“Our operations this time reached unprecedented ranges, with 3 operations reaching the Indian Ocean, by the grace of Allah,” he added. “The total number of targeted ships and barges reached 73.”

Al-Houthi said that the operations will continue as long as the aggression and siege on Gaza persist.

The United States and Britain began striking Yemen in January in order to dissuade the country from targeting Israeli ships which carry arms and logistics for the onslaught on the besieged Gaza Strip.

Al-Houthi said the Americans and the British have received “painful blows” from the Yemeni armed forces in retaliation.

The American-British “aggression will not affect the escalating course of our operations in terms of range, momentum, precision, and strength,” said Al-Houthi.  

“What can stop the Yemeni military’s maritime operations is only the cessation of aggression and siege on Gaza,” he noted.

The American stubbornness and escalation of aggression result in only one outcome: the expansion of the conflict, the widening of the circle of war and events, and the tension of the situation at the regional level in general, he stated.

He went on to say that the Yemeni armed forces will continue and effectively expand the range of the operations to reach areas and locations that the enemy never expected.

Al-Houthi said what insures the navigation security in the Red Sea is for any country not to participate in the Israeli aggression against Gaza.

He said the Americans and those who drag the United States towards the militarization of the Red Sea are the ones who undermine international navigation.

“By the grace of Allah and His assistance, we aim to prevent the passage of ships associated with the Israeli enemy even through the Indian Ocean and from South Africa towards the Cape of Good Hope,” he stated.

“For this important, advanced, and significant step, we have begun to implement our operations related to it through the Indian Ocean and from South Africa towards the Cape of Good Hope,” he said.

There is absolutely no choice for the American and the British but to stop the aggression on Gaza and stop starving the people in Gaza, he declared.

“Our human conscience, our religion, our morals, our dignity, our pride, our belonging to Islam, prohibit us from watching the oppression of Palestine or remaining silent about it,” said Houthi.

He added that the Yemeni military is in continuous development of capabilities and in constant expansion of the stance in its range, effectiveness, and impact.

“The American's actions this week, involving aerial bombings and naval shelling, amounted to 32 bombing raids and strikes, which, as usual, were unsuccessful,” he revealed.

“The impact of the American raids and bombings is negligible regarding our missile and drone capabilities and in terms of continuing operations effectively to counter it, and in preventing ships associated with the Israeli enemy,” he stated.

He concluded by saying that the Yemeni armed forces are continuously escalating, and increasing capabilities to attack enemy ships. “No matter what the Americans do, they will not be able to stop us from supporting the Palestinian people in Gaza.”

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7 after the territory’s Palestinian resistance movements carried out the surprise Operation Al-Aqsa Storm.

The Yemeni Armed Forces have said they won’t stop retaliatory strikes.

The maritime attacks have forced some of the world’s biggest shipping and oil companies to suspend transit through one of the world’s most important maritime trade routes.

Tankers are instead adding thousands of miles to international shipping routes by sailing around the continent of Africa rather than going through the Suez Canal.

Since the start of Israel's genocidal war following Operation al-Aqsa Storm by Gaza-based resistance movements on October 7, 2023, more than 31,000 Palestinians, including many women and children, have lost their lives.

The Israeli military offensive has left a trail of destruction in Gaza, leaving hospitals in ruins and displacing around half of its 2.4 million residents.

Israel has additionally enforced a comprehensive blockade on the coastal sliver, severing the supply of fuel, electricity, sustenance and water to the population residing there.

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News Network
March 16,2024

AIE.jpg

Budget carrier Air India Express has launched a new fare family, offering travelers the option to save on flight tickets by traveling light, with an increased baggage allowance of up to 40kg or no check-in luggage at all.

The new fare categories, applicable to flights to and from the UAE and other international destinations, are:

•    Xpress Lite
•    Xpress Value
•    Xpress Flex
•    Xpress Biz

Xpress Lite offers cabin baggage-only fares, making it the most economical option for passengers traveling with the airline.

Xpress Value fare includes 15 kg check-in bag fares, while Xpress Flex offers unlimited changes with no change fees. Xpress Biz features business class seats, complimentary meals, and priority services.

A subsidiary of Air India and a part of Tata Group, the airline introduced Xpress Lite on February 20 for UAE passengers who prefer traveling without check-in baggage.

Xpress Biz fares are accessible on all the new Air India Express Boeing 737-8 aircraft. Travelers can benefit from increased baggage allowances of 25kg for domestic flights and 40kg for international flights when booking Xpress Biz fares. This fare offers priority check-in, baggage, and boarding services.

Air India Express is already operating aircraft with Biz seats across 70-plus routes in India.

In a previous interview with a news channel Aloke Singh, managing director of Air India Express, stated that the carrier was looking to increase capacity to the Gulf region, including the UAE, as well as to provide better connectivity to Gulf travelers.
 

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News Network
March 22,2024

IPL.jpg

The start of the world’s most lucrative cricket tournament in India is presenting investors with another big opportunity to cash in on the sport, months after the world’s most populous nation hosted the Cricket World Cup.

The eight-week long Indian Premier League begins March 22 for its 17th season. Since its inception, the fast-paced cricket tournament has become a corporate juggernaut to rival the National Football League in the US and the English Premier League in value.

Just as October’s Cricket World Cup boosted consumption in India for months, fans are expected to flock to restaurants, pubs and food delivery platforms over the duration of the tournament. This year’s IPL also coincides with general elections that will last for six weeks starting April 19, a period when companies are expecting higher food and drink sales as people flock to rallies and other events.

“There’s going to be a lot of spending,” said Madan Sabnavis, chief economist at Bank of Baroda. “IPL, as well as the election, gives a three-month corridor with enhanced economic activity.”

Stocks in India such as McDonald’s franchise operator Westlife Foodworld Ltd. and peer Sapphire Foods India Ltd. gained ahead of the first match on Friday, as well as hotels and beverage makers. Packaged-food companies could also stand to benefit from the IPL craze, said Sachil Bobade, an analyst at investment firm Dolat Capital Market.

The IPL ecosystem was valued at $11 billion (Rs 91,721 crores) in 2023, including the value of media rights and sponsorships, according to Indian valuation consulting firm D&P Advisory.

The league is also attracting record sums of money from sponsors and broadcasters. Conglomerate Tata Group won the title sponsorship rights of the tournament in January for a record 25 billion rupees ($300 million). Billionaire Mukesh Ambani’s media venture secured the digital streaming rights in 2022 for five years for $2.7 billion, while Walt Disney Co. paid roughly the same for TV rights.

“There was a serious amount of bidding even this year,” said Vinit Karnik, head of entertainment, esports and sports at media agency GroupM South Asia. “I see growth in IPL in double digits year-on-year,” he adds.

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