Oil firms go for petrol price hike again

July 24, 2012

oil

New Delhi, July 24: The state-owned oil companies on Monday announced another hike in petrol prices, by a minimum of 70 paise per litre, excluding state levies, citing surge in international oil prices and depreciation of the Indian rupee against the US dollar.

The hike will come into effect from Monday midnight. “As a consequence of the said revision, increase in selling price shall vary from Rs 0.70 per litre to Rs 0.91 per litre depending upon the state taxes,” the oil companies said.

Petrol will now cost Rs 68.48 per litre in Delhi, Rs 77.30 in Bangalore, Rs 74.23 in Mumbai, Rs 73.16 in Chennai, Rs 75.80 in Hyderabad and Rs 73.61 in Kolkata. The price in Delhi will go up by 70 paise, while in Bangalore and Hyderabad, the hike will be 91 paise.

In Mumbai, petrol will cost 88 paise more, while in Chennai and Kolkata, the prices will go up by 89 paise and 87 paise respectively. Until now, a litre of petrol cost Rs 67.78 in Delhi, Rs 76.39 in Bangalore, Rs 74.89 in Hyderabad, Rs 72.27 in Chennai, Rs 73.35 in Mumbai and Rs 72.74 in Kolkata.

“The price revision in other states will vary depending upon the respective rates of state VAT or sales tax,” Indian Oil said. The hike follows two rounds of reductions in the last one month. The prices were reduced by Rs 2.02 per litre on June 3 and Rs 2.46 a litre on June 29.

Fresh revision

“The (fresh) revision (in petrol prices) has been necessitated due to increasing international oil prices and movement in INR-USD exchange rate,” the oil companies said.

Average price of Indian basket of crude is $ 101.28 per barrel while international MS price is $ 111.59 a barrel. The value of rupee is 55.36 against a USD. “At these levels, IOC is incurring losses of about Rs 1.41 per litre on MS sales in the domestic market.

However, as the price movement is quite volatile, it has been decided that an increase of Rs. 0.70/ litre (excluding state levies) may be effected at this juncture and the situation watched for some time depending upon which a further view will be taken at an appropriate time,” the Indian Oil said.

State-owned oil firms have now abandoned the practice of revising petrol prices on the 1st and 16th of every month. Price is now revised on a random date.

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April 16,2024

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New Delhi:  Twenty-nine Maoists, including a senior rebel leader - Shankar Rao, who had a bounty of ₹ 25 lakh on his head - were killed by security forces during an encounter in Chhattisgarh's Kanker district on Tuesday afternoon. A huge quantity of weapons, including Ak-47 and INSAS rifles, were recovered. 

Three security personnel were injured in the gunfight, which took place in forests near the village of Binagunda after a joint team of District Reserve Guard and Border Security Force were attacked.

Two of the three injured are from the BSF. Their condition is stable but the third - from the DRG - is in critical care. All three received treatment at a local hospital and are to be shifted to a larger facility.

Sources said the fighting began at around 2 PM, when a joint DRG-BSF team was conducting an anti-Maoist operation. The DRG was set up in in 2008 to combat Maoist activities in the state, and the Border Security Force has been deployed extensively in the area to for counter-insurgency ops.

There was another encounter in the district last month, in which two people - a Maoist and a cop - were killed, and security forces recovered a gun, some explosives, and other incriminating materials.

Personnel from the DRG and Bastar Fighters, both units of the state police force, with the Border Security Force, were involved in that operation, officials told news agency PTI. The patrolling team was cordoning off a forested area when fired on indiscriminately, leading to the gun battle.

In November last year, while the state was voting in the first phase of an Assembly election, a gunfight broke out between security forces and Maoist rebels in the same district.

An Ak-47 rifle was recovered from the encounter site.

On the same day, while polling was taking place, Maoists fired at DRG personnel deployed near a polling station in Banda in Dantewada district.

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April 12,2024

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New Delhi, Apr 12: India on Friday asked its citizens not to travel to Iran or Israel amid escalating tensions between the two countries following a strike on the Iranian consulate in Syria 11 days ago.

Iran blamed Israel for the strike and there have been fears that Tehran may launch an attack on Israel soon.

In an advisory, the Ministry of External Affairs (MEA) also urged the Indians residing in Iran and Israel to exercise utmost precautions about their safety and restrict their movements to minimum.

“In view of the prevailing situation in the region, all Indians are advised not to travel to Iran or Israel till further notice,” it said.

“All those who are currently residing in Iran or Israel are requested to get in touch with Indian Embassies there and register themselves,” the MEA said.

“They are also requested to observe utmost precautions about their safety and restrict their movements to the minimum,” it added. 

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April 25,2024

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Kolkata: Defence Minister Rajnath Singh or Transport Minister Nitin Gadkari could have been the prime minister, said Trinamool Congress supremo and West Bengal chief minister Mamata Banerjee, subtly taking a dig at the Bharatiya Janata Party leaders relegated to the second rung of the organisational echelons.

Banerjee’s nephew and the TMC general secretary Abhishek Banerjee, on the other hand, attempted to stoke trouble within the BJP’s unit in West Bengal, saying that at least 10 more state legislators of the saffron party were keen to join his party and in touch with him.

"You (Rajnath Singh) are surviving at the mercy of Modi (Prime Minister Narendra Modi). You are saluting Modi daily to save your chair. You or Nitin Gadkari could have been the PM (prime minister) today," the TMC supremo said in an election rally at Ausgram in Bolpur Lok Sabha constituency on Wednesday. "There would have been no problem...at least there would have been a gentleman in the chair who knows minimum courtesy," she added.

Banerjee was responding to Singh’s diatribe against herself and the TMC government led by her. The defence minister, who had addressed an election rally in Murshidabad on Sunday, had criticised the TMC government for alleged corruption and anarchy in West Bengal.

Singh had referred to the attacks on the Enforcement Directorate officials on January 5 during a raid at the residence of the TMC leader Sheikh Shahjahan at Sandeshkhali in North 24 Parganas district of the state. It was followed by an agitation by local women protesting against atrocities by Shahjahan and his aides known to be owing allegiance to the TMC.

Singh questioned how the state government, led by a woman as the chief minister, could allow such atrocities on women to take place. He went on to say that Banerjee had lost all ‘mamata’ (affection and compassion) for people.

Banerjee shared a cordial relationship with Singh since the days when they both were ministers in the central government led by then Prime Minister Atal Bihari Vajpayee. Singh avoided personally criticising Banerjee in the past.

He, however, went ballistic against Banerjee on Sunday, triggering a strong response from the TMC supremo on Wednesday.

"The BJP is trying to get into the game of breaking parties, but they can't win in it. They poached two of our MPs, and we replied by taking two of their MPs, Arjun Singh and Babul Supriyo. Recently, by using ED raids, they inducted Tapas Ray. At least 10 top leaders of the BJP are in the queue to join the TMC," Abhishek said in another election rally in Murshidabad on Wednesday.

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