Page 2 - Fuel Prices

Natural gas prices hiked 40%; CNG, piped cooking gas to cost more

Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to USD 8.57 per million British thermal units from the current USD 6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to USD 12.6 per mmBtu from USD 9.92, the order said. These are the highest rates for administered/regulated fields (like ONGC's Bassein field off the Mumbai coast) and free-market areas (such as the KG basin). Also, this will be the third increase in rates since April 2019 and comes on the b

FinMin opposed extension of PMGKAY a day ahead of Cabinet approval

Office memorandum flagged fiscal concerns due to impact of Ukraine war on fuel prices. With Covid-19 having largely subsided, reasons for which earlier extensions were given no more seem to hold

Europe's energy crisis: The looming winter of discontent that awaits India

Europe's bid to reduce its dependence on Russian gas ahead of the cold season will put pressure on prices and impact India's growing gas economy

Weakening rupee to make import of crude oil, commodities expensive

The Indian rupee sliding to a historic low of 81.09 to a dollar will make import of crude oil and other commodities expensive further fueling inflation which for the past several months has remained above the Reserve Bank's upper tolerance level of 6 per cent. The pressure on the domestic currency, which is mainly due to repeated hikes in interest rate by the US Fed, is likely to continue with rise in trade deficit and gradual withdrawal of funds by institutional investors. The Reserve Bank, which is scheduled to announce its bi-monthly monetary policy later this week, is expected to increase the repo-rate or the short-term lending rates by 50 basis points in a bid to tame inflationary pressure. For a nation that is 85 per cent dependent on imports to meet its oil needs and 50 per cent for gas requirements, a weakening rupee has a bearing on domestic price of fuel. India's trade deficit more than doubled to USD 27.98 billion in August due to increased crude oil imports. Import of .

Congress workers protests with cutouts of gas cylinders in Thrissur

Congress leader Rahul Gandhi on Sunday resumed the Bharat Jodo Yatra from Thiroor in the district accompanied by hundreds of party workers holding banners and placards against the high cooking gas prices in the country. The morning session of the 150-day-long Yatra will cover a distance of around 11 km before concluding at Wadakkanchery at around 11 AM. Senior Congress leaders including, K Muraleedharan, K C Venugopal, Ramesh Chennithala, Leader of Opposition, V D Satheesan and MPs from the district among others joined Gandhi in his walk. The Congress workers were carrying placards in the shape of gas cylinders highlighting steep cooking gas prices in the country. Gandhi had on Saturday launched a scathing attack on Prime Minister Narendra Modi over the rise in fuel and cooking gas prices in the country, and charged that the BJP and the RSS were spreading hate and violence to distract the people from such main issues. "A gas cylinder used to cost Rs 400 when the UPA government was

Inflation, social unrest challenge Bangladesh's 'miracle economy'

Experts say Bangladesh's predicament is nowhere nearly as severe as Sri Lanka's

TMS Ep263: Fuel price, privatisation, logistics stocks, Henley Passport

Why are fuel prices at pumps not going down? Is the govt going slow on privatisation? Is it a good time to buy logistics stocks? What is the Henley Passport Index? All answers here

Hungarian govt announces extension of fuel, food price caps until year-end

The Hungarian government has decided to extend the fuel and food price caps until December 31, Gergely Gulyas, the Head of the Prime Minister's Office said

Indonesia's fuel price hike affects tourism sector after rising inflation

Indonesia's inflation at the end of August reached 4.6% year on year, slightly lower than the previous month's 4.9%, and both figures exceeded the central bank's target range from around 2 to 4%

UK inflation dips slightly in August to 9.9% amid drop in fuel prices

Inflation in the United Kingdom slowed slightly last month as a drop in gasoline and diesel fuel prices gave consumers the first glimmer of hope that Britain's cost-of-living crisis may be beginning to ease. The consumer price index rose 9.9 per cent in the 12 months through August, the Office for National Statistics said Wednesday. That's down from the 40-year high of 10.1 per cent reported last month and was lower than economists' expectations of 10 per cent. Britain has been hard hit by worldwide price shocks triggered by the war in Ukraine, with consumer prices rising at a faster pace than other major economies over the past year. Lower gasoline costs also slowed US inflation for a second straight month in August, but consumer prices that jumped 8.3 per cent from a year earlier were still painfully high much like in the UK. British Prime Minister Liz Truss last week moved to ease the pain, announcing a cap on household gas and electricity prices to head off an 80 per cent ...

Standstill period in retail auto fuel prices may impact performance of OMCs

From 2011, the Centre instead brought the costs upfront as explicit petroleum subsidies shown in the Budget

Indonesia hikes fuel prices by 30% across country, cuts energy subsidies

Fuel prices increased by about 30 per cent across Indonesia on Saturday after the government reduced some of the costly subsidies that have kept inflation in Southeast Asia's largest economy among the world's lowest. Indonesians have been fretting for weeks about a looming increase in the price of subsidised Pertalite RON-90 gasoline sold by Pertamina, the state-owned oil and gas company. Long lines of motorbikes and cars snaked around gas stations as motorists waited for hours to fill up their tanks with cheaper gas before the increase took effect on Saturday. The hike the first in eight years raised the price of gasoline from about 51 cents to 67 cents per litre and diesel fuel from 35 cents to 46 cents. President Joko Widodo said the decision to increase the fuel prices was his last option as the country's energy subsidy had tripled this year to 502 trillion rupiah (USD 34 billion) from its original budget, triggered by rising global prices of oil and gas. The government has

Export tax on diesel, ATF hiked; windfall tax on domestic oil production up

The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and that on jet fuel exports to Rs 9 per litre. The levy on domestically-produced crude oil too has been increased by Rs 300 per tonne to Rs 13,300. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7, while on ATF (Aviation Turbine Fuel) exports, it was hiked to Rs 9 per litre from Rs 2, according to a finance ministry notification issued on Wednesday.

Belgian PM urges EU to take responsibility, manage soaring energy prices

The Belgian Prime Minister also called for the responsibility of every citizen to reduce their energy consumption

Global stocks down after strong US jobs data fuels rate hike fears

Global stock markets declined Wednesday after strong US jobs data fuelled expectations of more interest rate hikes and Chinese manufacturing activity weakened. London and Frankfurt opened lower. Shanghai, Tokyo and Hong Kong declined. Oil prices lost more than USD 1 per barrel. US government data Tuesday showed there were two jobs for every unemployed person in July, giving ammunition to Federal Reserve officials who argue the economy can tolerate more rate hikes to tame inflation that is at multi-decade highs. Some investors had hoped the Fed would back off due to signs economic activity is cooling. The jobs data supported the argument for the Fed to stick to an aggressive stance, Edward Moya of Oanda said in a report. In early trading, the FTSE 100 in London fell 0.6 per cent to 7,319.62 and the DAX in Frankfurt shed 0.4 per cent to 12,913.41. The CAC 40 in Paris fell 0.5 per cent to 6,178.78. On Wall Street, futures for the benchmark S&P 500 index and the Dow Jones Industrial .

Inflation hits 9.1% in countries using euro currency as fuel prices soar

Inflation in the European countries using the euro currency hit another record in August, fuelled by soaring energy prices mainly driven by Russia's war in Ukraine. Annual inflation in the eurozone's 19 countries rose to 9.1% in August, up from 8.9% in July, according to the latest figures released Wednesday by the European Union statistics agency. Inflation is at the highest levels since record-keeping for the euro began in 1997. Energy prices surged 38.3%, while food prices rose 10.6%. Prices for goods were up 5% and the cost of services rose 3.8%.

Fuel price: What is windfall gain tax and how it affects fuel prices?

What is windfall gain tax? How does it impact petrol-diesel prices? Which countries impose it? Read this detailed article to know everything about fuel and its relation to windfall gain tax

India's July WPI inflation eases to 13.93% as food, fuel prices decline

Wholesale Price Index-based (WPI) inflation was 15.18 per cent last month and at a record high of 16.63 per cent in May. It was 11.57 per cent in July 2021

Walmart expects smaller profit drop in 2022 as discounts drive demand

The retailer spooked markets across the globe last month when it slashed its profit forecast and warned that consumers were pulling back on discretionary purchases at a far greater pace than feared

Fuel prices today: Check the prices of petrol, diesel in your city

Crude oil showed a declining trend, and prices are still stable in India. Petrol in Delhi is available at Rs 96.72, while Mumbai is selling at Rs 106.31 per litre. Check out fuel rates in your city