Page 5 - Fuel Prices
Petrol pump dealers not to buy from OMCs today to demand higher commission
Petrol Pump Dealers Association said its members in 22 states will join the protest
 "Petrol pump dealers not to buy from OMCs today to demand higher commission")
States gained Rs 49k crore when fuel prices rose, have room to cut VAT: SBI
States gained Rs 49,229 crore from VAT revenue on fuel when oil prices were increasing and will forego Rs 15,021 crore now that excise duty on fuel has been cut, SBI Research said in a report
 "States gained Rs 49k crore when fuel prices rose, have room to cut VAT: SBI")
TN fuel outlets won't buy from OMCs on May 31 in protest against centre
Tamil Nadu Petroleum Dealers Association in a statement said that the reduction in the fuel prices by the Central government led to dealers losing Rs 3 lakh to Rs 15 lakh
 "TN fuel outlets won't buy from OMCs on May 31 in protest against centre")
Pak PM Sharif announces new relief package for low-income segment
Pakistan PM Shahbaz Sharif has announced a new relief package worth 28 billion PKR ($140 million) per month to mitigate the impact of the increase in the prices of petroleum products
Fuel price hike was necessary to avoid bankruptcy, says Pak PM Shehbaz
Pakistan PM Shehbaz Sharif said his government's move to increase fuel prices was necessary to avoid the country from facing bankruptcy
 "Fuel price hike was necessary to avoid bankruptcy, says Pak PM Shehbaz")
Pakistan raises fuel prices to meet key condition for IMF bailout
Pakistan raised the cost of gasoline and diesel by 30 rupees a liter each, Finance Minister Miftah Ismail said in a Twitter post
 "Pakistan raises fuel prices to meet key condition for IMF bailout")
Pakistan govt caves in to IMF, petrol prices increase by one fourth
The Pakistan government increased the rate of petroleum products by 30 PKR per litre, or up to one-fourth of their existing prices, paving the way for reaching a staff-level agreement with IMF
 "Pakistan govt caves in to IMF, petrol prices increase by one fourth")
BPCL Q4 net profit declines 82% to Rs 2,131 cr; revenue rises 25%
BPCL and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials (crude oil) to a 14-year high
 "BPCL Q4 net profit declines 82% to Rs 2,131 cr; revenue rises 25%")
IndiGo slips into losses due to exchange rate and higher fuel price
The airline will deploy 60% more capacity in FY23 than in FY22 when it had to curtail operations in April due to surge of Delta variant and in Dec-Jan due to Omicron
 "IndiGo slips into losses due to exchange rate and higher fuel price")
India's retirees tap savings, cut down expenses as living costs soar
Sharply rising prices are hitting older people the world over as global supply problems caused by the pandemic -- and made worse by the Ukraine war -- propel food and fuel costs higher
 "India's retirees tap savings, cut down expenses as living costs soar")
Sri Lanka hikes fuel prices; petrol at all-time high of Rs 420 per litre
Sri Lanka raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country's worst economic crisis due to the shortage of foreign exchange reserves
 "Sri Lanka hikes fuel prices; petrol at all-time high of Rs 420 per litre")
Analysts bullish on auto stocks amid govt. measures on fuel, steel price
At the operational level, Nomura sees margin benefit for companies in the backdrop of a cut in steel prices
 "Analysts bullish on auto stocks amid govt. measures on fuel, steel price")
Petrol under-recovery at Rs 13, diesel Rs 24; RIL-BP says ops unsustainable
Two sources aware of the matter said Reliance BP Mobility Ltd contends that PSU oil marketing companies control over 90% of the market and are the price-setters
 "Petrol under-recovery at Rs 13, diesel Rs 24; RIL-BP says ops unsustainable")
Oil prices firm on weak dollar, tight supply as US driving season looms
"Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season," said SPI Asset Management Managing Partner Stephen Innes
 "Oil prices firm on weak dollar, tight supply as US driving season looms")
Auto stocks gain on fuel price cut; Maruti, Ashok Ley, M&M gain up to 5%
Analysts also believe that the government's export duty hike on steel and plastic bodes well for the auto sector due to elevated commodity inflation.
 "Auto stocks gain on fuel price cut; Maruti, Ashok Ley, M&M gain up to 5%")
Oil ticks higher as traders weigh tight fuel market, slow global growth
West Texas Intermediate climbed above $111 a barrel following four weekly gains, the longest such run since February.
 "Oil ticks higher as traders weigh tight fuel market, slow global growth")
Top Headlines: Fuel rate cut to ease inflation, report on EV fire, and more
The recent EV scooter fires were caused by defects in their batteries, including in the designs of the battery packs and modules, a DRDO report said. Read more in our top headlines.
 "Top Headlines: Fuel rate cut to ease inflation, report on EV fire, and more")
Best of BS Opinion: Confusing Sebi rules, Cong's electoral prospects & more
Here is the Best of BS Opinion for Monday
 "Best of BS Opinion: Confusing Sebi rules, Cong's electoral prospects & more")
Opposition states follow Centre, reduce VAT on petrol and diesel
However, among BJP-ruled states, Gujarat was unlikely to follow suit and reduce VAT on petrol and diesel, said senior officials
Fuel duty cuts likely to help ease retail inflation by up to 25 bps
But experts call for other fiscal measures too to bring inflation down
 "Fuel duty cuts likely to help ease retail inflation by up to 25 bps")
