Fuel Price
RS adjourned till 12 p.m amid Oppn uproar over fuel price hike, inflation
The proceedings of the Rajya Sabha were adjourned till 12 p.m. on Wednesday after the Opposition created a ruckus over fuel price hike and inflation. Soon after the House assembled at 11 a.m, Chairman M. Venkaiah Naidu, after laying of the papers, said that the notices for discussion under rule 267 given by Opposition MPs, including Ramgopal Yadav, Vishmbhar Prasad Nishad, Binoy Biswam, K.C. Venugopal, Mallikarjun Kharge, stands rejected.
Inflationary Blow: Petrol, diesel prices raised after more than 4 months
State-owned oil marketing companies (OMC) on Tuesday raised petrol and diesel prices after more than four months of stable rates. Accordingly, the increase in selling price, which includes state levies, central excise and cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.
Govt looking for alternative market for fuel purchase: Puri
Responding to a question during 'Question Hour', he said that the government has been exploring all options such as currency to facilitate purchase, supply of oil in markets, insurance, and freight. In response to Congress lawmaker Shakti Singh Gohil's question whether the government intends to reduce diesel rates, the Minister said that the prices of diesel were deregulated. "Whenever we felt that the common man needed more relief, we went ahead and reduced the price," Puri said.
Inflationary Woes: High fuel cost to raise cement prices
Growth of real estate as well as infrastructure sectors is expected to take a hit, as prices of cement are expected to rise further on the back of high energy costs. Notably, the Russia-Ukraine crisis has triggered a massive spike in crude oil, natural gas, and coal prices. The BE Capex is intended for infra creation, however, the rising cost might make it insufficient for all the planned projects.
Fueling Inflation: Petrol, diesel prices set to rise as Crude to range around $95-125
Hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the short term. Consequently, the geo-political crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 15-22 per litre.
War Casualty: Russia-Ukraine crisis to dent India's auto sector
India's automobile industry is expected to bear the brunt of lower supplies of components triggered by the ongoing Russia-Ukraine war. Besides, the industry is expected to face subdued consumer sentiment as OMCs are expected to raise domestic fuel prices in consonance with high crude cost. Notably, both the countries produce key raw materials which are used in components that are key to producing automobiles such as semiconductors.
Economic Survey 2021-22: Key takeaways
Economic survey 2021-22 was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman. It provides detailed information about the current economic status of the country. It further recommends policies, blueprints and strategies on resource allocations to bring about social and economic reforms. It is prepared under the aegis of the Chief Economic Advisor and is approved by the Union Finance Minister. Here are the key highlights.
Excise duty cut on petrol, diesel provided relief to consumers: EcoSurvey
The Centre in early November slashed excise duties on petrol and diesel by Rs 5 and Rs 10 per litre, respectively. Taking cue from this, some states too followed suit. "Reduction in central excise and subsequent cuts in VAT by most states has also helped ease petrol and diesel prices," the Survey said.
GMR aviation arm enters Indonesia, to operate Kualanamu International Airport
The company entered into these agreements on Thursday with Angkasa Pura II (AP II), the state-owned enterprise and the bidding authority for the airport. On the same day, the company received the letter of award for the project, GMR Group said in a statement on Friday.
GMR Group says NCLT approves non-airport demerger plan
"The Hon'ble National Company Law Tribunal, Mumbai Bench (Tribunal) has sanctioned the composite scheme of arrangement amongst GMR Power Infra Limited (GPIL), GMR Infrastructure Limited (GIL) and GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders (Scheme) under Sections 230 to 232 of the Companies Act, 2013," the company said in a statement
Advertisement