Fuel Price

Under this project, IndianOil would also build nine crude oil tanks of 60,000 KL each at Mundra, which, apart from meeting operational requirements, would also help in enhancing crude oil storage capacity in the country. "The total estimated cost of the project is Rs 9,028 crore. The IndianOil Board, at its meeting held on 20th December 2021, has approved the investment proposal," IndianOil said in a statement."

Besides, rising trade deficit along with fears of US tapering measures are likely to hamper any appreciation move. However, the downside will be capped by lower oil prices. "Rising trade deficit and taper had it's toll on rupee. Continuos FPI pull out from equities has been countered by IPO inflows so far, and may continue for some more time," said Sajal Gupta, Head, Forex and Rates, at Edelweiss Securities.

New rates will come into effect from midnight. This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning. Currently, the petrol is being sold at Rs 103.97. In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

On a sequential basis, the Index of Eight Core Industries' (ICI) readings for last month showed a faster rate of expansion at 7.5 per cent (provisional) from a rise of 4.5 per cent (provisional). Similarly, on a year-on-year basis, the ICI readings during the period under review was higher than (-) 0.5 per cent reported for October, 2020. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.

Accordingly, diesel and petrol prices in Delhi remained static at Rs 86.67 per litre and Rs 103.97 per litre, respectively.In the financial capital Mumbai, they were priced at Rs 94.14 and Rs 109.98, respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67, respectively. In Chennai, petrol and diesel remained at Rs 91.43 and Rs 101.40.

Lately, crude oil from strategic reserves have been released by a select few countries to counter the rising prices. Similarly, India will release 5 million barrels of crude oil from its strategic petroleum reserves. However, experts said that this release from the reserves won't fully serve the purpose. In technical parlance, strategic reserves are typically underground stores where countries store a sizable portion of their fuel requirements in order to fulfil its demand in case of any exigency or crisis.

The trend has not only hurt the economically weaker section of the society but has lately been cited to impact the savings rate of the well-off. The biggest impact of inflation is that it affects the purchasing power of the fixed income groups as they can buy less compared to what they were buying earlier. However, even as consumer price-based inflationary pressure has eased lately on a macro level.

Accordingly, petrol and diesel prices remained static for the 20th consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from the previous day's level of Rs 110.04 a litre, remained at the same level on Wednesday. The diesel price also remained unchanged in the capital at Rs 86.67 a litre.

The pump price of petrol in the national capital Delhi on Thursday remained steady at Rs 103.97 a litre and diesel prices at Rs 86.67 a litre. The fuel prices had last gone down when the Central government had reduced the excise duties on Diwali eve, November 4. The petrol price in the financial capital Mumbai continued to be at Rs 109.98 a litre and diesel Rs 94.14 a litre.

The pump price of petrol in the national capital Delhi on Thursday remained steady at Rs 103.97 a litre and diesel prices at Rs 86.67 a litre. The fuel prices had last gone down when the Central government had reduced the excise duties on Diwali eve, November 4.