The price of petrol was tonight hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre in sync with firming international rates.
India will build pipelines to carry diesel and natural gas to Bangladesh as the world’s third largest energy consumer looks to strengthen ties with the neighbour.
Oil marketing companies are planning to put in place a mechanism under which fuel prices (petrol and diesel) will be aligned to international crude oil prices on a daily basis.
Come May 1, five cities across India — one in every region including Chandigarh in Northern region, Jamshedpur in Eastern region, Udaipur in West and Vizag in Southern region besides Puducherry will start selling petrol and diesel on a daily dynamic pricing model.
Gangwar said the funds accrued under the Central Road Fund are utilised for development of state roads and roads of economic importance and inter-state connectivity.
Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre.
Thanks to the fall in global oil prices, state-owned domestic fuel retailers cut petrol and diesel prices by Rs 3.77 per litre and Rs 2.91 a litre respectively, the first change in rates in two-and-a-half months.
The new prices will be effective from Monday. Actual price increases would vary from state to state
depending on local levies
India’s fuel demand growth continued its upward trajectory for the third straight month in November 2016 fuelled largely by demonetisation that allowed the use of banned Rs 500 and Rs 1,000 notes for payment of auto and cooking fuels.
Indian Railways has decided to move towards using Liquefied Natural Gas, commonly called LNG, to run its passenger trains, converting all its exiting locomotives into dual-fuel bas
Oil cartel Opec’s decision to cut production from next month may lead to a 5-8 percent spike in retail prices of fuel over the next three-four months