Despite the prices of petrol and diesel hitting the roof, the government on Saturday appeared in no mood to take any step to soften their impact on the common man.
The Director General of Hydrocarbons on Wednesday said the ongoing Discovered Small Filed (DSF) second round bidding, once completed, will entice about $1.2 billion worth of investments by the successful bidders.
The government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs Tuesday, as it has limited fiscal space available to take any dent in revenue collections, a top official said.
Criticising the Narendra Modi-led government for the continuous rise in fuel prices, Andhra Pradesh Chief Minister Chandrababu Naidu said that soon petrol would be sold at Rs 100 per litre.
Petrol, Diesel Prices Hit Fresh Record High on Monday; Petrol at Rs 79.15 in Delhi and Rs 86.56 in Mumbai
Petrol and diesel prices continue to rise hitting fresh record high today. Petrol prices increased by Rs 0.31 per litre and touched Rs 79.15 per litre in Delhi. Diesel price has also gone up by Rs 0.39 per litre and touching Rs 71.15 per litre.
Moody’s Investors Service says that higher oil prices than in the last two years and rising interest rates are raising pressure on the Government of India’s (Baa2 stable) budget and current account, although mitigated by robust GDP growth and other factors.
Iran has made clear that it will not stop exporting oil and China has made clear it will not stop buying it
Business Insider. When Opec and Russia shook on increasing crude oil
Diesel prices on Monday hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier.
Petrol and diesel prices were kept unchanged on Saturday by the Oil Marketing Companies (OMCs). Petrol is retailing at a price of Rs. 77.67 per litre in Delhi today. Petrol can be bought at Rs. 85.09 per litre in Mumbai,
Petrol and Diesel prices were hiked afeter a pause of two consecutive days in four metro cities, applicable from 6:00 a.m. on 24th August 2018.