Category: Business

Diesel price in the national capital crossed the ₹80 per litre-mark for the first time ever on

PTI

Thursday as oil companies raised prices for the 19th day, taking the cumulative rate to ₹10.63 a litre.

Petrol price, after a day’s hiatus, was hiked by 16 paise and the increase in less than three weeks now totals ₹8.66 per litre.

Petrol price in Delhi was hiked to ₹79.92 per litre from ₹79.76, while diesel rates were increased to ₹ 80.02 a litre from R₹79.88, according to a price notification of state oil marketing companies.

Rates differ from state to state depending on the incidence of value-added tax (VAT).

However, diesel is costlier than petrol only in the national capital where the state government had raised local sales tax or VAT on the fuel sharply last month. It costs less than petrol in other cities.

The 19th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs.

In 19 straight days, diesel price has gone up by ₹10.63 per litre. Petrol price has been hiked on 18 occasions since June 7 and now totals to ₹8.66 a litre.

PTI

New Delhi: The Competition Commission of India (CCI) on Wednesday said it has approved Facebook’s proposed acquisition of 9.99 per cent stake in Jio Platforms.

In April, Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) in Jio Platforms.

The acquisition was to be done through Jaadhu Holdings LLC.

In a tweet, the CCI said it has approved “acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC”.

PTI

Mumbai: The rupee pared its early gains to settle down by 6 paise at 75.72 against the US currency due to concerns over fresh trade tensions between the EU and the US and rising COVID-19 cases.

Forex traders said factors like weak domestic equities and India-China border tension also weighed on investor sentiment.

The rupee opened at 75.61 against the US dollar, but lost ground and closed at 75.72, registering a fall of 6 paise over its previous close.

It had settled at 75.66 against the greenback on Tuesday.

“Local equities fell during late trades and FII outflows led gains in dollar demand. Local stocks indices fell Wednesday tracking a weak opening in European shares and a correction in US index futures amid concerns over rising COVID-19 cases. Rupee is taking resistance near 75.60 and support near 76.00,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Reports suggesting that the Trump administration is examining levying tariffs on around USD 3.1 billion of imports from European countries hit market sentiment.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 96.81.

Brent crude, the global oil benchmark, fell 0.87 per cent to USD 42.26 per barrel in futures trade.

Indian stocks also cut short their four-day rally due to weak cues from global markets.

The 30-share index settled 561.45 points, or 1.58 per cent, lower at 34,868.98. The NSE Nifty fell 165.70 points, or 1.58 per cent, to 10,305.30.

Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 168.96 crore on Tuesday, according to provisional exchange data.

Traders said rupee traded lower Wednesday on likely overseas outflows from local stocks. Moreover, profit booking in domestic equities and dollar demand from gold importers dragged rupee lower, they added.

According to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, “the foreign fund inflows have been absorbed by the central bank dollar buying which are limiting the rupee movements.”

Vakil further noted that the dollar has found some support due to softening risk appetite. Forex market shrugged off concerns about the US-China trade situation but the ongoing spike in COVID-19 cases in the US helped the safe-haven greenback.

“Risk appetite is turning positive as economies are opening up giving rise to better-than-expected US and Eurozone economic data. However, the risk of Indo-China border still prevails. In our opinion it won’t escalate but will continue to grapple the market sentiments,” Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

Investor sentiment remained fragile amid rising coronavirus cases across the world.

The number of cases around the world linked to the disease has crossed 92.73 lakh and the death toll has topped 4.77 lakh.

In India, the death toll due to COVID-19 rose to 14,476 and the number of infections spiked to 4,56,183, according to the health ministry.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.7549 and for rupee/euro at 85.3308. The reference rate for rupee/British pound was fixed at 94.3396 and for rupee/100 Japanese yen at 70.67.

PTI

Mumbai:The rupee on Tuesday appreciated 37 paise to provisionally close at 75.66 against the US dollar, following a rally in domestic equity market and persistent foreign fund inflows.

Besides, an unstable US dollar against major global currencies also helped the rupee surge, forex dealers said.

At the interbank foreign exchange market, the rupee opened strong at 75.86. During the session the domestic unit swung between a high of 75.65 and a low of 75.89.

It finally settled at 75.66 against the US dollar, registering a rise of 37 paise over its previous close of 76.03.

On the equities front, the 30-share BSE benchmark Sensex was trading 397.86 points higher at 35,309.18 and broader Nifty rose 122.60 points to 10,433.80.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 424.21 crore in the previous trading session on Monday, according to provisional exchange data.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.13 per cent to 96.91.

Brent crude futures, the global oil benchmark, rose 0.67 per cent to USD 43.37 per barrel.

PTI

New Delhi: Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 55 paise as the oil companies increased prices for the 17th day in a row that took the cumulative increase to a steep Rs 8.5 and Rs 10.01 per litre, respectively.

Petrol price in Delhi was hiked to Rs 79.76 per litre from Rs 79.56, while diesel rates were increased to Rs 79.40 a litre from Rs 78.55, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value added tax.

The 17th daily increase in rates, since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high.

PTI

New Delhi: Petrol price on Monday was hiked by 33 paise per litre and diesel by 58 paise to take retail rates to record high as the oil companies increased prices for the 16th day in a row.

In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 – a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.

Petrol price in Delhi was hiked to Rs 79.56 per litre from Rs 79.23 while diesel rates were increased to Rs 78.55 a litre from Rs 78.27, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value added tax (VAT).

The increase in rates since June 7 is the highest in any fortnight. When petrol and diesel pricing was deregulated in April 2002, oil companies revised rates every fortnight in line with the cost. They switched to daily price revision in May 2017 to allow cost to reflect instantaneously in retail rates.

According to pricing data, the maximum rates have increased in any fortnight was Rs 4-5 per litre.

The 16th daily increase in rates, since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high.

Prior to the current rally, the peak diesel rates had touched was on October 16, 2018, when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Rs 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

Taxes make up for nearly two-third of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes – Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

In Mumbai, petrol price has gone up from Rs Rs 86.04 per litre to Rs 86.36 on Monday. Diesel rates have increased to Rs 77.24 a litre from Rs 76.69 a litre, according to the price notification.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices to two decade low.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

PTI

New Delhi: Diesel price on Sunday hit a fresh record high after rates were hiked by 60 paise per litre while petrol price was up 35 paise, taking the cumulative increase in rates in 15 days to Rs 8.88 a litre and Rs 7.97 respectively.

Petrol price in Delhi was hiked to Rs 79.23 per litre from Rs 78.88, while diesel rates were increased to Rs 78.27 a litre from Rs 77.67, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

Taxes make up for nearly two-thirds of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes — Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

Petrol in Mumbai costs Rs 86.04 per litre and diesel is priced at Rs 76.69.

The 15th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high.

Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 15 hikes, petrol price has gone up by Rs 7.97 per litre and diesel by Rs 8.88 a litre.

PTI

New Delhi: Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.

Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while diesel rates were increased to Rs 77.67 a litre from Rs 77.06, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 14th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to new high. Petrol price too is at a two-year high.

Prior to the current rally, diesel rate had touched a peak of Rs 75.69 per litre in Delhi on October 16, 2018.

The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 14 hikes, petrol price has gone up by Rs 7.62 per litre and diesel by Rs 8.28 a litre.