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Friday
July 2018
9:54 PM IST
News Headlines
IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        Indian man shot dead in Canada, two suspects arrested        Trump says looking forward to 'second meeting' with Putin        Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards        Unidentified 'intruder' killed at Indo-Pak border: official        Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers        Centre Forcing AgustaWestland Middleman To Frame Sonia Gandhi: Congress        We were clinical, says England captain Eoin Morgan        Growth has been solid, hope Olympiad will demonstrate it: Anand        Govt working on another verison of UDAN, says Sinha        Talks on between India, Singapore for cruise tourism: Gadkari        'Not too late to save Brexit': ex-foreign secretary Johnson        Canada: Trudeau set to reshuffle govt ahead of 2019 election        Woman alleges rape by Delhi-based singer        Opposition parties commit to fight against any amendment in RTI Act        Tharoor blames right-wing activists for attacks, demands PM intervention        Women have constitutional right to enter Sabarimala temple: SC        
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Business News
With Fuel Prices Hitting the Roof, Govt Asks Oil Companies Not to Increase Rates: Report
 
New Delhi: With petrol and diesel prices touching multi-year highs, the government has asked state-run oil companies not to increase retail diesel and petrol prices.

The government has also asked the companies to absorb a part of the losses due to recent recovery in global crude oil, reported bloomberg.com.

On April 1, petrol price hit a four-year high of Rs 73.73 a litre, while diesel rates touched an all-time high of Rs 64.58 in the national capital, renewing calls for the government to cut excise tax rates.

India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.

State-owned oil companies — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation will have bear a loss of up to 1 rupee per litre on sale of diesel and petrol, said sources not willing to be identified.

However, heads of IOC and HPCL have denied getting any such directive from the government.

"No, we haven't heard from the government anything (on dropping daily price revision)," IOC chairman Sanjiv Singh told PTI on sidelines of the IEF Ministerial meeting.

HPCL chairman and managing director M K Surana too said the company is not aware of any directive to oil companies not to pass on the rise in international oil prices.

India imports more than 80 percent of its annual crude oil requirement, and wants to see prices at about $50 a barrel in order to manage its finances better, said Oil Minister Dharmendra Pradhan.

HPCL is not aware of any directive from the government to absorb a part of the losses from higher crude prices, the company’s chairman, MK Surana, said on the sidelines of the International Energy Forum in New Delhi.

Petrol, diesel, natural gas, crude oil and jet fuel (ATF) are currently not included in GST, which essentially leads to producers not being able to set-off tax paid on inputs from final tax on product.

The Congress has demanded that petrol and diesel be brought under the Goods and Service Tax (GST) regime, and accused the Modi government of "betraying" the trust of the common people and "miserably failing" to curtail rise in fuel prices.

Noting that crude oil price had fallen from USD 108 in May 2014 to USD 77 in April 2018, former finance minister P Chidambaram asked, "Why are petrol and diesel prices today higher than prices in May 2014?"


Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys
Indo-Pacific must be free, open and and inclusive region: Swaraj
Govt working on another verison of UDAN, says Sinha
Talks on between India, Singapore for cruise tourism: Gadkari
Govt doubles import duty on over 50 textile products
Walmart partners with Microsoft for cloud solutions
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
May announces new 2 bn pounds UK-Italian fighter jet project
Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
KERALA NEWS
Kerala among 13 states on thunderstorm alert
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INTERNATIONAL NEWS
Indian man shot dead in Canada, two suspects arrested
 Toronto, Jul 19 (PTI) A 27-year-old Indian man was shot dead by four assailants in his home in Canad
Trump says looking forward to 'second meeting' with Putin
'Not too late to save Brexit': ex-foreign secretary Johnson
Canada: Trudeau set to reshuffle govt ahead of 2019 election
NATIONAL NEWS
Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards
 New Delhi, Jul 19 (PTI) The government today shot off another notice to WhatsApp asking it to come o
Unidentified 'intruder' killed at Indo-Pak border: official
Oppn, Govt brace for no-trust vote today; BJP confident of win, Cong says issue not just of numbers
Woman alleges rape by Delhi-based singer
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