Petrol, Diesel Hover Near Record Highs; Government Hopes It Is Temporary
With petrol and diesel prices going up by almost a rupee per litre within a fortnight, the government today hoped that the rally in global rates is temporary and will decline soon.
Petrol price was today hiked by 13 paisa a litre and diesel by 14 paisa. In Delhi, where fuel is cheapest in all major cities due to lower sales tax, a litre of petrol now comes for Rs 78.18. Diesel on the other hand, touched a new high of Rs 69.75 per litre.
“I earnestly believe that this increase in oil prices is really temporary,” Economic Affairs Secretary Subhash Chandra Garg told reporters. The fluctuations were seen coming, he said. “The crude (oil price) had gone down to the level of $70 per barrel and it is back to $74-75, it should be temporary.”
It is coming out of some countries not able to produce so I hope it remains temporary. We will be able to come back $70-71 per barrel soonEconomic Affairs Secretary Subhash Chandra Garg
Diesel prices this week hit their highest level ever, crossing the previous peak of Rs 69.31 a litre reached on May 29. Petrol rates are however yet to hit the new record high of May 29, when they touched Rs 78.43 a litre in Delhi.
Fuel prices have been on the rise since Aug. 16 after the rupee dipped to its lowest value against the U.S. dollar. The currency hit a fresh record low of 70.59 per dollar today.
India imports bulk of its oil requirement. Petrol price has risen by Rs 1.04 a litre in Delhi in last 14 days and diesel rates have gone up by Rs 1.03 per litre in the same period.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
