An official from one of the OMCs, on condition of anonymity, said oil companies have suffered a major loss in the past few quarters, thus there is no scope to cut the fuel price.
Congress spokesperson Gourav Vallabh asked why the consumers had to bear the brunt of high fuel prices when crude oil prices were at a seven-month low.
International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand.
Citing falling crude oil rates, opposition leaders in Karnataka have demanded that the government bring down prices of petrol and diesel, to ease the burden on the common man.
The Modi government’s excuse that international crude oil prices are the reason for the increase in fuel prices has once again been proven wrong, remarked Rama Rao.
Techies who have moved to Bengaluru after working in other countries, are demanding spaces to walk and cycle.
However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability.
Indian Oil Corporation reports first loss in two years; sold petrol at Rs 10 per litre loss, diesel at Rs 14
This is the first quarterly loss in over two years. The company had reported a net loss in January-March 2020, but that was on account of inventory losses on processing costlier crude.
Union Minister of Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal has also asked the state governments to lower VAT on diesel used by the shipping sector, the statement said.
Lanka IOC, a wholly-owned subsidiary of Indian Oil Corporation, has slashed the price of fuel across Sri Lanka. It will come into effect from tonight.
Many incidents of violence have been reported at fuel queues and nearly 20 people have died of exhaustion after spending several days continuously in the fuel queues.
Maharashtra government cuts VAT on petrol and diesel; state exchequer to incur burden of Rs 6,000 crore: CM Shinde
The government will ensure the burden of Rs 6,000 crore on the state exchequer does not impact development works, Shinde said.
Disapproving of the arrest, Assam Chief Minister Himanta Biswa Sarma said - on the social media platform Twitter - that enacting a street play over current issues is not blasphemous.
A rise in demand for fuels can be attributed to an increase in mobility and the reopening of the economy post the Covid pandemic.
The selection would be based on the ability to import without forex requirements from the Sri Lankan central bank, he added.
On Sunday, petrol price was hiked by LKR 50 and diesel by LKR 60 respectively, the third price revision in just over two months.
Power Minister Kanchana Wijesekera requested citizens not to line up for fuel and announced the closure of refinery operations till the arrival of the next shipment of crude.
As prices rise, inflation threatens to exacerbate inequalities and widen the gap between billions of people struggling to cover their costs and those who are able to keep spending.
The data was released by the Pakistan Bureau of Statistics. The increase in the weekly inflation is the highest since the change of the base year for measuring the Sensitive Price Index.
The hike, which comes on the back of a marginal 1.3 per cent (Rs 1,563.97 per kl) cut in rate earlier this month, takes jet fuel prices to record high across the country.