This is the first quarterly loss reported by the company in the past two years. The company had posted a net profit of Rs 5,941.37 crore in the same period a year ago.
Meanwhile, due to the current fuel shortage, the Education Ministry declared next week from July 4 to July 8 as a holiday week for all government and state-approved private schools.
Rationalising non-capital expenditure has thus become critical, not only for protecting growth supportive capital expenditure but also for avoiding fiscal slippages.
Hundreds of vehicles were lined up at almost every fuel station, waiting for their turn to be refilled, leading to traffic jams in some parts of the city and elsewhere in the valley as well.
This will bring down the effective prices by Rs 8 on diesel and approximately Rs 10 on petrol
Chidambaram on Sunday wondered whether the states can afford to give up revenue from the Value Added Tax on petrol and diesel unless the Centre devolves more funds or gives them more grants.
Taking to Twitter, Sitharaman said she is sharing some useful facts on levies on petrol and diesel for the benefit of all.
He said taxes on petrol and diesel were increased by the government at a time when the price of crude oil in the international market was low and the same needed to be reversed.
Prime Minister Narendra Modi’s call for ‘cooperative federalism’ has cheesed off the non-BJP ruled states.
BJP State chief Bandi Sanjay said on Saturday that Telangana was among the States with highest petrol price in the country, even as 18 States have reduced petrol and diesel prices.
The three fuel retailers kept petrol and diesel prices unchanged for a record 137-days between November 2021 and March 2022 despite a nearly USD 27 per barrel rise in crude oil prices.
While jet fuel prices are revised on the 1st and 16th of every month, petrol and diesel rates are revised daily based on equivalent rates in the international market.
He also alleged that the central government, which says it has no money to provide food and oil subsidies to the common man, is the one that is helping the corporate houses by reducing their taxes.
Congress supporters, who participated in the protest, said it was becoming tough for common people to survive amid "such inflation".
Raising slogans and carrying placards, the members shouted slogans against the Modi government for its alleged "anti-people" policies.
Congress MPs from both the Lok Sabha and the Rajya Sabha carrying placards raised slogans against the government and sat on a dharna against the rise in price of petrol, diesel and LPG gas.
The total increase in rates in the last 10 days to Rs 6.40 per litre.
Congress MP questioned the need to hike price of petrol, diesel and cooking gas following a 137 days hiatus after polls in five states concluded.
Oil Marketing Companies in India haven't revised the fuel prices for more than three months, despite surging crude prices globally.
Similarly, the broader NSE Nifty tanked 447.05 points or 2.75 per cent and slipped below the 16,000 level to 15,798.30.