Petrol crosses Rs 100 in Bengaluru - 3rd metro after Mumbai and Hyderabad
New Delhi: Bengaluru on Friday became the third metro city in the country to see petrol price cross Rs 100 per litre mark after fuel prices were raised yet again.
Petrol price was hiked by 27 paise per litre and diesel by 28 paise, according to a price notification of state-owned fuel retailers.
The hike -- 26th in less than seven weeks -- pushed fuel prices across the country to new historic highs.
In Delhi, petrol hit an all-time high of Rs 96.93 a litre, while diesel is now priced at Rs 87.69 per litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
And because of this, petrol retails at over Rs 100 per litre mark in eight states and union territories -- Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh.
While several districts of Karnataka already had petrol price over Rs 100, state capital Bengaluru reached the mark on Friday. Petrol in the city is now priced at Rs 100.17 per litre and diesel at Rs 92.97.
Bengaluru is the third metro city to see Rs 100 per litre petrol price. Mumbai on May 29 became the first metro in the country where petrol was being sold at over Rs 100 a litre. Petrol now costs Rs 103.08 a litre in the city and diesel comes for Rs 95.14.
The fuel touched that mark in Hyderabad earlier this week.
While Leh already had Rs 100 per litre petrol, Srinagar joined the league on Friday. Petrol at Indian Oil Corp (IOC) pumps in the city costs Rs 99.99 a litre and that on HPCL outlets at Rs 100.04.
Rates vary by a few paise from company to company in a city.
Sri Ganganagar district of Rajasthan near the India-Pakistan border was the first place in the country to see petrol hitting Rs 100 a litre mark in mid-February and last week it also earned the distinction of diesel crossing that psychological mark.
Petrol in the city is sold at Rs 108.07 a litre - the highest rate in the country, and diesel comes for Rs 100.82.
Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.
The hike on Friday was the 26th increase in prices since May 4, when state-owned oil firms ended a 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
In 26 hikes , petrol price has risen by Rs 6.53 per litre and diesel by Rs 6.96 a litre.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
International oil prices have firmed in recent weeks in anticipation of demand recovery following the rollout of vaccination programme by various countries. Also, the rupee has weakened against the US dollar, making imports costlier.
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Rajnath Singh chairs IGoM meet, urges constant vigil over West Asia crisis
New Delhi (PTI): Defence Minister Rajnath Singh on Thursday emphasised the need for round-the-clock monitoring of the West Asia conflict and called for a calibrated response to deal with any eventuality to ensure that national interests remain protected.
Singh made the comments while chairing a high-level meeting of the Informal Group of Ministers (IGoM) set-up to monitor the situation in West Asia.
The meeting was attended by External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Oil Minister Hardeep Singh Puri, Power Minister Manohar Lal, Chemicals and Fertilizers Minister J P Nadda, Consumer Affairs Minister Prahlad Joshi and Minister of Railways, Information and Broadcasting, Electronics and Information Technology Ashwini Vaishnaw.
In view of the "uncertain situation", the defence minister underlined the importance of round-the-clock monitoring of the situation and the need to respond in a calibrated manner to deal with any eventuality, an official readout said.
He stressed on the need to leave no stone unturned to ensure that the people of the country face the minimum effect of the conflict, it said.
It was the second meeting of the IGoM after it was set up last month.
The IGoM was apprised of the measures being taken by the government in the wake of the ongoing West Asia conflict, Singh said on social media.
"We also deliberated upon the next steps to be taken by the government to mitigate any adverse impact arising due to the ongoing conflict," he said.
The defence ministry said in the readout said, "In the meeting, the seven empowered groups of secretaries briefed the IGoM on the steps being taken to tackle the situation."
"The IGoM was apprised about measures undertaken by the Ministry of Finance to address concerns arising due to global trade disruptions and provide relief and support to the industry, especially manufacturing, and bolster investor confidence," it said.
It listed measures including notification issued on Wednesday on full customs duty exemption on 40 critical petrochemical products till June 30.
The ministry also mentioned announcement of a special one-time relief measure for eligible units in SEZs to sell manufactured goods in Domestic Tariff Area (DTA) at concessional customs duty rates to be effective from April 1 to March 31.
It also noted another notification issued by the Department of Revenue clarifying that the provisions of GAAR (General Anti Avoidance Rules) will not be invoked in respect of investments made prior to April 1, 2017.
"These measures will reduce cost pressures on downstream sectors including textiles, packaging and pharmaceuticals, facilitate supply stability in the country and provide requisite clarity for investors contemplating investments in India," the readout said.
Defence Minister Singh appreciated the government's decision to impose a 25 per cent cap on the monthly increase in aviation turbine fuel prices for domestic operations, with effect from April 1.
This step will help protect the people from sudden increase in fares, he said.
The government has accorded highest priority to domestic LPG supply, with refinery production enhanced to fully meet consumption requirements, according to the readout.
"The IGoM was informed that there have been no reports of dry-out at LPG distributorships, and delivery of domestic LPG (liquefied petroleum gas) cylinders continues as per the normal schedule. The temporary supply concerns arose due to instances of hoarding and black marketing, which triggered panic buying in certain areas," it said.
The ministers were informed that strict enforcement action is being undertaken, with raids being carried out across multiple states and Union territories to curb hoarding and black marketing of LPG, the ministry said in the readout.
Action has also been taken against some LPG distributors who engaged in malpractices, it said.
"To support migrant labour and low-consumption households, the government is ensuring adequate availability of 5 kg free trade LPG cylinders, and since March 23, over 4.3 lakh such cylinders have been sold. Special focus is being given to states where demand is higher," it said.
The IGoM was apprised that industrial requirements dependent on commercial LPG are being met, with over 80 per cent of pre-crisis supply levels being maintained to ensure continuity of operations.
"Special meetings have been held with ministries and stakeholders of different industries to understand their demand and meet their needs. Oil PSUs are ensuring continued supply of Auto LPG across the country," the readout noted.
"However, some supply constraints are being faced by private operators due to their procurement challenges, which is why lines are being observed at PSU auto LPG pumps. Wherever the autos are dual feed and can use petrol, they are being encouraged to use petrol," it said.
