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Petrol prices raised by 70 paise, Mamata wants rollback

Discussion in 'World Economy' started by layman, Jul 23, 2012.

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  1. layman

    layman Aurignacian STAR MEMBER

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    New Delhi: State owned oil companies will raise petrol prices by at least 70 paise per litre effective midnight tonight. In Delhi petrol, after the hike, will cost Rs. 68.48 per litre.

    The hike comes after two successive reductions in the price of the fuel last month, the last one being a Rs. 2.46 cut, which followed a Rs. 2.02 per litre cut on June 3.

    The two price reductions had wiped out more than half of the massive Rs. 7.54 per litre increase in rates, the biggest in the history, effected last month.

    Oil firms are projected to lose a record Rs. 151,000 crore in revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.

    Trinamool Congress chief Mamata Banerjee, who has opposed every single fuel price hike in the recent past, is reportedly "deeply unhappy" about this hike. Her party has asked for a roll back and will also reportedly talk to Prime Minister Manmohan Singh about it.

    "The Trinamool Congress is very much disappointed with this decision of petrol price hike. We want a roll back. The decision to increase the prices of petrol has not been discussed with the allies," party MP Kunal Ghosh said.

    Mr Ghosh also said that Ms Banerjee wants wider consultations with all the political parties to chalk out a path to tackle inflation and oil price hike.
     
  2. tunguska

    tunguska Major SENIOR MEMBER

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    Kya ye log Snakes and ladder ka game khel rahe he common people se.
     
  3. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    No, hum sab ka chuti**a bana rahen hain.
     
  4. layman

    layman Aurignacian STAR MEMBER

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    Wondering what is the cost of Added tax to the price of Gasoline… If production cost is only close $1,
     
  5. tunguska

    tunguska Major SENIOR MEMBER

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    why u wondering. This is india meri jaan. Per sq meter , you will find more leader in india than any country in world who are responsible for this mess.
     
  6. layman

    layman Aurignacian STAR MEMBER

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    Oil slips 3 pct, pressured by Spain, euro zone worries

    [​IMG]
    (Reuters) - Oil prices dropped 3 percent on Monday as worries that Spain is headed for a bailout and the euro zone debt crisis is spreading sent investors away from riskier assets to the perceived relative safety of the dollar and U.S. debt.

    Crude futures fell for a second straight session after Spain's central bank said that country's economy sank deeper into recession in the second quarter.

    Friday's announcement by Spain's Valencia region that it would need help from Madrid was followed by weekend reports that an official from Murcia said it would also tap the program and that Catalonia, Castilla La Mancha, the Balearics, Canary Islands and Andalucia may follow.

    "There are fears this could be the beginning of a domino effect, which ultimately leads to Spain having to join Greece, Portugal and Ireland in asking for an official rescue," said Carsten Fritsch, an energy analyst at Commerzbank in Frankfurt.

    The Thomson Reuters CRB index, a global commodities benchmark, fell 1.59 percent on Monday, after gaining 3.6 percent last week. The 19-commodity index has added 5 percent so far for July, heading for the strongest month since October 2011.

    Crude prices hit eight-week highs on Thursday, before easing on Friday as the concerns about Spain began their most recent spotlight grab.

    Brent September crude fell $3.20 to $103.63 a barrel at 12:15 p.m. EDT (1615 GMT), having fallen as low as $102.42 intraday.

    U.S. September crude, in the front-month spot following Friday's August contract expiration, was down $2.96 at $88.87 a barrel, after slipping to $87.94.

    Brent and U.S. crude last week posted weekly gains of more than 4 percent, even with Friday's losses. On Monday, the markets were down more than 4 percent at one point.

    Trading volumes for both Brent and U.S. crude remained thin, about 50 percent below 30-day averages at midday in New York.

    U.S. August gasoline and heating oil futures also were pressured, with gasoline seesawing either side of its 200-day moving average of $2.8747 a gallon intraday.

    Also weighing on oil prices and hitting Chinese equities were comments by an adviser to the People's Bank of China over the weekend saying that the No. 2 oil consuming nation may see more slowing in the third quarter, easing to 7.4 percent, following the 7.6 percent official second-quarter GDP growth. .HK

    "Comments at the weekend by a member of the monetary policy committee of the People's Bank of China (are) adding to the downward pressure," Addison Armstrong, senior director, market research at Tradition Energy in Stamford, Connecticut, said in a research note.

    The euro hit a two-year low against the dollar intraday on Monday on concerns about Spain and as Spanish bond yields soared to their highest levels since the euro was created.

    The euro briefly pared losses against the U.S. currency after the International Monetary Fund said it will meet with Greek authorities on Tuesday to discuss how to get the country's economic program, another euro zone trouble spot, "back on track.

    U.S. Treasury yields fell to record lows as concern about the euro zone had investors buying U.S. debt as a safe-haven.

    Wall Street tracked a sharp selloff in global equity markets on Spain's appearing to be closer to needing a bailout and fears that Greece may be approaching an exit from the euro zone.

    Copper, a key industrial feedstock, hit a three-week low on revived worries about demand for the metal as Europe's debt crisis deepens.

    Oil is falling and we see Government of India raising the price …. very odd.
     
  7. ManuSankar

    ManuSankar Major SENIOR MEMBER

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    Our rupee is also falling.
     
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