The previous Congress-led UPA government had lost elections in 2014 when petrol prices had risen sharply in September 2013 to Rs 83.67. This is almost identical to price trend under the current regime when petrol price shot up to an all-time high level of over Rs 90 a liter in Mumbai in September 2018, just a few months ahead of the general election.
Both indices ended the week higher for the first time in six weeks. During the period the Sensex climbed 366.59 points and Nifty rose 156.05 points.
The domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per-barrel-mark again and the US dollar strengthened overseas.
The revised rates of petrol in Delhi stood at Rs 81.82/litre and Rs 73.53/litre respectively.
The rupee on Wednesday rebounded by 9 paise to end at 72.60 against the dollar.
On Monday, the local currency had ended sharply lower by 43 paise to 72.63 against the US dollar.
Fuel prices continued to skyrocket yet again on Sunday. Petrol, diesel prices were hiked by 28 paise per litre and 18 paise per litre respectively in Delhi.
Gadkari said if biofuel could also cut on India’s huge aviation fuel imports, and if “we could save Rs 30,000 crore spent now” through innovation and technology, it would be a great contribution to country’s economic health.
The US has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone.
A US state department official said that the US has told all countries, including India and China, to stop all their imports of Iranian oil by November 4.
Arguing that BJP-led government was committed to fiscal consolidation, PM Modi said that the rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong.
Amid the “crisis situation” created by rising fuel prices, BJP President Amit Shah on Tuesday said that the Centre taking the issue of oil prices seriously, and that it is working out on a formula to reduce the rates.
Trump said the 2015 agreement, which included Germany, France and Britain, was a “horrible one-sided deal that should never ever have been made.” He added that the United States “will be instituting the highest level of economic sanction.”
Eight core sectors grew to a six-month high of 5.2 per cent in September, helped by a robust performance in coal, natural gas and refinery segments, official data showed on Tuesday.
The main theme of the meeting, sources said, was to seek investment in exploration and production, processing, transportation and distribution network in oil and gas
India today pressed oil cartel OPEC to adopt "responsible pricing" for oil and consider the world's third-biggest oil consumer as its preferred sales destination
The arrival of the first shipment of crude oil from US signals India's shift from dependence on supplying nations like Iraq and Saudi Arabia.
India's imports also increased by 21.02 per cent to $35.46 billion from $29.30 billion in August last year.
India on monday received its first ever shipment of US crude oil with state-owned Indian Oil Corp (IOC) importing a 1.6 million barrels parcel at Paradip in Odisha
The opposition parties have blamed that the high tax burden on these fuels and asked the government to take immediate steps to bring down the rising petrol and diesel prices to give relief to the consumers.
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