Economy

Diesel and petrol prices are increasingly rising in India. Diesel and petrol prices in India have reached the new record level for the 12th consecutive day.

In India's commerce city Mumbai, the consumer has to pay Rs 85.65 for a liter of petrol. In Mumbai, people have to pay the most for both the fuel.

Petrol in Mumbai has become costlier by 36 paise and petrol has reached Rs 85.65 per liter. While diesel has become 24 paise expensive. One liter diesel is getting in at Rs 73.20.

Petrol in Delhi has now become costlier by 36 paise and petrol has reached 77.83 rupees per liter. While diesel has become 22 paise expensive. One liter diesel is getting in at Rs 68.75.

In Kolkata, petrol was priced at Rs 80.47 per liter and diesel at Rs 71.30 per liter and in Chennai the petrol was priced at Rs 80.80 per liter and diesel at Rs 72.58 per liter.

Former finance minister of India P Chidambaram has said that if the government wants the prices of oil may be reduced 25 rupees per liter. Stating that the Center was responsible for the increase in prices, he said that the government is saving 15 rupees per liter from petrol on the petrol low price. Even after this, additional tax of 10 rupees per liter is being levied on petrol.

In India, the central government has given such hints that it will not decide on the relief of petrol and diesel prices in haste. Rather, he is discussing long-term solutions to deal with these situations. In such a situation, the prices may have to wait for relief.

After the Cabinet meeting led by Prime Minister of India Narendra Modi, Union IT and Law Minister Ravi Shankar Prasad said that petrol-diesel was discussed and there was concern too. After the government had put an end to the control of oil prices, after which prices have been reduced several times. In this context the discussion is going on in the government and long-term solution is being considered. Whatever the decision will be made after the discussion is complete, it will be told.

Public sector oil companies have also indicated that the government reviews prices to provide relief to the people, they have no objection. Chairman of Hindustan Petroleum Corporation Mukesh Kumar Surana said that it is necessary to review the prices for the relief of the common man.

The rising price of petrol in India has so far reached the highest level in Delhi and Mumbai, and on Monday it was Rs 76.57 and Rs 84.49 respectively.

In India on Sunday, prices of petrol and diesel broke their previous record of height. Earlier, in 2013, the prices of petrol in Delhi and Mumbai were Rs 76.24 and Rs 84.07 respectively.

On Monday, the prices of petrol and diesel in other major cities such as Kolkata and Chennai were highest in five years. On Monday, the price of petrol in Kolkata was Rs 79.24 and Chennai was Rs 79.47 per liter.

The rise in prices of petrol and diesel is due to increase in the prices of crude oil and high rates of taxes being levied by the government. On Monday, the price of crude oil was $ 79 a barrel (159 liters in a barrel).

Diesel prices have already reached unprecedented levels and are making a new record of costly selling across India. On Monday, in Delhi, Kolkata, Mumbai and Chennai, diesel sold at Rs 67.82, Rs 70.37, Rs 72.21 and Rs 71.59 per liter respectively.

The price of petrol and diesel in India has been the highest in last four weeks. Petrol and diesel prices are on the rise due to the rise in oil prices in the international market. On Sunday, the petrol price in Delhi reached Rs 76.26 per liter increased by 33 paise. Diesel price reached Rs 67.57 per liter increased by 26 paise.

Petrol prices have broken the record of inflation in Delhi. This is the first time that Delhi is selling so much expensive petrol which is the highest in the country so far. Prior to this, the price of petrol was Rs 76.06 on September 14, 2013.

On Sunday morning, the rate list was issued by oil companies at 6 o'clock. According to local sales tax and VAT, the cost of petrol and diesel in each state is different. Therefore, compared to the rest of the states, Delhi is getting petrol at the lowest price.

While talking about entire India, the price of petrol in Mumbai is highest. Here petrol is available at Rs 84.07 including tax. Apart from Mumbai, petrol is being sold for more than Rs 80 in many cities. Rs 81.83 in Bhopal, Rs 81.73 in Patna, Rs 80.76 in Hyderabad, Rs 80.35 in Srinagar, Rs 78.91 in Kolkata and Rs 79.13 in Chennai. The cheapest petrol is in the capital of Goa, Panaji, where petrol is available in only Rs 70.26.

In addition talk about diesel, diesel is getting the most expensive Rs 73.45 per liter in Hyderabad. In Trivandrum at Rs 73.34, in addition to diesel prices in other cities including Raipur, Gandhinagar, Bhubaneshwar, Patna, Jaipur, Bhopal, Ranchi and Srinagar, the price has been more than Rs 70 per liter. Its price in Mumbai is Rs 71.94.

The inflation based on India's wholesale price index (WPI) has increased in April 2018 and the rate is 3.18 percent. This rate was 2.47 percent in March 2018. According to the figures released by the Commerce Ministry of India, in April 2017, inflation was 3.85 percent.

As per the official data released today, inflation in food products was 0.87 percent in April 2018. In April, the deficiency in vegetables was 0.89 percent, compared to 2.70 percent in the previous month. According to the data, inflation for the fuel and power segment was 7.85 percent in April, which was 4.70 percent in March. Due to the rise in crude oil prices globally, the impact of the increase in domestic fuel prices remains in this period.

Inflation for fruits at 19.47 per cent in the tenth digit in April, which was 9.26 per cent in the previous month. Inflation based on wholesale price index for February month has been revised up to 2.74 per cent, while the provisional estimate for this was 2.48 per cent. It is notable that retail inflation figures are to be released today.

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Food and fuel costs have decreased in India. From this, retail inflation dropped to four-month low of 4.44 percent in February. Retail inflation based on Consumer Price Index was 5.07 percent in January.

However, it was 3.65 percent in February last year. Earlier, in November 2017, it was 4.88 percent.

According to the data released by the Central Statistics Office (CSO), the inflation in consumer food segment declined to 3.26 percent in February, from 4.7 percent in the previous month. Inflation in vegetables eased to 17.57 percent in the previous month, which was 26.97 percent in January. At the same time, fruits inflation was 4.80 per cent in the month under review as against 6.24 per cent in the previous month.

In the last month, milk and its products were also cheap. The inflation rate was 4.21 percent in this section. Inflation rate for cereals and its products was 2.10 percent, meat and fish were 3.31 percent, while inflation was 8.51 percent in egg.

In the fuel and light category, inflation was 6.80 percent in February, which was 7.73 percent in January.

However, the price increase for transport and communications services was 2.39 percent, which was 1.97 percent in January.

On the other hand, With good performance of manufacturing sector, Industrial production growth rate was 7.5 per cent in January this year, compared with 3.5 per cent in the same month a year ago. Good demand of consumer and capital goods also led to industrial growth. According to the Central Statistics Office (CSO) figures, the growth in the Index of Industrial Production (IIP) was 7.1 percent in December 2017.

In January this year, the main reason for the increase in IIP growth is the performance of the manufacturing sector. This sector's share in the index is 77.63 percent. It grew 8.7 percent in the month of January, which was 2.5 percent in January 2017. It indicates the revival in the economy. Production of capital goods, considered to be a mirror of investment, grew by 14.6 percent in January, 2018, compared to 0.6 percent in the same month a year ago. The growth rate in non-sustainable consumer goods segment was 10.5 percent in the month of January, which was 9.6 percent in January a year ago. This section includes items of everyday use.

In India, the government has said, there is no question of closure of any public sector bank. Dismissing rumours on the issue, Financial Services Secretary Rajeev Kumar said, the government is strengthening these banks by re-capitalisation plan of over 2 lakh crore rupees. In a tweet, he appealed to the people not to believe rumor mongers and said that the reform road map for public sector banks is firmly on track.

The RBI had initiated 'prompt corrective action' (PCA) against some banks including Bank of India. AIR correspondent reports the RBI said under its supervisory framework, it uses various measures and tools to maintain sound financial health of banks.

It said, PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise. RBI said, the objective is to facilitate the banks to take corrective measures including those prescribed by the RBI, in a timely manner in order to restore their financial health.